Employee Benefit Plans

3 Months Ended

Mar. 31, 2017

General Discussion of Pension and Other Postretirement Benefits [Abstract]

Employee Benefit Plans

EMPLOYEE BENEFIT PLANS

BancShares sponsors noncontributory defined benefit pension plans for its qualifying employees (BancShares Plan) and former First Citizens Bancorporation, Inc. employees (Bancorporation Plan). Net periodic benefit cost is a component of employee benefits expense.

BancShares Plan

For the three months ended March 31, 2017 and 2016, the components of net periodic benefit cost are as follows:

	Three months ended March 31
(Dollars in thousands)	2017			2016
Service cost	$	3,376		$	3,220
Interest cost	7,380			7,180
Expected return on assets	(10,698		)	(9,159		)
Amortization of prior service cost	52			52
Amortization of net actuarial loss	2,234			1,600
Net periodic benefit cost	$	2,344		$	2,893

Bancorporation Plan

For the three months ended March 31, 2017 and 2016, the components of net periodic benefit cost are as follows:

	Three months ended March 31
(Dollars in thousands)	2017			2016
Service cost	$	671		$	650
Interest cost	1,683			1,675
Expected return on assets	(2,796		)	(2,779		)
Amortization of net actuarial loss	214			—
Net periodic benefit cost	$	(228	)	$	(454	)

No contributions were made during the three months ended March 31, 2017 to the BancShares or Bancorporation pension plans. BancShares does not expect to make any contributions to either of the defined benefit pension plans during 2017.