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Employee Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2014
Defined Benefit Plan Disclosure [Line Items] |
Schedule of Amount Included in Accumulated Other Comprehensive Income (Loss) | Accumulated other comprehensive income (loss) included the following as of December 31, 2014, and December 31, 2013:
| December 31, 2014 |  | December 31, 2013
(Dollars in thousands) | Accumulated other comprehensive income (loss) |  | Deferred tax benefit |  | Accumulated other comprehensive income (loss), net of tax |  | Accumulated other comprehensive loss |  | Deferred tax expense (benefit) |  | Accumulated other comprehensive loss, net of tax
Unrealized gains (losses) on investment securities available for sale | $ | 8,343 |  |  | $ | 3,245 |  |  | $ | 5,098 |  |  | $ | (16,632 | ) |  | $ | (6,541 | ) |  | $ | (10,091 | )
Unrealized loss on cash flow hedge | (4,337 | ) |  | (1,673 | ) |  | (2,664 | ) |  | (7,220 | ) |  | (2,786 | ) |  | (4,434 | )
Funded status of defined benefit plan | (90,696 | ) |  | (35,281 | ) |  | (55,415 | ) |  | (17,582 | ) |  | (6,839 | ) |  | (10,743 | )
Total | $ | (86,690 | ) |  | $ | (33,709 | ) |  | $ | (52,981 | ) |  | $ | (41,434 | ) |  | $ | (16,166 | ) |  | $ | (25,268 | )
The following table highlights changes in accumulated other comprehensive income (loss) by component for the years ended December 31, 2014, and December 31, 2013:
(Dollars in thousands) | Unrealized gains and losses on available-for-sale securities(1) |  | Gains and losses on cash flow hedges(1) |  | Defined benefit pension items(1) |  | Total
Balance at January 1, 2013 | $ | 20,517 |  |  | $ | (6,292 | ) |  | $ | (96,331 | ) |  | $ | (82,106 | )
Other comprehensive income (loss) before reclassifications | (30,608 | ) |  | 1,858 |  |  | 75,082 |  |  | 46,332 |
Amounts reclassified from accumulated other comprehensive income (loss) | — |  |  | — |  |  | 10,506 |  |  | 10,506 |
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 | )
Other comprehensive income (loss) before reclassifications | (2,683 | ) |  | 1,770 |  |  | (47,946 | ) |  | (48,859 | )
Amounts reclassified from accumulated other comprehensive loss | 17,872 |  |  | — |  |  | 3,274 |  |  | 21,146 |
Net current period other comprehensive income (loss) | 15,189 |  |  | 1,770 |  |  | (44,672 | ) |  | (27,713 | )
Balance at December 31, 2014 | $ | 5,098 |  |  | $ | (2,664 | ) |  | $ | (55,415 | ) |  | $ | (52,981 | )
(1) All amounts are net of tax. Amounts in parentheses indicate debits.
Schedule of Expected Benefit Payments | Following are estimated payments to pension plan participants in the indicated periods for each plan:
(Dollars in thousands) | BancShares Plan |  | Bancorporation Plan
2015 | $ | 19,648 |  |  | $ | 5,270 |
2016 | 21,412 |  |  | 5,594 |
2017 | 23,133 |  |  | 6,088 |
2018 | 24,767 |  |  | 6,679 |
2019 | 26,381 |  |  | 7,045 |
2020-2024 | 157,292 |  |  | 42,155 |
Deferred Benefit Plans Liability Rollforward | The following table provides the accrued liability as of December 31, 2014 and 2013, and the changes in the accrued liability during the years then ended:
(Dollars in thousands) | 2014 |  | 2013
Present value of accrued liability as of January 1 | $ | 23,960 |  |  | $ | 25,851 |
Benefits acquired in the 1st Financial merger | 1,455 |  |  | — |
Benefits acquired in the Bancorporation merger | 10,288 |  |  | — |
Benefit expense and interest cost | 2,682 |  |  | 1,151 |
Benefits paid | (2,431 | ) |  | (3,042 | )
Benefits forfeited | — |  |  | — |
Present value of accrued liability as of December 31 | $ | 35,954 |  |  | $ | 23,960 |
Discount rate at December 31 | 4.27 | % |  | 4.90 | %
BancShares Plan |
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, 2014 and 2013.
