Retirement Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2012

Defined Benefit Plan-Pension [Member]

Components of Defined Benefit Obligation

	Years Ended December 31,
	2012						2011
	Qualified			Non- qualified			Qualified			Non- qualified
Change in benefit obligation
Benefit obligation:
at beginning of year	$	399,508		$	15,934		$	101,746		$	—
of Whitney plan at acquisition date		—			—			216,992			14,442
Service cost		12,940			49			8,440			27
Interest cost		16,518			688			12,117			438
Actuarial loss		4,131			1,401			67,971			1,597
Benefits paid		(12,858	)		(1,207	)		(7,758	)		(570	)
Benefit obligation, end of year		420,239			16,865			399,508			15,934
Change in plan assets
Fair value of plan assets:
at beginning of year		328,060			—			71,640			—
of Whitney plan at acquisition date		—						223,495			—
Actual return on plan assets		38,464			—			(3,979	)		—
Employer contributions		26,000			1,207			44,907			570
Benefit payments		(12,858	)		(1,207	)		(7,758	)		(570	)
Expenses		(533	)		—			(245	)		—
Fair value of plan assets, end of year		379,133			—			328,060			—
Funded status at end of year - net liability	$	(41,106	)	$	(16,865	)	$	(71,448	)	$	(15,934	)
Amounts recognized in accumulated other comprehensive loss
Unrecognized loss:
at beginning of year	$	123,780		$	1,597		$	38,810		$	—
of Whitney plan at acquisition date		—			—			—			—
Amount of (loss)/gain recognized during the year		(6,526	)		(56	)		(2,343	)		—
Net actuarial loss/(gain)		(8,402	)		1,401			87,313			1,597
Unrecognized loss at end of year	$	108,852		$	2,942		$	123,780		$	1,597

	December 31
	2012		2011
Projected benefit obligation	$	437,104	$	415,442
Accumulated benefit obligation		395,543		363,983
Fair value of plan assets		379,133		328,060

Components of Net Periodic Benefit Cost

	Years Ended December 31,
	2012						2011						2010
	Qualified			Non- qualified			Qualified			Non- qualified			Qualified
Net periodic benefit cost
Service cost	$	12,940		$	49		$	8,440		$	27		$	3,500
Interest cost		16,518			688			12,117			438			5,233
Expected return on plan assets		(25,398	)		—			(15,118	)		—			(4,646	)
Recognized net amortization and deferral		6,526			56			2,343			—			2,281
Net periodic benefit cost		10,586			793			7,782			465			6,368
Other changes in plan assets and benefit obligations recognized in other comprehensive income, before taxes
Net (loss)/gain recognized during the year		(6,526	)		(56	)		(2,343	)		—			(2,281	)
Net actuarial loss/(gain)		(8,402	)		1,401			87,313			1,597			4,338
Total recognized in other comprehensive income		(14,928	)		1,345			84,970			1,597			2,057
Total recognized in net periodic benefit cost and other comprehensive income	$	(4,342	)	$	2,138		$	92,752		$	2,062		$	8,425
Weighted average assumptions as of measurement date
Discount rate for benefit obligations:
Hancock plan		3.74	%		n/a			4.35	%		n/a			5.46	%
Whitney plan		3.87	%		3.87	%		4.31	%		4.31	%		n/a
Discount rate for net periodic benefit cost:
Hancock plan		4.35	%		n/a			5.46	%		n/a			5.95	%
Whitney plan		4.31	%		4.31	%		5.35	%		5.35	%		n/a
Expected long-term return on plan assets:
Hancock plan		7.50	%		n/a			7.50	%		n/a			7.50	%
Whitney plan		7.50	%		n/a			7.50	%		n/a			n/a
Rate of compensation increase:
Hancock plan		4.00	%		n/a			4.00	%		n/a			4.00	%
Whitney plan		3.58	%		3.58	%		3.58	%		3.58	%		n/a

Expected Future Pension Plan Benefit Payments

The following shows expected pension plan benefit payments over the next ten years (in thousands):

	Qualified		Nonqualified		Total
2013	$	12,594	$	1,147	$	13,741
2014		13,721		1,138		14,859
2015		14,599		1,136		15,735
2016		15,431		1,143		16,574
2017		16,376		1,161		17,537
2018-2022		99,128		5,612		104,740
	$	171,849	$	11,337	$	183,186

Fair Values Measurements of Pension Plan Assets

The fair values of pension plan assets at December 31, 2012 and 2011, by asset category, are shown in the following tables (in thousands):

