XML 62 R46.htm IDEA: XBRL DOCUMENT v3.3.1.900
Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2015
Defined Benefit Plan Disclosure [Line Items]  
Schedule of Amount Included in Accumulated Other Comprehensive Income (Loss)
Accumulated other comprehensive (loss) income included the following at December 31, 2015 and 2014:
 
December 31, 2015
 
December 31, 2014
(Dollars in thousands)
Accumulated
other
comprehensive
loss
 
Deferred
tax
benefit
 
Accumulated
other
comprehensive
loss,
net of tax
 
Accumulated
other
comprehensive
income (loss)
 
Deferred
tax
expense
(benefit)
 
Accumulated
other
comprehensive
income (loss),
net of tax
Unrealized (losses) gains on investment securities available for sale
$
(24,504
)
 
$
(9,379
)
 
$
(15,125
)
 
$
8,343

 
$
3,245

 
$
5,098

Unrealized loss on cash flow hedge
(1,429
)
 
(537
)
 
(892
)
 
(4,337
)
 
(1,673
)
 
(2,664
)
Funded status of defined benefit plan
(78,419
)
 
(29,996
)
 
(48,423
)
 
(90,696
)
 
(35,281
)
 
(55,415
)
Total
$
(104,352
)
 
$
(39,912
)
 
$
(64,440
)
 
$
(86,690
)
 
$
(33,709
)
 
$
(52,981
)

The following table highlights changes in accumulated other comprehensive (loss) income by component for the years ended December 31, 2015 and 2014:
(Dollars in thousands)
Unrealized gains (losses) on available-for-sale securities(1)
 
Gains (losses) on cash flow hedges(1)
 
Defined benefit pension items(1)
 
Total
Balance at January 1, 2014
$
(10,091
)
 
$
(4,434
)
 
$
(10,743
)
 
$
(25,268
)
Other comprehensive income (loss) before reclassifications
33,061

 
1,770

 
(47,946
)
 
(13,115
)
Amounts reclassified from accumulated other comprehensive (loss) income
(17,872
)
 
—

 
3,274

 
(14,598
)
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
)
Other comprehensive income (loss) before reclassifications
(13,544
)
 
1,772

 
394

 
(11,378
)
Amounts reclassified from accumulated other comprehensive (loss) income
(6,679
)
 
—

 
6,598

 
(81
)
Net current period other comprehensive (loss) income
(20,223
)
 
1,772

 
6,992

 
(11,459
)
Balance at December 31, 2015
$
(15,125
)
 
$
(892
)
 
$
(48,423
)
 
$
(64,440
)
(1) All amounts are net of tax. Amounts in parentheses indicate debits.
Schedule of Expected Benefit Payments
Cash Flows

Following are estimated payments to pension plan participants in the indicated periods for e
Deferred Benefit Plans Liability Rollforward
The following table provides the accrued liability as of December 31, 2015 and 2014, and the changes in the accrued liability during the years then ended:
(Dollars in thousands)
2015
 
2014
Present value of accrued liability as of January 1
$
43,211

 
$
23,960

Benefits acquired in the 1st Financial merger
—

 
1,455

Benefits acquired in the Bancorporation merger
—

 
17,333

Benefit expense and interest cost
1,386

 
2,682

Benefits paid
(4,485
)
 
(2,219
)
Benefits forfeited
(234
)
 
—

Present value of accrued liability as of December 31
$
39,878

 
$
43,211

Discount rate at December 31
4.68
%
 
4.27
%
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, 2015 and 2014.
(Dollars in thousands)
2015
 
2014
Change in benefit obligation
 
 
 
Projected benefit obligation at January 1
$
627,645

 
$
530,678

Service cost
14,083

 
12,332

Interest cost
26,975

 
25,615

Actuarial (gain) loss
(39,002
)
 
76,122

Benefits paid
(18,199
)
 
(17,102
)
Projected benefit obligation at December 31
611,502

 
627,645

Change in plan assets
 
 
 
Fair value of plan assets at January 1
544,956

 
524,017

Actual return on plan assets
(6,732
)
 
38,041

Employer contributions
30,000

 
—

Benefits paid
(18,199
)
 
(17,102
)
Fair value of plan assets at December 31
550,025

 
544,956

Funded status at December 31
$
(61,477
)
 
