Employee Benefit Plan

3 Months Ended

Mar. 31, 2016

Banking and Thrift [Abstract]

Employee Benefit 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 (Credit) Cost

	Pension Benefits Three Months Ended						Life and Health Three Months Ended				SERP Benefits Three Months Ended
(in thousands)	03/31/2016			03/31/2015			03/31/2016		03/31/2015		03/31/2016		03/31/2015
Service cost	$	0		$	684		$	82	$	61	$	72	$	66
Interest cost		649			752			77		93		211		240
Expected return on plan assets		(1,215	)		(1,242	)		0		0		0		0
Amortization of net retirement plan actuarial loss		239			586			1		15		104		130
Amortization of net retirement plan prior service (credit) cost		(4	)		(217	)		4		4		30		34
Net periodic benefit (credit) cost	$	(331	)	$	563		$	164	$	173	$	417	$	470

The net periodic benefit (credit) 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 $224,000 and $331,000, net of tax, as amortization of amounts previously recognized in accumulated other comprehensive income, for the three months ended March 31, 2016 and 2015, respectively.

The Company is not required to contribute to the pension plan in 2016, but it may make voluntary contributions. The Company did not contribute to the pension plan in the first three months of 2016 and 2015.

Effective July 31, 2015, the Retirement Plan (Accruing Pension Plan) was frozen (participants will no longer accrue benefits after July 31, 2015). The plan freeze was reflected on June 30, 2015, and in accordance with ASC 715 Compensation – Retirement Benefits, a curtailment was triggered. Under a Curtailment due to a plan freeze, any unrecognized Prior Service Cost bases must be fully recognized in benefit cost at the time of the curtailment. The sum of unrecognized Prior Service Cost bases as of June 30, 2015 was $6.0 million.