(Dollars in thousands) | 2014 |  | 2013
Change in benefit obligation |  |  |
Projected benefit obligation at January 1 | $ | 530,678 |  |  | $ | 580,938 |
Service cost | 12,332 |  |  | 16,332 |
Interest cost | 25,615 |  |  | 23,686 |
Actuarial (gain) loss | 76,122 |  |  | (74,060 | )
Benefits paid | (17,102 | ) |  | (16,218 | )
Projected benefit obligation at December 31 | 627,645 |  |  | 530,678 |
Change in plan assets |  |  |
Fair value of plan assets at January 1 | 524,017 |  |  | 463,005 |
Actual return on plan assets | 38,041 |  |  | 77,230 |
Employer contributions | — |  |  | — |
Benefits paid | (17,102 | ) |  | (16,218 | )
Fair value of plan assets at December 31 | 544,956 |  |  | 524,017 |
Funded status at December 31 | $ | (82,689 | ) |  | $ | (6,661 | )
Schedule of Amounts Recognized in the Balance Sheets | The amounts recognized in the consolidated balance sheets as of December 31, 2014 and 2013 consist of:
(Dollars in thousands) | 2014 |  | 2013
Other assets | $ | — |  |  | $ | — |
Other liabilities | (82,689 | ) |  | (6,661 | )
Net asset (liability) recognized | $ | (82,689 | ) |  | $ | (6,661 | )
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, 2014 and 2013.
(Dollars in thousands) | 2014 |  | 2013
Net loss (gain) | $ | 80,806 |  |  | $ | 16,605 |
Less prior service cost | 767 |  |  | 977 |
Accumulated other comprehensive loss, excluding income taxes | $ | 81,573 |  |  | $ | 17,582 |
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year | The following table provides expected amortization amounts for 2015.
(Dollars in thousands) |
Actuarial loss | $ | 11,335 |
Prior service cost | 210 |
Total | $ | 11,545 |
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, 2014, 2013 and 2012.
| Year ended December 31
(Dollars in thousands) | 2014 |  | 2013 |  | 2012
Service cost | $ | 12,332 |  |  | $ | 16,332 |  |  | $ | 14,241 |
Interest cost | 25,615 |  |  | 23,686 |  |  | 23,711 |
Expected return on assets | (31,269 | ) |  | (27,733 | ) |  | (28,478 | )
Amortization of prior service cost | 210 |  |  | 210 |  |  | 210 |
Amortization of net actuarial loss | 5,148 |  |  | 16,985 |  |  | 11,026 |
Total net periodic benefit cost | 12,036 |  |  | 29,480 |  |  | 20,710 |
Current year actuarial loss (gain) | 69,349 |  |  | (123,557 | ) |  | 44,315 |
Amortization of actuarial loss | (5,148 | ) |  | (16,985 | ) |  | (11,026 | )
Amortization of prior service cost | (210 | ) |  | (210 | ) |  | (210 | )
Total recognized in other comprehensive income | 63,991 |  |  | (140,752 | ) |  | 33,079 |
Total recognized in net periodic benefit cost and other comprehensive income | $ | 76,027 |  |  | $ | (111,272 | ) |  | $ | 53,789 |
Schedule of Assumptions Used | The assumptions used to determine the benefit obligations as of December 31, 2014 and 2013, are as follows:
(Dollars in thousands) | 2014 |  | 2013
Discount rate | 4.27 | % |  | 4.90 | %
Rate of compensation increase | 4.00 |  |  | 4.00 |
The assumptions used to determine the net periodic benefit cost for the years ended December 31, 2014, 2013 and 2012, are as follows:
(Dollars in thousands) | 2014 |  | 2013 |  | 2012
Discount rate | 4.90 | % |  | 4.00 | % |  | 4.75 | %
Rate of compensation increase | 4.00 |  |  | 4.00 |  |  | 4.00 |
Expected long-term return on plan assets | 7.50 |  |  | 7.25 |  |  | 7.50 |
Schedule of Fair Value and Allocation of Plan Assets | The fair values of pension plan assets at December 31, 2014 and 2013, by asset class are as follows:
| December 31, 2014
(Dollars in thousands) | 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
Cash and equivalents | $ | 3,854 |  |  | $ | 3,854 |  |  | $ | — |  |  | $ | — |  |  | 0 - 1% |  | 1 | %
Equity securities |  |  |  |  |  |  |  |  | 55 - 65% |  | 62 | %
Large cap | 229,315 |  |  | 229,315 |  |  | — |  |  | — |  |  |  |  |
Mid cap | 10,796 |  |  | 10,796 |  |  | — |  |  | — |  |  |  |  |
Small cap | 44,734 |  |  | 44,734 |  |  | — |  |  | — |  |  |  |  |
International equity (developed) | 10,706 |  |  | 10,706 |  |  | — |  |  | — |  |  |  |  |
International equity (emerging) | 41,484 |  |  | 41,484 |  |  | — |  |  | — |  |  |  |  |
Fixed income |  |  |  |  | — |  |  | — |  |  | 25 - 40% |  | 28 | %
Investment grade bonds | 81,050 |  |  | — |  |  | 81,050 |  |  | — |  |  |  |  |
Intermediate bonds | 53,806 |  |  | — |  |  | 53,806 |  |  | — |  |  |  |  |
High-yield corporate bonds | 6,592 |  |  | — |  |  | 6,592 |  |  | — |  |  |  |  |
TIPS | 2,550 |  |  | 2,550 |  |  | — |  |  | — |  |  |  |  |
International emerging bond | 9,930 |  |  | — |  |  | 9,930 |  |  | — |  |  |  |  |
Alternative investments |  |  |  |  |  |  |  |  | 0 - 10% |  | 9 | %
Commodities | 17,671 |  |  | 17,671 |  |  | — |  |  | — |  |  |  |  |
Hedge fund composite | 32,468 |  |  | 32,468 |  |  |  |  | — |  |  |  |  |
Total pension assets | $ | 544,956 |  |  | $ | 393,578 |  |  | $ | 151,378 |  |  | $ | — |  |  |  |  | 100 | %
| December 31, 2013
| 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
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% |  | 9 | %
Commodities | 19,014 |  |  | 19,014 |  |  | — |  |  | — |  |  |  |  |
Hedge fund composite | 30,761 |  |  | 30,761 |  |  |  |  |  | — |  |  |  |  |
Total pension assets | $ | 524,017 |  |  | $ | 380,540 |  |  | $ | 143,477 |  |  | $ | — |  |  |  |  | 100 | %
Bancorporation Plan |
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, 2014.
