Employee Benefits

6 Months Ended

Jun. 30, 2014

Compensation and Retirement Disclosure [Abstract]

Employee Benefits

We maintain a defined benefit pension plan, or Plan, covering substantially 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 2014. The expected long-term rate of return on plan assets is 8.00 percent. Through June 30, 2014, there have been no changes to the Plan.

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)	2014			2013			2014			2013
Components of Net Periodic Pension Cost
Service cost—benefits earned during the period	$	631		$	708		$	1,262		$	1,416
Interest cost on projected benefit obligation	1,106			996			2,212			1,992
Expected return on plan assets	(1,735		)	(1,565		)	(3,470		)	(3,130		)
Amortization of prior service cost (credit)	(35		)	(34		)	(70		)	(68		)
Recognized net actuarial loss	209			588			418			1,176
Net Periodic Pension Expense	$	176		$	693		$	352		$	1,386