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Employee Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2013
Defined Benefit Plan Disclosure [Line Items] |
Schedule of Net Funded Status | The following table provides the changes in benefit obligation and plan assets and the funded status of the plan at December 31, 2013, and 2012.
| 2013 |  | 2012
| (dollars in thousands)
Change in benefit obligation |  |  |
Benefit obligation at January 1 | $ | 580,938 |  |  | $ | 493,648 |
Service cost | 16,332 |  |  | 14,241 |
Interest cost | 23,686 |  |  | 23,711 |
Actuarial (gain) loss | (74,060 | ) |  | 64,540 |
Benefits paid | (16,218 | ) |  | (15,202 | )
Benefit obligation at December 31 | 530,678 |  |  | 580,938 |
Change in plan assets |  |  |
Fair value of plan assets at January 1 | 463,005 |  |  | 429,505 |
Actual return on plan assets | 77,230 |  |  | 48,702 |
Employer contributions | — |  |  | — |
Benefits paid | (16,218 | ) |  | (15,202 | )
Fair value of plan assets at December 31 | 524,017 |  |  | 463,005 |
Funded status at December 31 | $ | (6,661 | ) |  | $ | (117,933 | )
Schedule of Amounts Recognized in the Balance Sheets | The amounts recognized in the consolidated balance sheets as of December 31, 2013, and 2012, consist of:
| 2013 |  | 2012
| (dollars in thousands)
Other assets | $ | — |  |  | $ | — |
Other liabilities | (6,661 | ) |  | (117,933 | )
Net asset (liability) recognized | $ | (6,661 | ) |  | $ | (117,933 | )
Schedule of Amount Included in Accumulated Other Comprehensive Income (Loss) | The following table details the amounts recognized in accumulated other comprehensive income at December 31, 2013, and 2012:
| 2013 |  | 2012
| (dollars in thousands)
Net loss (gain) | $ | 16,605 |  |  | $ | 157,147 |
Less prior service cost | 977 |  |  | 1,187 |
Accumulated other comprehensive loss, excluding income taxes | $ | 17,582 |  |  | $ | 158,334 |
Accumulated other comprehensive income (loss) included the following as of December 31, 2013, and December 31, 2012:
| December 31, 2013 |  | December 31, 2012
| Accumulated other comprehensive loss |  | Deferred tax benefit |  | Accumulated other comprehensive loss, net of tax |  | Accumulated other comprehensive income (loss) |  | Deferred tax expense (benefit) |  | Accumulated other comprehensive income (loss), net of tax
| (dollars in thousands)
Unrealized (losses) gains on investment securities available for sale | $ | (16,632 | ) |  | $ | (6,541 | ) |  | $ | (10,091 | ) |  | $ | 33,809 |  |  | $ | 13,292 |  |  | $ | 20,517 |
Unrealized loss on cash flow hedge | (7,220 | ) |  | (2,786 | ) |  | (4,434 | ) |  | (10,398 | ) |  | (4,106 | ) |  | (6,292 | )
Funded status of defined benefit plan | (17,582 | ) |  | (6,839 | ) |  | (10,743 | ) |  | (158,334 | ) |  | (62,003 | ) |  | (96,331 | )
Total | $ | (41,434 | ) |  | $ | (16,166 | ) |  | $ | (25,268 | ) |  | $ | (134,923 | ) |  | $ | (52,817 | ) |  | $ | (82,106 | )
The following table highlights changes in accumulated other comprehensive income (loss) by component for the years ended December 31, 2013, and 2012:
| Unrealized gains and losses on available-for-sale securities 1 |  | Gains and losses on cash flow hedges 1 |  | Defined benefit pension items 1 |  | Total
| (dollars in thousands)
Balance at January 1, 2012 | $ | 16,115 |  |  | $ | (6,483 | ) |  | $ | (76,206 | ) |  | $ | (66,574 | )
Other comprehensive income (loss) before reclassifications | 5,807 |  |  | (1,682 | ) |  | (26,961 | ) |  | (22,836 | )
Amounts reclassified from accumulated other comprehensive income (loss) | (1,405 | ) |  | 1,873 |  |  | 6,836 |  |  | 7,304 |
Net current period other comprehensive income (loss) | 4,402 |  |  | 191 |  |  | (20,125 | ) |  | (15,532 | )
Balance at December 31, 2012 | 20,517 |  |  | (6,292 | ) |  | (96,331 | ) |  | (82,106 | )
Other comprehensive income (loss) before reclassifications | (30,608 | ) |  | (60 | ) |  | 75,082 |  |  | 44,414 |
Amounts reclassified from accumulated other comprehensive loss | — |  |  | 1,918 |  |  | 10,506 |  |  | 12,424 |
Net current period other comprehensive income (loss) | (30,608 | ) |  | 1,858 |  |  | 85,588 |  |  | 56,838 |
Balance at December 31, 2013 | $ | (10,091 | ) |  | $ | (4,434 | ) |  | $ | (10,743 | ) |  | $ | (25,268 | )
