Employee Benefit Plans

6 Months Ended

Jun. 30, 2013

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-month and six-month periods ended June 30, 2013, and 2012 the components of pension expense are as follows:

	Three months ended June 30						Six months ended June 30
	2013			2012			2013			2012
	(dollars in thousands)
Service cost	$	4,261		$	3,548		$	8,483		$	6,375
Interest cost	6,409			5,646			12,304			10,142
Expected return on assets	(7,474		)	(6,755		)	(14,405		)	(12,134		)
Amortization of prior service cost	53			53			105			106
Amortization of net actuarial loss	4,241			2,737			8,493			5,474
Total pension expense	$	7,490		$	5,229		$	14,980		$	9,963

The assumed discount rate for 2013 is 4.00 percent, the expected long-term rate of return on plan assets is 7.25 percent and the assumed rate of salary increases is 4.00 percent. For 2012 the assumed discount rate was 4.75 percent, expected long-term rate of return was 7.50 percent and the assumed rate of salary increases was 4.00 percent.