Employee Benefit Plan
 6 Months Ended
Jun. 30, 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 Cost

 

    Pension Benefits
Three Months Ended		   Life and Health
Three Months Ended		   SERP Benefits
Three Months Ended
(in thousands)   06/30/2016   06/30/2015   06/30/2016   06/30/2015   06/30/2016   06/30/2015
Service cost   $ 0     $ 688     $ 47     $ 57     $ 14     $ 35  
Interest cost     587       713       65       69       205       224  
Expected return on plan assets     (1,207 )     (1,267 )     0       0       0       0  
Amortization of net retirement plan actuarial loss     249       553       2       (6 )     75       182  
Amortization of net retirement plan prior service (credit) cost     (4 )     (196 )     4       4       8       2  
Recognized actuarial gain due to curtailments     0       (6,003 )     0       0       0       0  
Net periodic benefit cost   $ (375 )   $ (5,512 )   $ 118     $ 124     $ 302     $ 443  

 

Components of Net Period Benefit Cost

 

    Pension Benefits
Six Months Ended		   Life and Health
Six Months Ended		   SERP Benefits
Six Months Ended
(in thousands)   06/30/2016   06/30/2015   06/30/2016   06/30/2015   06/30/2016   06/30/2015
Service cost   $ 0     $ 1,372     $ 129     $ 118     $ 86     $ 100  
Interest cost     1,237       1,465       141       161       416       464  
Expected return on plan assets     (2,422 )     (2,508 )     0       0       0       0  
Amortization of net retirement plan actuarial loss     487       1,139       3       10       179       313  
Amortization of net retirement plan prior service  cost (credit)     (7 )     (413 )     8       8       38       36  
Recognized actuarial gain due to curtailments     0       (6,003 )     0       0       0       0  
Net periodic benefit cost   $ (705 )   $ (4,948 )   $ 281     $ 297     $ 719     $ 913  

  

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 $424,000 and $657,000, net of tax, as amortization of amounts previously recognized in accumulated other comprehensive income, for the six months ended June 30, 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 six months ended June 30, 2016 or 2015.

 

Effective July 31, 2015, the Retirement Plan (Accruing Pension Plan) was frozen (participants 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.