$
(82,689
)
Schedule of Amounts Recognized in the Balance Sheets
The amounts recognized in the consolidated balance sheets at December 31, 2015 and 2014 consist of:
(Dollars in thousands)
2015
 
2014
Other assets
$
—

 
$
—

Other liabilities
(61,477
)
 
(82,689
)
Net asset (liability) recognized
$
(61,477
)
 
$
(82,689
)
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, 2015 and 2014.
(Dollars in thousands)
2015
 
2014
Net loss
$
70,358

 
$
80,806

Less prior service cost
556

 
767

Accumulated other comprehensive loss, excluding income taxes
$
70,914

 
$
81,573
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year
The following table provides expected amortization amounts for 2016.
(Dollars in thousands)
 
Actuarial loss
$
6,398

Prior service cost
210

Total
$
6,608
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, 2015, 2014 and 2013.
 
Year ended December 31
(Dollars in thousands)
2015
 
2014
 
2013
Service cost
$
14,083

 
$
12,332

 
$
16,332

Interest cost
26,975

 
25,615

 
23,686

Expected return on assets
(33,198
)
 
(31,269
)
 
(27,733
)
Amortization of prior service cost
210

 
210

 
210

Amortization of net actuarial loss
11,376

 
5,148

 
16,985

Total net periodic benefit cost
19,446

 
12,036

 
29,480

Current year actuarial loss (gain)
927

 
69,349

 
(123,557
)
Amortization of actuarial loss
(11,376
)
 
(5,148
)
 
(16,985
)
Amortization of prior service cost
(210
)
 
(210
)
 
(210
)
Total recognized in other comprehensive income
(10,659
)
 
63,991

 
(140,752
)
Total recognized in net periodic benefit cost and other comprehensive income
$
8,787

 
$
76,027

 
$
(111,272
)
Schedule of Assumptions Used
The assumptions used to determine the benefit obligations at December 31, 2015 and 2014 are as follows:
(Dollars in thousands)
2015
 
2014
Discount rate
4.68
%
 
4.27
%
Rate of compensation increase
4.00

 
4.00


The assumptions used to determine the net periodic benefit cost for the years ended December 31, 2015, 2014 and 2013, are as follows:
(Dollars in thousands)
2015
 
2014
 
2013
Discount rate
4.27
%
 
4.90
%
 
4.00
%
Rate of compensation increase
4.00

 
4.00

 
4.00

Expected long-term return on plan assets
7.50

 
7.50

 
7.25
Schedule of Fair Value and Allocation of Plan Assets
The fair values of pension plan assets at December 31, 2015 and 2014, by asset class are as follows:
 
December 31, 2015
(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
$
26,613

 
$
26,613

 
$
—

 
$
—

 
0 - 1%
 
5
%
Equity securities
 
 
 
 
 
 
 
 
55 - 65%
 
63
%
Common and preferred stock
267,037

 
267,037

 
—

 
—

 
 
 
 
Mutual funds
78,645

 
78,645

 
—

 
—

 
 
 
 
Fixed income

 

 

 

 
25 - 40%
 
26
%
U.S. government and government agency securities
58,526

 
48,957

 
9,569

 
—

 
 
 
 
Corporate bonds
70,809

 
—

 
70,809

 
—

 
 
 
 
Mutual funds
17,351

 
17,351

 
—

 
—

 
 
 
 
Alternative investments
 
 
 
 
 
 
 
 
0 - 10%
 
6
%
Mutual funds
31,044

 
31,044

 
—

 
—

 
 
 
 
Total pension assets
$
550,025

 
$
469,647

 
$
80,378

 
$
—

 
 
 
100
%
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2014
 
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
%
Common and preferred stock
284,656

 
284,656

 
—

 
—

 
 
 
 
Mutual funds
52,379

 
52,379

 
—

 
—

 
 
 
 
Fixed income


 


 

 

 
25 - 40%
 
28
%
Mutual funds
153,928

 
—

 
153,928

 
—

 
 
 
 
Alternative investments


 


 

 

 
0 - 10%
 
9
%
Mutual funds
50,139

 
50,139

 
—

 
—

 
 
 
 
Total pension assets
$
544,956

 
$
391,028

 
$
153,928

 
$
—

 
 
 
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, 2015 and 2014.
(Dollars in thousands)
2015
 
