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Employee Benefit Plans (Tables)
 12 Months Ended
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

 
$
—