Employee Benefit Plans

6 Months Ended

Jun. 30, 2014

General Discussion of Pension and Other Postretirement Benefits [Abstract]

Employee Benefit Plans

EMPLOYEE BENEFIT PLANS

Pension expense is a component of employee benefits expense. For the three and six months ended June 30, 2014 and 2013, the components of pension expense are as follows:

	Three months ended June 30						Six months ended June 30
(Dollars in thousands)	2014			2013			2014			2013
Service cost	$	2,785		$	4,261		$	6,166		$	8,483
Interest cost	6,251			6,409			12,807			12,304
Expected return on assets	(8,340		)	(7,474		)	(16,152		)	(14,405		)
Amortization of prior service cost	52			53			105			105
Amortization of net actuarial loss	1,546			4,241			3,092			8,493
Total pension expense	$	2,294		$	7,490		$	6,018		$	14,980

The assumed discount rate for 2014 is 4.90 percent, the expected long-term rate of return on plan assets is 7.50 percent and the assumed rate of salary increases is 4.00 percent. For 2013, the assumed discount rate was 4.00 percent, expected long-term rate of return was 7.25 percent and the assumed rate of salary increases was 4.00 percent.