Employee Benefit Plans

3 Months Ended

Mar. 31, 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-month periods ended March 31, 2014 and March 31, 2013, the components of pension expense are as follows:

	Three months ended March 31
(Dollars in thousands)	2014			2013
Service cost	$	3,381		$	4,222
Interest cost	6,556			5,895
Expected return on assets	(7,812		)	(6,931		)
Amortization of prior service cost	53			53
Amortization of net actuarial loss	1,546			4,251
Total pension expense	$	3,724		$	7,490

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.