Employee Benefit Plans

3 Months Ended

Mar. 31, 2017

(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
	March 31,
		2017			2016
Service cost	$	785		$	721
Interest cost on projected benefit obligation		613			601
Expected return on plan assets		(1,194	)		(1,150	)
Amortization of unrecognized prior service credit		(13	)		(12	)
Amortization of unrecognized net actuarial loss		292			239
Net periodic benefit expense	$	483		$	399

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 2017 fiscal year.