1 All amounts are net of tax. Amounts in parentheses indicate debits.
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year | The following table provides expected amortization amounts for 2014.
| (dollars in thousands)
Actuarial loss | $ | 6,184 |
Prior service cost | 210 |
Total | $ | 6,394 |
Schedule of Net Benefit Costs | The following table shows the components of periodic benefit cost related to the pension plan and changes in plan assets and benefit obligations recognized in other comprehensive income for the years ended December 31, 2013, 2012, and 2011.
| Year ended December 31
| 2013 |  | 2012 |  | 2011
| (dollars in thousands)
Service cost | $ | 16,332 |  |  | $ | 14,241 |  |  | $ | 13,265 |
Interest cost | 23,686 |  |  | 23,711 |  |  | 23,810 |
Expected return on assets | (27,733 | ) |  | (28,478 | ) |  | (29,184 | )
Amortization of prior service cost | 210 |  |  | 210 |  |  | 210 |
Amortization of net actuarial loss | 16,985 |  |  | 11,026 |  |  | 6,861 |
Total net periodic benefit cost | 29,480 |  |  | 20,710 |  |  | 14,962 |
Current year actuarial (loss) gain | (123,557 | ) |  | 44,315 |  |  | 58,630 |
Amortization of actuarial loss | (16,985 | ) |  | (11,026 | ) |  | (6,861 | )
Amortization of prior service cost | (210 | ) |  | (210 | ) |  | (210 | )
Total recognized in other comprehensive income | (140,752 | ) |  | 33,079 |  |  | 51,559 |
Total recognized in net periodic benefit cost and other comprehensive income | $ | (111,272 | ) |  | $ | 53,789 |  |  | $ | 66,521 |
Schedule of Assumptions Used | The assumptions used to determine the benefit obligations as of December 31, 2013, and 2012, are as follows:
| 2013 |  | 2012
| (dollars in thousands)
Discount rate | 4.90 | % |  | 4.00 | %
Rate of compensation increase | 4.00 |  |  | 4.00 |
The assumptions used to determine the net periodic benefit cost for the years ended December 31, 2013, 2012, and 2011, are as follows:
| 2013 |  | 2012 |  | 2011
| (dollars in thousands)
Discount rate | 4.00 | % |  | 4.75 | % |  | 5.50 | %
Rate of compensation increase | 4.00 |  |  | 4.00 |  |  | 4.50 |
Expected long-term return on plan assets | 7.25 |  |  | 7.50 |  |  | 7.75 |
Schedule of Fair Value and Allocation of Plan Assets | The fair values of pension plan assets at December 31, 2013, and 2012, by asset class are as follows:
Asset Class | Market Value |  | Quoted prices in Active Markets for Identical Assets (Level 1) |  | Significant Observable Inputs (Level 2) |  | Significant Nonobservable Inputs (Level 3) |  | Target Allocation |  | Actual % of Plan Assets
| (dollars in thousands)
December 31, 2013 |  |  |  |  |  |  |  |  |  |  |
Cash and equivalents | $ | 2,517 |  |  | $ | 2,517 |  |  | $ | — |  |  | $ | — |  |  | 0 - 1% |  | 1 | %
Equity securities |  |  |  |  |  |  |  |  | 55 - 65% |  | 62 | %
Large cap | 218,023 |  |  | 218,023 |  |  | — |  |  | — |  |  |  |  |
Mid cap | 10,724 |  |  | 10,724 |  |  | — |  |  | — |  |  |  |  |
Small cap | 43,928 |  |  | 43,928 |  |  | — |  |  | — |  |  |  |  |
International equity (developed) | 10,535 |  |  | 10,535 |  |  | — |  |  | — |  |  |  |  |
International equity (emerging) | 40,643 |  |  | 40,643 |  |  | — |  |  | — |  |  |  |  |
