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Employee Benefits | 6 Months Ended
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Jun. 30, 2018
Retirement Benefits [Abstract] |
EMPLOYEE BENEFITS | Our qualified and nonqualified defined benefit plans were amended to freeze benefit accruals for all persons entitled to benefits under the plan in 2016. We will continue recording pension expense related to these plans, primarily representing interest costs on the accumulated benefit obligation and amortization of actuarial losses accumulated in the plan, as well as income from expected investment returns on pension assets. Since the plans have been frozen, no service costs are included in net periodic pension expense. The expected long-term rate of return on plan assets is 7.50 percent. The following table summarizes the components of net periodic pension cost for the periods presented:
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30,
(dollars in thousands) |  | 2018 |  |  | 2017 |  |  | 2018 |  |  | 2017
Components of Net Periodic Pension Cost |  |  |  |  |  |  |  |  |  |  |
Interest cost on projected benefit obligation |  | $ | 967 |  |  |  | $ | 1,025 |  |  |  | $ | 1,934 |  |  |  | $ | 2,050 |
Expected return on plan assets |  | (1,567 | ) |  |  | (1,582 | ) |  |  | (3,134 | ) |  |  | (3,164 | )
Amortization of prior service credit |  | 545 |  |  |  | 475 |  |  |  | 1,089 |  |  |  | 949 |
Net Periodic Pension Expense |  | $ | (55 | ) |  |  | $ | (82 | ) |  |  | $ | (111 | ) |  |  | $ | (165 | )

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- Definition The entire disclosure for pension and other postretirement benefits. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -URI http://asc.fasb.org/topic&trid=2235017 + Details
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