Retirement Plans

9 Months Ended

Sep. 30, 2012

Retirement Plans

8. Retirement Plans

The Company has defined benefit pension plans covering legacy Hancock employees as well as plans covering certain legacy Whitney employees. The Whitney plans have been closed to new participants since 2008, and benefit accruals have been frozen for participants who did not meet certain vesting, age and years of service criteria as of December 31, 2008. The Company also sponsors defined benefit postretirement plans for both legacy Hancock and legacy Whitney employees that provide health care and life insurance benefits. Benefits under the Whitney plan are restricted to retirees who were already receiving benefits at the time of plan amendments in 2007 or active participants who were eligible to receive benefits as of December 31, 2007. The Company is in the process of reviewing all retirement benefit plans to determine appropriate changes needed to transition employees into the appropriate combined benefit plans.

The following tables show the components of net periodic benefits cost included in expense for both the Hancock and Whitney Plans for the three-month and nine-month periods of 2012 and 2011. The Whitney plans reflect amounts from the date of the merger in June 2011.

Hancock Plans

	Pension Benefits						Other Post- retirement  Benefits
	Three Months Ended September 30,
	2012			2011			2012			2011
	(In thousands)
Service cost	$	1,703		$	1,173		$	48		$	34
Interest cost		1,484			1,363			209			153
Expected return on plan assets		(2,101	)		(1,372	)		—			—
Amortization of prior service cost		—			—			(13	)		(13	)
Amortization of net loss		1,220			585			176			135
Amortization of transition obligation		—			—			1			1
Net periodic benefit cost	$	2,306		$	1,749		$	421		$	310
	Pension Benefits						Other Post- retirement  Benefits
	Nine Months Ended September 30,
	2012			2011			2012			2011
	(In thousands)
Service cost	$	5,109		$	3,517		$	144		$	103
Interest cost		4,451			4,089			627			458
Expected return on plan assets		(6,302	)		(4,117	)		—			—
Amortization of prior service cost		—			—			(41	)		(40	)
Amortization of net loss		3,660			1,757			530			404
Amortization of transition obligation		—			—			4			4
Net periodic benefit cost	$	6,918		$	5,246		$	1,264		$	929

Whitney Plans

	Pension Benefits										Other Post-
	Qualified						Nonqualified				retirement Benefits
	Three Months Ended September 30,
	2012			2011			2012		2011		2012		2011
	(In thousands)
Service cost	$	1,533		$	1,607		$	13	$	12	$	—	$	—
Interest cost		2,645			2,856			172		188		152		205
Expected return on plan assets		(4,249	)		(4,126	)		—		—		—		—
Amortization of prior service cost		—			—			—		—		—		—
Amortization of net loss		411			—			14		—		—		—
Amortization of transition obligation		—			—			—		—		—		—
Net periodic benefit cost	$	340		$	337		$	199	$	200	$	152	$	205
	Pension Benefits										Other Post-
	Qualified						Nonqualified				retirement Benefits
	Nine Months Ended September 30,
	2012			2011			2012		2011		2012		2011
	(In thousands)
Service cost	$	4,597		$	2,144		$	37	$	16	$	—	$	—
Interest cost		7,937			3,808			516		250		456		274
Expected return on plan assets		(12,747	)		(5,502	)		—		—		—		—
Amortization of prior service cost		—			—			—		—		—		—
Amortization of net loss		1,234			—			42		—		—		—
Amortization of transition obligation		—			—			—		—		—		—
Net periodic benefit cost	$	1,021		$	450		$	595	$	266	$	456	$	274

The Company contributed approximately $22 million to its pension plans for the first nine months in 2012 and anticipates making a total contribution of $26 million for all of 2012. The Company contributed approximately $1.3 million to its post-retirement plans for the first nine months in 2012. For the entire year, the Company anticipates a total contribution of $1.7 million in 2012.