Employee Benefit Plans

6 Months Ended

Jun. 30, 2015

(11.) EMPLOYEE BENEFIT PLANS

The components of the Company's net periodic benefit expense for its pension and post-retirement obligations were as follows (in thousands):


	Three months ended							Six months ended
		June 30,						June 30,
	2015				2014			2015			2014
Service cost	$	581		$	480		$	1,162		$	959
Interest cost on projected benefit obligation		583			573			1,166			1,147
Expected return on plan assets	(1,205		)		(1,030	)		(2,410	)		(2,059	)
Amortization of prior service credit		(12	)		(12	)		(24	)		(24	)
Amortization of net actuarial losses		235			44			471			88
Net periodic pension expense	$	182		$	55		$	365		$	111

The net periodic benefit expense is recorded as a component of salaries and employee benefits in the consolidated statements of income. The Company's funding policy is to contribute, at a minimum, an actuarially determined amount that will satisfy the minimum funding requirements determined under the appropriate sections of the Internal Revenue Code. The Company has no minimum required contribution for the 2015 fiscal year.