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Employee Benefit Plans
 9 Months Ended
Sep. 30, 2020
Compensation And Retirement Disclosure [Abstract]  
Employee Benefit Plans

(12.)

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.