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Employee Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2019
Retirement Benefits, Description [Abstract] |
Schedule of Net Funded Status | The following table provides the changes in benefit obligation and plan assets and the funded status of the Plans at December 31, 2019 and 2018.
(Dollars in thousands) | 2019 |  | 2018
Change in benefit obligation |  |  |
Projected benefit obligation at January 1 | $ | 852,975 |  |  | $ | 919,428 |
Service cost | 12,767 |  |  | 16,154 |
Interest cost | 37,260 |  |  | 34,733 |
Actuarial loss (gain) | 118,964 |  |  | (87,752 | )
Benefits paid | (31,560 | ) |  | (29,588 | )
Projected benefit obligation at December 31 | 990,406 |  |  | 852,975 |
Change in plan assets |  |  |
Fair value of plan assets at January 1 | 842,534 |  |  | 881,590 |
Actual return on plan assets | 161,506 |  |  | (59,468 | )
Employer contributions | 3,592 |  |  | 50,000 |
Benefits paid | (31,560 | ) |  | (29,588 | )
Fair value of plan assets at December 31 | 976,072 |  |  | 842,534 |
Funded status at December 31 | $ | (14,334 | ) |  | $ | (10,441 | )
Schedule of Amount Included in Accumulated Other Comprehensive Income (Loss) | Accumulated other comprehensive loss included the following at December 31, 2019 and 2018:
| December 31, 2019 |  | December 31, 2018
(Dollars in thousands) | Accumulated other comprehensive income (loss) |  | Deferred tax expense (benefit) |  | Accumulated other comprehensive loss, net of tax |  | Accumulated other comprehensive income (loss) |  | Deferred tax expense (benefit) |  | Accumulated other comprehensive loss, net of tax
Unrealized gains (losses) on securities available for sale | $ | 7,522 |  |  | $ | 1,730 |  |  | $ | 5,792 |  |  | $ | (50,007 | ) |  | $ | (11,502 | ) |  | $ | (38,505 | )
Unrealized losses on securities available for sale transferred from (to) held to maturity | — |  |  | — |  |  | — |  |  | (92,401 | ) |  | (21,252 | ) |  | (71,149 | )
Defined benefit pension items | (172,098 | ) |  | (39,583 | ) |  | (132,515 | ) |  | (163,030 | ) |  | (37,497 | ) |  | (125,533 | )
Total | $ | (164,576 | ) |  | $ | (37,853 | ) |  | $ | (126,723 | ) |  | $ | (305,438 | ) |  | $ | (70,251 | ) |  | $ | (235,187 | )
The following table highlights changes in accumulated other comprehensive (loss) income by component for the years ended December 31, 2019 and 2018:
(Dollars in thousands) | Unrealized gains (losses) on securities available-for-sale(1) |  | Unrealized losses on securities available for sale transferred from (to) held to maturity(1)(2) |  | Defined benefit pension items(1) |  | Total
Balance at January 1, 2018 | $ | (30,945 | ) |  | $ | — |  |  | $ | (91,349 | ) |  | $ | (122,294 | )
Cumulative effect adjustments(3) | (29,751 | ) |  | — |  |  | (20,300 | ) |  | (50,051 | )
Adjusted beginning balance | (60,696 | ) |  | — |  |  | (111,649 | ) |  | (172,345 | )
Net unrealized gains (losses) arising during period | 22,461 |  |  | (84,321 | ) |  | (24,649 | ) |  | (86,509 | )
Amounts reclassified from accumulated other comprehensive loss | (270 | ) |  | 13,172 |  |  | 10,765 |  |  | 23,667 |
Net current period other comprehensive income (loss) | 22,191 |  |  | (71,149 | ) |  | (13,884 | ) |  | (62,842 | )
Balance at December 31, 2018 | (38,505 | ) |  | (71,149 | ) |  | (125,533 | ) |  | (235,187 | )
Net unrealized gains (losses) arising during period | 49,776 |  |  | 55,834 |  |  | (15,438 | ) |  | 90,172 |
Amounts reclassified from accumulated other comprehensive loss | (5,479 | ) |  | 15,315 |  |  | 8,456 |  |  | 18,292 |
Net current period other comprehensive income (loss) | 44,297 |  |  | 71,149 |  |  | (6,982 | ) |  | 108,464 |
Balance at December 31, 2019 | $ | 5,792 |  |  | $ | — |  |  | $ | (132,515 | ) |  | $ | (126,723 | )
(1) All amounts are net of tax. Amounts in parentheses indicate debits. The following table details the amounts recognized in accumulated other comprehensive income at December 31, 2019 and 2018.
(Dollars in thousands) | 2019 |  | 2018
Net actuarial loss | $ | 172,098 |  |  | $ | 162,973 |
Prior service cost | — |  |  | 57 |
Accumulated other comprehensive loss, excluding income taxes | $ | 172,098 |  |  | $ | 163,030 |
Schedule of Net Benefit Costs | The following table shows the components of periodic benefit cost related to the Plans and changes in plan assets and benefit obligations recognized in other comprehensive income for the years ended December 31, 2019, 2018 and 2017.
