Employee Benefit Plans

9 Months Ended

Sep. 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							Nine months ended
	September 30,							September 30,
		2016			2015			2016			2015
Service cost	$	722		$	581		$	2,164		$	1,743
Interest cost on projected benefit obligation		601			583			1,804			1,749
Expected return on plan assets	(1,150		)		(1,205	)		(3,450	)		(3,615	)
Amortization of prior service credit		(12	)		(12	)		(36	)		(36	)
Amortization of net actuarial losses		238			237			716			708
Net periodic pension expense	$	399		$	184		$	1,198		$	549

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.