Employee Benefit Plans

9 Months Ended

Sep. 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 nine months ended September 30, 2014 and 2013, the components of pension expense are as follows:

	Three months ended September 30						Nine months ended September 30
(Dollars in thousands)	2014			2013			2014			2013
Service cost	$	3,081		$	3,765		$	9,247		$	12,248
Interest cost	6,402			5,460			19,209			17,764
Expected return on assets	(7,296		)	(6,393		)	(23,448		)	(20,798		)
Amortization of prior service cost	53			53			158			158
Amortization of net actuarial loss	769			4,245			3,861			12,738
Total pension expense	$	3,009		$	7,130		$	9,027		$	22,110

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.