(Dollars in thousands) | 2014
Change in benefit obligation |
Projected benefit obligation at October 1 acquisition date | $ | 137,452 |
Service cost | 832 |
Interest cost | 1,488 |
Actuarial (gain) loss | 12,802 |
Benefits paid | (1,242 | )
Projected benefit obligation at December 31 | 151,332 |
Change in plan assets |
Fair value of plan assets at October 1 acquisition date | 150,374 |
Actual return on plan assets | 6,486 |
Employer contributions | — |
Benefits paid | (1,242 | )
Fair value of plan assets at December 31 | 155,618 |
Funded status at December 31 | $ | 4,286 |
Schedule of Amounts Recognized in the Balance Sheets | The amounts recognized in the consolidated balance sheets as of December 31, 2014 consist of:
(Dollars in thousands) | 2014
Other assets | $ | — |
Other liabilities | 4,286 |
Net asset (liability) recognized | $ | 4,286 |
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, 2014.
(Dollars in thousands) | 2014
Net loss (gain) | $ | 9,123 |
Less prior service cost | — |
Accumulated other comprehensive loss, excluding income taxes | $ | 9,123 |
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 year ended December 31, 2014. The table only includes amounts since the acquisition of Bancorporation.
| Year ended December 31
(Dollars in thousands) | 2014
Service cost | $ | 832 |
Interest cost | 1,488 |
Expected return on assets | (2,807 | )
Amortization of prior service cost | — |
Amortization of net actuarial loss | — |
Total net periodic benefit cost | (487 | )
Current year actuarial loss (gain) | 9,123 |
Amortization of actuarial loss | — |
Amortization of prior service cost | — |
Total recognized in other comprehensive income | 9,123 |
Total recognized in net periodic benefit cost and other comprehensive income | $ | 8,636 |
Schedule of Assumptions Used | The assumptions used to determine the benefit obligations as of December 31, 2014 are as follows:
(Dollars in thousands) | 2014
Discount rate | 4.27 | %
Rate of compensation increase | 4.00 |
The assumptions used to determine the net periodic benefit cost for the year ended December 31, 2014 are as follows:
(Dollars in thousands) | 2014
Discount rate | 4.35 | %
Rate of compensation increase | 4.00 |
Expected long-term return on plan assets | 7.50 |
Schedule of Fair Value and Allocation of Plan Assets | The investment strategy of the Bancorporation Plan with respect to pension assets is to invest the assets in accordance with the Employee Retirement Security Act and fiduciary standards. The long-term primary objectives for the Plan are to provide for a reasonable amount of long-term growth of capital, without undue exposure to risk, and to provide investment results that meet or exceed the Plan’s expected long-term rate of return.
| December 31, 2014
(Dollars in thousands) | Market Value |  | Quoted prices in Active Markets for Identical Assets (Level 1) |  | Significant Observable Inputs (Level 2) |  | Significant Nonobservable Inputs (Level 3) |  | Actual % of Plan Assets
Equity securities | $ | 107,333 |  |  | $ | 107,333 |  |  | — |  |  | — |  |  | 68.97 | %
Debt securities | 35,208 |  |  | 23,528 |  |  | 11,680 |  |  | — |  |  | 22.62 | %
Cash and equivalents | 13,077 |  |  | 13,077 |  |  | — |  |  | — |  |  | 8.40 | %
Total pension assets | $ | 155,618 |  |  | $ | 143,938 |  |  | $ | 11,680 |  |  | $ | — |  |  |

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