(3) Benefit Plans

The table below outlines the components of the Company’s net periodic benefit recognized during the three and nine months ended September 30, 2017 and 2016 for its pension and other postretirement benefit plans:

	For the three months ended September 30,
	Pension Benefits						Other Postretirement Benefits
(dollars in thousands)	2017			2016			2017			2016

Service cost	$	11			15			26			32
Interest cost		326			343			54			61
Expected return on plan assets		(686	)		(669	)		(190	)		(180	)
Amortization of net loss (gain)		17			46			(89	)		(54	)
Amortization of prior service cost		-			-			23			22
Net periodic benefit	$	(332	)		(265	)		(176	)		(119	)

	For the nine months ended September 30,
	Pension Benefits					Other Postretirement Benefits
(dollars in thousands)		2017		2016			2017		2016

Service cost	$	33		46			77		96
Interest cost		977		1,029			164		184
Expected return on plan assets		(2,058	)	(1,994	)		(571	)	(540	)
Amortization of net loss (gain)		50		138			(258	)	(163	)
Amortization of prior service cost		-		-			68		67
Net periodic benefit	$	(998	)	(781	)		(520	)	(356	)

The Company does not expect to make contributions to its pension and postretirement benefit plans in 2017. As of September 30, 2017, no contributions have been made, however, this decision is reviewed each quarter and is subject to change based upon market conditions.

Since 2003, the Company has not subsidized retiree medical insurance premiums. However, it continues to provide postretirement medical benefits to a limited number of current and retired executives in accordance with the terms of their employment contracts.