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Employee Benefit Plans
 6 Months Ended
Jun. 30, 2021
Compensation And Retirement Disclosure [Abstract]  
Employee Benefit Plans

(14.)

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

June 30,

 

 

Six months ended

June 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Service cost

 

$

1,049

 

 

$

923

 

 

$

2,098

 

 

$

1,846

 

Interest cost on projected benefit obligation

 

 

551

 

 

 

635

 

 

 

1,102

 

 

 

1,270

 

Expected return on plan assets

 

 

(1,307

)

 

 

(1,284

)

 

 

(2,613

)

 

 

(2,568

)

Amortization of unrecognized prior service credit

 

 

(1

)

 

 

(9

)

 

 

(1

)

 

 

(18

)

Amortization of unrecognized net actuarial loss

 

 

186

 

 

 

323

 

 

 

371

 

 

 

646

 

Net periodic benefit expense

 

$

478

 

 

$

588

 

 

$

957

 

 

$

1,176

 

 

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 2021 fiscal year.