Employee Benefits

9 Months Ended

Sep. 30, 2014

Compensation and Retirement Disclosure [Abstract]

Employee Benefits

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 September 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 September 30,						Nine Months Ended September 30,
(dollars in thousands)	2014			2013			2014			2013
Components of Net Periodic Pension Cost
Service cost—benefits earned during the period	$	516		$	659		$	1,778		$	2,075
Interest cost on projected benefit obligation	1,141			997			3,353			2,989
Expected return on plan assets	(1,710		)	(1,526		)	(5,180		)	(4,656		)
Amortization of prior service cost (credit)	(34		)	(34		)	(104		)	(102		)
Recognized net actuarial loss	287			642			705			1,818
Net Periodic Pension Expense	$	200		$	738		$	552		$	2,124