Employee Benefits

3 Months Ended

Mar. 31, 2018

Retirement Benefits [Abstract]

EMPLOYEE BENEFITS

Our qualified and nonqualified defined benefit plans were amended to freeze benefit accruals for all persons entitled to benefits under the plan in 2016. We will continue recording pension expense related to these plans, primarily representing interest costs on the accumulated benefit obligation and amortization of actuarial losses accumulated in the plan, as well as income from expected investment returns on pension assets. The expected long-term rate of return on plan assets is 7.50 percent.

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

	Three Months Ended March 31,
(dollars in thousands)	2018			2017
Components of Net Periodic Pension Cost
Service cost—benefits earned during the period	$	—		$	—
Interest cost on projected benefit obligation	967			1,025
Expected return on plan assets	(1,567		)	(1,582		)
Amortization of prior service credit	544			474
Recognized net actuarial loss	—			—
Net Periodic Pension Expense	$	(56	)	$	(83	)