Retirement Plans

9 Months Ended

Sep. 30, 2014

Compensation and Retirement Disclosure [Abstract]

Retirement Plans

9. Retirement Plans

The Company has a qualified defined benefit pension plan covering all eligible employees. Eligibility is based on minimum age- and service-related requirements as well as job classification. Accrued benefits under a nonqualified plan covering certain legacy Whitney employees were frozen as of December 31, 2012 and no future benefits will be accrued under this plan.

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 Hancock plan are not available to employees hired on or after January 1, 2000. 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 following table shows the components of net periodic benefits cost included in expense for the plans for the periods indicated (in thousands).

	Three Months Ended September 30,
	2014			2013			2014		2013
							Other Post-
	Pension benefits						retirement Benefits
Service cost	$	3,230		$	3,969		$	31	$	52
Interest cost		4,812			4,151			285		327
Expected return on plan assets		(8,056	)		(6,982	)		—		—
Amortization of net loss		7			1,605			91		459
Net periodic benefit cost	$	(7	)	$	2,743		$	407	$	838

	Nine Months Ended September 30,
	2014			2013			2014		2013
							Other Post-
	Pension benefits						retirement Benefits
Service cost	$	9,690		$	11,905		$	94	$	162
Interest cost		14,438			12,457			855		987
Expected return on plan assets		(24,167	)		(20,946	)		—		—
Amortization of net loss		20			4,813			273		1,320
Net periodic benefit cost	$	(19	)	$	8,229		$	1,222	$	2,469

Based on currently available information, Hancock does not anticipate making a contribution to the pension plan during 2014.

The Company also provides a defined contribution retirement benefit plan (401(k) plan). Under the plan, the Company matches 100% of the first 1% of compensation saved by a participant, and 50% of the next 5% of compensation saved.