Fixed income |  |  |  |  | — |  |  | — |  |  | 25-40% |  | 28 | %
Investment grade bonds | 74,501 |  |  | — |  |  | 74,501 |  |  | — |  |  |  |  |
Intermediate bonds | 48,746 |  |  | — |  |  | 48,746 |  |  | — |  |  |  |  |
High-yield corporate bonds | 10,111 |  |  | — |  |  | 10,111 |  |  | — |  |  |  |  |
TIPS | 4,395 |  |  | 4,395 |  |  | — |  |  | — |  |  |  |  |
International emerging bond | 10,119 |  |  | — |  |  | 10,119 |  |  | — |  |  |  |  |
Alternative investments |  |  |  |  |  |  |  |  | 0-10% |  | 10 | %
Commodities | 19,014 |  |  | 19,014 |  |  | — |  |  | — |  |  |  |  |
Hedge fund composite | 30,761 |  |  | 30,761 |  |  |  |  | — |  |  |  |  |
Total pension assets | $ | 524,017 |  |  | $ | 380,540 |  |  | $ | 143,477 |  |  | $ | — |  |  |  |  | 100 | %
December 31, 2012 |  |  |  |  |  |  |  |  |  |  |
Cash and equivalents | $ | 3,088 |  |  | $ | 3,088 |  |  | — |  |  | — |  |  | 0 - 1% |  | 1 | %
Equity securities |  |  |  |  |  |  |  |  | 55 - 65% |  | 56 | %
Large cap | 172,512 |  |  | 172,512 |  |  | — |  |  | — |  |  |  |  |
Mid cap | 21,451 |  |  | 21,451 |  |  | — |  |  | — |  |  |  |  |
Small cap | 31,053 |  |  | 31,053 |  |  | — |  |  | — |  |  |  |  |
International equity (developed) | 9,537 |  |  | 9,537 |  |  | — |  |  | — |  |  |  |  |
International equity (emerging) | 24,276 |  |  | 24,276 |  |  | — |  |  | — |  |  |  |  |
Fixed income |  |  |  |  |  |  |  |  |  |  | 36-44% |  | 36 | %
Investment grade bonds | 71,986 |  |  | — |  |  | 71,986 |  |  | — |  |  |  |  |
Intermediate bonds | 59,052 |  |  | — |  |  | 59,052 |  |  | — |  |  |  |  |
High-yield corporate bonds | 18,487 |  |  | — |  |  | 18,487 |  |  | — |  |  |  |  |
TIPS | 7,613 |  |  | 7,613 |  |  | — |  |  | — |  |  |  |  |
International emerging bond | 9,348 |  |  | — |  |  | 9,348 |  |  | — |  |  |  |  |
Alternative investments |  |  |  | — |  |  | — |  |  | — |  |  | 0-8% |  | 8 | %
Commodities | 17,376 |  |  | 17,376 |  |  | — |  |  | — |  |  |  |  |
Hedge fund composite | 17,226 |  |  | 17,226 |  |  |  |  |  | — |  |  |  |  |
Total pension assets | $ | 463,005 |  |  | $ | 304,132 |  |  | $ | 158,873 |  |  | $ | — |  |  |  |  | 100 | %
Schedule of Expected Benefit Payments | BancShares anticipates making no contributions to the pension plan during 2014. Following are estimated payments to pension plan participants in the indicated periods:
Year | Projected benefit payments
(dollars in thousands)
2014 | $ | 18,070 |
2015 | 19,662 |
2016 | 21,484 |
2017 | 23,244 |
2018 | 24,937 |
2019-2023 | 150,638 |
Deferred Benefit Plans Liability Rollforward | The following table provides the accrued liability as of December 31, 2013, and 2012, and the changes in the accrued liability during the years then ended:
| 2013 |  | 2012
| (dollars in thousands)
Present value of accrued liability as of January 1 | $ | 25,851 |  |  | $ | 25,586 |
Benefit expense | 959 |  |  | 462 |
Benefits paid | (3,042 | ) |  | (3,241 | )
Benefits forfeited | — |  |  | 554 |
Interest cost | 192 |  |  | 2,490 |
Present value of accrued liability as of December 31 | $ | 23,960 |  |  | $ | 25,851 |
Discount rate at December 31 | 4.90 | % |  | 4.00 | %

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