Employee Benefit Plans

9 Months Ended

Sep. 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 nine-month periods ended September 30, 2013, and 2012 the components of pension expense are as follows:

	Three months ended September 30						Nine months ended September 30
	2013			2012			2013			2012
	(dollars in thousands)
Service cost	$	3,765		$	4,012		$	12,248		$	10,387
Interest cost	5,460			7,151			17,764			17,293
Expected return on assets	(6,393		)	(8,576		)	(20,798		)	(20,710		)
Amortization of prior service cost	53			53			158			158
Amortization of net actuarial loss	4,245			2,735			12,738			8,210
Total pension expense	$	7,130		$	5,375		$	22,110		$	15,338

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.