Employee Benefits

6 Months Ended

Jun. 30, 2015

Compensation and Retirement Disclosure [Abstract]

Employee Benefits

We maintain a defined benefit pension plan, or Plan, covering all employees hired prior to January 1, 2008. The benefits are based on years of service and the employee’s compensation for the highest five consecutive years in the last ten years. Contributions are intended to provide for benefits attributed to employee service to date and for those benefits expected to be earned in the future. At this time, we are not required to make a cash contribution to the Plan in 2015. The expected long-term rate of return on plan assets is 8.00 percent. Effective January 1, 2015, the Plan was amended to provide unmarried participants with the ability to name a beneficiary to receive a lump sum death benefit equal to 80% of the participant’s accrued benefit payable at normal retirement age, in the event the participant dies while employed by S&T.

The following table summarizes the components of net periodic pension cost for the periods presented:

	Three Months Ended June 30,						Six Months Ended June 30,
(dollars in thousands)	2015			2014			2015			2014
Components of Net Periodic Pension Cost
Service cost—benefits earned during the period	$	672		$	631		$	1,344		$	1,262
Interest cost on projected benefit obligation	1,100			1,106			2,200			2,212
Expected return on plan assets	(1,807		)	(1,735		)	(3,614		)	(3,470		)
Amortization of prior service (credit) cost	(35		)	(35		)	(70		)	(70		)
Recognized net actuarial loss	468			209			936			418
Net Periodic Pension Expense	$	398		$	176		$	796		$	352