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Employee Benefit Plans | 6 Months Ended
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Jun. 30, 2018
Compensation and Retirement Disclosure [Abstract] |
Employee Benefit Plans |
| (9) | Employee Benefit Plans
Employee Benefits Employee benefits charged to operating expenses are summarized in the table below for the periods indicated.
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
(in thousands) |  | 2018 |  |  | 2017 |  |  | 2018 |  |  | 2017 |
Payroll taxes |  | $ | 301 |  |  | $ | 288 |  |  | $ | 652 |  |  | $ | 644 |
Medical plans |  |  | 612 |  |  |  | 468 |  |  |  | 1,160 |  |  |  | 894 |
401k match and profit sharing |  |  | 237 |  |  |  | 226 |  |  |  | 423 |  |  |  | 476 |
Periodic pension cost |  |  | 405 |  |  |  | 335 |  |  |  | 810 |  |  |  | 671 |
Other |  |  | 10 |  |  |  | 9 |  |  |  | 25 |  |  |  | 25 |
Total employee benefits |  | $ | 1,565 |  |  | $ | 1,326 |  |  | $ | 3,070 |  |  | $ | 2,710 |
The Company’s profit-sharing plan includes a matching 401k portion, in which the Company matches the first 3% of eligible employee contributions. The Company made annual contributions in an amount up to 6% of income before income taxes and before contributions to the profit-sharing and pension plans for all participants, limited to the maximum amount deductible for federal income tax purposes, for each of the periods shown. In addition, employees were able to make additional tax-deferred contributions. Pension The Company provides a noncontributory defined benefit pension plan for all full-time employees. Beginning January 1, 2018 and for all retrospective periods presented, the Company adopted the guidance under ASU 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. Under the new guidance only the service cost component of the net periodic benefit cost is reported in the same income statement line item as salaries and benefits, and the remaining components are reported as other non-interest expense. An employer is required to recognize the funded status of a defined benefit postretirement plan as an asset or liability in its balance sheet and to recognize changes in that funded status in the year in which the changes occur through comprehensive income. Under the Company’s funding policy for the defined benefit pension plan, contributions are made to a trust as necessary to provide for current service and for any unfunded accrued actuarial liabilities over a reasonable period. To the extent that these requirements are fully covered by assets in the trust, a contribution might not be made in a particular year. The Company made a pension contribution in the amount of $1.8 million in the second quarter of 2018. The 2018 minimum required contribution is $1.0 million. Effective July 1, 2017, the Company amended the pension plan to effectuate a “soft freeze” such that no individual hired (or rehired in the case of a former employee) by the Company after September 30, 2017, whether or not such individual is or was a vested member in the plan, will be eligible to be an active member and be entitled to accrue any benefits under the plan. Certain individuals hired by the Company before July 1, 2017 are also not eligible to participate in the plan. Components of Net Pension Cost and Other Amounts Recognized in Accumulated Other Comprehensive Income The following items are components of net pension cost for the periods indicated:
|  | Pension Benefits |
(in thousands) |  | 2018 |  |  | 2017 |
Service cost - benefits earned during the year |  | $ | 1,620 |  |  | $ | 1,343 |
Interest costs on projected benefit obligations (a) |  |  | 1,033 |  |  |  | 1,009 |
Expected return on plan assets (a) |  |  | (1,267 | ) |  |  | (1,124 | )
Expected administrative expenses (a) |  |  | 93 |  |  |  | 88 |
Amortization of prior service cost (a) |  |  | 79 |  |  |  | 79 |
Amortization of unrecognized net loss (a) |  |  | 138 |  |  |  | 11 |
Net periodic pension cost |  | $ | 1,696 |  |  | $ | 1,406 |
Net periodic pension cost for the three months ended June 30, (actual) |  | $ | 405 |  |  | $ | 335 |
Net periodic pension cost for the six months ended June 30, (actual) |  | $ | 810 |  |  | $ | 671 |
(a) The components of net periodic pension cost other than the service cost component are included in other non-interest expense.

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- Definition The entire disclosure for pension and other postretirement benefits. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -URI http://asc.fasb.org/topic&trid=2235017 + Details
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