| Year ended December 31
(Dollars in thousands) | 2019 |  | 2018 |  | 2017
Service cost | $ | 12,767 |  |  | $ | 16,154 |  |  | $ | 15,186 |
Interest cost | 37,260 |  |  | 34,733 |  |  | 35,593 |
Expected return on assets | (62,590 | ) |  | (60,296 | ) |  | (53,244 | )
Amortization of prior service cost | 57 |  |  | 79 |  |  | 210 |
Amortization of net actuarial loss | 10,924 |  |  | 13,902 |  |  | 9,510 |
Total net periodic benefit (income) cost | (1,582 | ) |  | 4,572 |  |  | 7,255 |
Current year actuarial loss | 20,049 |  |  | 32,012 |  |  | 12,945 |
Amortization of actuarial loss | (10,924 | ) |  | (13,902 | ) |  | (9,510 | )
Amortization of prior service cost | (57 | ) |  | (79 | ) |  | (210 | )
Net loss recognized in other comprehensive income | 9,068 |  |  | 18,031 |  |  | 3,225 |
Total recognized in net periodic benefit cost and other comprehensive income | $ | 7,486 |  |  | $ | 22,603 |  |  | $ | 10,480 |
Schedule of Assumptions Used | The assumptions used to determine the benefit obligations at December 31, 2019 and 2018 are as follows:
| 2019 |  | 2018
Discount rate | 3.46 | % |  | 4.38 | %
Rate of compensation increase | 5.60 |  |  | 5.60 |
The assumptions used to determine the net periodic benefit cost for the years ended December 31, 2019, 2018 and 2017, are as follows:
| 2019 |  | 2018 |  | 2017
Discount rate | 4.38 | % |  | 3.76 | % |  | 4.30 | %
Rate of compensation increase | 5.60 |  |  | 4.00 |  |  | 4.00 |
Expected long-term return on plan assets | 7.50 |  |  | 7.50 |  |  | 7.50 |
Schedule of Fair Value and Allocation of Plan Assets | The fair values of pension plan assets at December 31, 2019 and 2018, by asset class are as follows:
| December 31, 2019
(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 | $ | 10,974 |  |  | $ | 10,974 |  |  | — |  |  | — |  |  | 0 - 5% |  | 1 | %
Equity securities |  |  |  |  |  |  |  |  | 30 - 70% |  | 73 | %
Common and preferred stock | 142,157 |  |  | 142,157 |  |  | — |  |  | — |  |  |  |  |
Mutual funds | 565,343 |  |  | 565,343 |  |  | — |  |  | — |  |  |  |  |
Fixed income |  |  |  |  |  |  |  |  | 15 - 45% |  | 23 | %
U.S. government and government agency securities | 78,175 |  |  | — |  |  | 78,175 |  |  | — |  |  |  |  |
Corporate bonds | 122,370 |  |  | — |  |  | 122,370 |  |  | — |  |  |  |  |
Mutual funds | 25,288 |  |  | 25,288 |  |  | — |  |  | — |  |  |  |  |
Alternative investments |  |  |  |  |  |  |  |  | 0 - 30% |  | 3 | %
Mutual funds | 31,765 |  |  | 31,765 |  |  | — |  |  | — |  |  |  |  |
Total pension assets | $ | 976,072 |  |  | $ | 775,527 |  |  | $ | 200,545 |  |  | $ | — |  |  |  |  | 100 | %
| December 31, 2018
| 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 | $ | 19,029 |  |  | $ | 19,029 |  |  | $ | — |  |  | $ | — |  |  | 0 - 5% |  | 2 | %
Equity securities |  |  |  |  |  |  |  |  | 30 - 70% |  | 64 | %
Common and preferred stock | 143,939 |  |  | 143,939 |  |  | — |  |  | — |  |  |  |  |
Mutual funds | 395,328 |  |  | 393,104 |  |  | 2,224 |  |  | — |  |  |  |  |
Fixed income |  |  |  |  |  |  |  |  | 15 - 45% |  | 30 | %
U.S. government and government agency securities | 79,294 |  |  | — |  |  | 79,294 |  |  | — |  |  |  |  |
Corporate bonds | 140,358 |  |  | — |  |  | 140,358 |  |  | — |  |  |  |  |
Mutual funds | 29,561 |  |  | 29,561 |  |  | — |  |  | — |  |  |  |  |
Alternative investments |  |  |  |  |  |  |  |  |  |  | 0 - 30% |  | 4 | %
Mutual funds | 35,025 |  |  | 35,025 |  |  | — |  |  | — |  |  |  |  |
Total pension assets | $ | 842,534 |  |  | $ | 620,658 |  |  | $ | 221,876 |  |  | $ | — |  |  |  |  | 100 | %
Schedule of Expected Benefit Payments | Cash Flows The following are estimated payments to pension plan participants in the indicated periods:
(Dollars in thousands) | Estimated Payments
2020 | $ | 36,251 |
2021 | 38,980 |
2022 | 41,511 |
2023 | 43,891 |
2024 | 46,234 |
2025-2029 | 261,027 |
Deferred Benefit Plans Liability Rollforward | The following table provides the accrued liability as of December 31, 2019 and 2018, and the changes in the accrued liability during the years then ended:
(Dollars in thousands) | 2019 |  | 2018
Present value of accrued liability as of January 1 | $ | 34,063 |  |  | $ | 37,299 |
Liability assumed in the Biscayne Bancshares acquisition | 1,138 |  |  | — |
Liability assumed in the First South Bancorp acquisition | 1,067 |  |  | — |
Liability assumed in the Entegra acquisition | 9,738 |  |  | — |
Liability assumed in the Capital Commerce acquisition | — |  |  | 808 |
Benefit expense and interest cost | 3,970 |  |  | 535 |
Benefits paid | (4,681 | ) |  | (4,579 | )
Present value of accrued liability as of December 31 | $ | 45,295 |  |  | $ | 34,063 |
Discount rate at December 31 | 3.46 | % |  | 4.38 | %

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