Employee Benefit Plan

3 Months Ended

Mar. 31, 2015

Compensation and Retirement Disclosure [Abstract]

Employee Benefits Plan

10. Employee Benefit Plan

The following table sets forth the amount of the net periodic benefit cost recognized by the Company for the Company’s pension plan, post-retirement plan (Life and Health), and supplemental employee retirement plans (“SERP”) including the following components: service cost, interest cost, expected return on plan assets for the period, amortization of the unrecognized transitional obligation or transition asset, and the amounts of recognized gains and losses, prior service cost recognized, and gain or loss recognized due to settlement or curtailment.

Components of Net Periodic Benefit Cost

		Pension Benefits Three Months Ended						Life and Health Three Months Ended				SERP Benefits Three Months Ended
(in thousands)		03/31/2015			03/31/2014			03/31/2015		03/31/2014		03/31/2015		03/31/2014
Service cost	$	684		$	625		$	61	$	55	$	66	$	93
Interest cost		752			768			93		98		240		214
Expected return on plan assets		(1,242	)		(1,258	)		0		0		0		0
Amortization of net retirement plan actuarial loss		586			225			15		11		130		84
Amortization of net retirement plan prior service
(credit) cost		(217	)		(31	)		4		4		34		41
Net periodic benefit cost	$	563		$	329		$	173	$	168	$	470	$	432

The net periodic benefit cost for the Company’s benefit plans are recorded as a component of salaries and benefits in the consolidated statements of income.

The Company realized approximately $331,000 and $200,000, net of tax, as amortization of amounts previously recognized in accumulated other comprehensive income, for the three months ended March 31, 2015 and 2014, respectively.

The Company is not required to contribute to the pension plan in 2015, but it may make voluntary contributions. The Company did not contribute to the pension plan in the three months ended March 31, 2015 or 2014.