2014
Change in benefit obligation
 
 
 
Projected benefit obligation at January 1
$
151,332

 
$
—

Projected benefit obligation at October 1 acquisition date
—

 
137,452

Service cost
3,341

 
832

Interest cost
6,393

 
1,488

Actuarial (gain) loss
(10,937
)
 
12,802

Benefits paid
(4,812
)
 
(1,242
)
Curtailments
(2,076
)
 
—

Projected benefit obligation at December 31
143,241

 
151,332

Change in plan assets
 
 
 
Fair value of plan assets at January 1
155,618

 
—

Fair value of plan assets at October 1 acquisition date
—

 
150,374

Actual return on plan assets
87

 
6,486

Benefits paid
(4,812
)
 
(1,242
)
Fair value of plan assets at December 31
150,893

 
155,618

Funded status at December 31
$
7,652

 
$
4,286
Schedule of Amounts Recognized in the Balance Sheets
The amounts recognized in the consolidated balance sheets at December 31, 2015 and 2014 consist of:
(Dollars in thousands)
2015
 
2014
Other assets
$
—

 
$
—

Other liabilities
7,652

 
4,286

Net asset (liability) recognized
$
7,652

 
$
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, 2015 and 2014.
(Dollars in thousands)
2015
 
2014
Net loss
$
7,505

 
$
9,123

Less prior service cost
—

 
—

Accumulated other comprehensive loss, excluding income taxes
$
7,505

 
$
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 years ended December 31, 2015 and 2014. For 2014, the table only includes amounts after the October 1 acquisition of Bancorporation.
 
Year ended December 31
(Dollars in thousands)
2015
 
2014
Service cost
$
3,341

 
$
832

Interest cost
6,393

 
1,488

Expected return on assets
(11,482
)
 
(2,807
)
Total net periodic benefit cost
(1,748
)
 
(487
)
Current year actuarial loss
458

 
9,123

Curtailments
(2,076
)
 
—

Total recognized in other comprehensive income
(1,618
)
 
9,123

Total recognized in net periodic benefit cost and other comprehensive income
$
(3,366
)
 
$
8,636
Schedule of Assumptions Used
The assumptions used to determine the benefit obligations at December 31, 2015 and 2014 are as follows:
(Dollars in thousands)
2015
 
2014
Discount rate
4.68
%
 
4.27
%
Rate of compensation increase
4.00

 
4.00

The assumptions used to determine the net periodic benefit cost for the years ended December 31, 2015 and 2014 are as follows:
(Dollars in thousands)
2015
 
2014
Discount rate
4.27
%
 
4.35
%
Rate of compensation increase
4.00

 
4.00

Expected long-term return on plan assets
7.50

 
7.50
Schedule of Fair Value and Allocation of Plan Assets
 
December 31, 2015
(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
Cash and equivalents
$
13,437

 
$
13,437

 
—

 
—

 
9
%
Equity securities
 
 
 
 
 
 
 
 
63
%
Common and preferred stock
80,676

 
80,676

 
—

 
—

 
 
Mutual funds
15,005

 
15,005

 
—

 
—

 
 
Fixed income
 
 
 
 
 
 
 
 
22
%
U.S. government and government agency securities
20,476

 
3,986

 
16,490

 
—

 
 
Corporate bonds
8,011

 
—

 
8,011

 
—

 
 
Mutual funds
4,198

 
4,198

 
—

 
—

 
 
Alternative investments
 
 
 
 
 
 
 
 
6
%
Mutual funds
9,090

 
9,090

 
—

 
—

 
 
Total pension assets
$
150,893

 
$
126,392

 
$
24,501

 
—

 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2014
 
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
Cash and equivalents
$
13,077

 
$
13,077

 
—

 
—

 
8
%
Equity securities
 
 
 
 
 
 
 
 
69
%
Common and preferred stock
101,540

 
101,540

 
—

 
—

 
 
Mutual funds
5,793

 
5,793

 
—

 
—

 
 
Fixed income
 
 
 
 
 
 
 
 
23
%
U.S. government and government agency securities
23,528

 
23,528

 
—

 
—

 
 
Corporate bonds
11,680

 
—

 
11,680

 
—

 
 
Total pension assets
$
155,618

 
$
143,938

 
$
11,680

 
—