Employee Benefit Plans

6 Months Ended

Jun. 30, 2016

(10.) 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,
	2016			2015			2016			2015
Service cost	$	721		$	581		$	1,442		$	1,162
Interest cost on projected benefit obligation		602			583			1,203			1,166
Expected return on plan assets	(1,150		)		(1,205	)		(2,300	)		(2,410	)
Amortization of prior service credit		(12	)		(12	)		(24	)		(24	)
Amortization of net actuarial losses		239			235			478			471
Net periodic pension expense	$	400		$	182		$	799		$	365

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 2016 fiscal year.