Asset Category / Fund	Total		Quoted Prices in Active Markets for Identical Assets (Level  1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Fair Value Measurements at December 31, 2012
Cash and cash-equivalents:
Cash and equivalents	$	4,850	$	4,850	$	—	$	—
Hancock Horizon Government Money Market Fund		1,596		1,596		—		—
Total cash and cash-equivalents		6,446		6,446		—		—
Fixed income:
US government and agency securities and other		54,246		10,405		43,841		—
Hancock Horizon Strategic Income Bond Fund		49,192		49,192		—
Corporate debt		39,273		—		39,273		—
Total fixed income		142,711		59,597		83,114		—
Equity:
Hancock Horizon Quantitative Long/Short Fund		7,481		7,481		—		—
Hancock Horizon Diversified International Fund		32,984		32,984		—		—
Hancock Horizon Burkenroad Small Cap Fund		3,863		3,863		—		—
Hancock Horizon Growth Fund		27,332		27,332		—		—
Hancock Horizon Diversified Value Fund		28,543		28,543		—		—
Equity securities - large cap		87,769		87,769		—		—
Equity securities - small cap		42,004		42,004		—		—
Total Equity		229,976		229,976		—		—
TOTAL	$	379,133	$	296,019	$	83,114	$	—
Fair Value Measurements at December 31, 2011
Cash and cash-equivalents:
Cash and equivalents	$	12,189	$	12,189	$	—	$	—
Hancock Horizon Government Money Market Fund		28,081		28,081		—		—
Total cash and cash-equivalents		40,270		40,270
Fixed income:
US government and agency securities and other		44,017		15,032		28,985		—
Hancock Horizon Strategic Income Bond Fund		29,895		29,895		—		—
Corporate debt		33,319		—		33,319		—
Total fixed income		107,231		44,927		62,304		—
Equity:
Hancock Horizon Quantitative Long/Short Fund		3,674		3,674		—		—
Hancock Horizon Diversified International Fund		24,528		24,528		—		—
Hancock Horizon Burkenroad Small Cap Fund		2,414		2,414		—		—
Hancock Horizon Growth Fund		13,403		13,403		—		—
Hancock Horizon Diversified Value Fund		19,742		19,742		—		—
Equity securities - large cap		72,607		72,607		—		—
Equity securities - small cap		44,191		44,191		—		—
Total Equity		180,559		180,559		—		—
TOTAL	$	328,060	$	265,756	$	62,304	$	—

Weighted Average Asset Allocations and Target Allocations

The percentage allocations of the plan assets by asset category and corresponding target allocations at December 31, 2012 and 2011 follow:

	Plan Assets at December 31,						Target Allocation at December 31,
	2012			2011			2012			2011
Asset category
Equity securities		61	%		55	%		40 – 70	%		40 – 70	%
Fixed income securities		37	%		33	%		30 – 60	%		30 – 60	%
Cash equivalents		2	%		12	%		0 – 10	%		0 – 10	%
		100	%		100	%

Defined Benefit Plan Postretirement [Member]

Components of Defined Benefit Obligation

The following table details the changes in the benefit obligation of the postretirement plans for the years ended December 31, 2012 and 2011, as well as the funded status of the plans at each year end and the amounts recognized in the Company’s consolidated balance sheets (in thousands).

	Years Ended December 31,
	2012			2011
Change in postretirement benefit obligation
Projected postretirement benefit
beginning of year	$	34,107		$	12,373
from acquisition date		—			15,949
Service cost		192			137
Interest cost		1,337			1,091
Plan participants’ contributions		1,419			869
Actuarial loss		4,435			5,939
Benefit payments		(3,659	)		(2,251	)
Projected postretirement benefit obligation, end of year		37,831			34,107
Change in plan assets
Plan assets, beginning of year		—			—
Employer contributions		2,240			1,382
Plan participants’ contributions		1,419			869
Benefit payments		(3,659	)		(2,251	)
Plan assets, end of year		—			—
Funded status at end of year - net liability	$	(37,831	)	$	(34,107	)
Amounts recognized in accumulated other comprehensive loss
Unrecognized loss at beginning of year	$	10,996		$	5,546
Amount of (loss)/gain recognized during the year		(918	)		(489	)
Net actuarial loss/(gain)		4,435			5,939
Unrecognized loss at end of year	$	14,513		$	10,996

Components of Net Periodic Benefit Cost

The following table shows the composition of net periodic postretirement benefit cost (in thousands):

	Years Ended December 31,
	2012			2011			2010
Net periodic postretirement benefit cost
Service cost	$	192		$	137		$	124
Interest costs		1,337			1,091			556
Amortization of net loss		966			538			302
Amortization of prior service cost		(48	)		(48	)		(48	)
Net periodic postretirement benefit cost		2,447			1,718			934
Other changes in plan assets and benefit obligations recognized in other comprehensive income, before taxes
Amount of loss recognized during the year		(966	)		(538	)		(302	)
Net actuarial (gain)/loss		4,435			5,938			2,098
Amortization of prior service cost		48			48			48
Total recognized in other comprehensive income		3,517			5,448			1,844
Total recognized in net periodic benefit cost and other comprehensive income	$	5,964		$	7,166		$	2,778

Expected Future Pension Plan Benefit Payments

Expected benefits to be paid over the next ten years are reflected in the following table (in thousands):

2013	$	2,205
2014		2,145
2015		2,042
2016		1,984
2017		1,869
2018-2022		9,353
	$	19,598

Projected Postretirement Benefit Obligation

The Company uses a December 31 measurement date for all defined benefit retirement plans. The discount rates for the determination of the projected postretirement benefit obligation as of December 31, 2012 and 2011 were:

	December 31,
	2012			2011
Hancock plan		3.83	%		4.25	%
Whitney plan		3.55	%		4.10	%

Assumed Health Care Cost Trend Rates

The following table illustrates the effect on the annual periodic postretirement benefit costs and postretirement benefit obligation of a 1% increase or 1% decrease in the assumed health care cost trend rates from the rates assumed at December 31, 2012:

	1% Decrease in Rates		Assumed Rates		1% Increase in Rates
Aggregated service and interest cost	$	1,332	$	1,529	$	1,774
Postretirement benefit obligation		33,476		37,831		43,115