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Employee Benefit Plans | 9 Months Ended
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Sep. 30, 2020
Compensation And Retirement Disclosure [Abstract] |
Employee Benefit Plans |
(1 2.) | 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 September 30, |  |  | Nine months ended September 30, |
|  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Service cost |  | $ | 924 |  |  | $ | 801 |  |  | $ | 2,770 |  |  | $ | 2,405 |
Interest cost on projected benefit obligation |  |  | 635 |  |  |  | 696 |  |  |  | 1,905 |  |  |  | 2,086 |
Expected return on plan assets |  |  | (1,284 | ) |  |  | (1,184 | ) |  |  | (3,852 | ) |  |  | (3,552 | )
Amortization of unrecognized prior service credit |  |  | (8 | ) |  |  | (16 | ) |  |  | (26 | ) |  |  | (49 | )
Amortization of unrecognized net actuarial loss |  |  | 321 |  |  |  | 366 |  |  |  | 967 |  |  |  | 1,098 |
Net periodic benefit expense |  | $ | 588 |  |  | $ | 663 |  |  | $ | 1,764 |  |  | $ | 1,988 |
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 2020 fiscal year.

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