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Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2019
Retirement Benefits, Description [Abstract]  
Schedule of Net Funded Status
The following table provides the changes in benefit obligation and plan assets and the funded status of the Plans at December 31, 2019 and 2018.
(Dollars in thousands)
2019
 
2018
Change in benefit obligation
 
 
 
Projected benefit obligation at January 1
$
852,975

 
$
919,428

Service cost
12,767

 
16,154

Interest cost
37,260

 
34,733

Actuarial loss (gain)
118,964

 
(87,752
)
Benefits paid
(31,560
)
 
(29,588
)
Projected benefit obligation at December 31
990,406

 
852,975

Change in plan assets
 
 
 
Fair value of plan assets at January 1
842,534

 
881,590

Actual return on plan assets
161,506

 
(59,468
)
Employer contributions
3,592

 
50,000

Benefits paid
(31,560
)
 
(29,588
)
Fair value of plan assets at December 31
976,072

 
842,534

Funded status at December 31
$
(14,334
)
 
$
(10,441
)
Schedule of Amount Included in Accumulated Other Comprehensive Income (Loss)
Accumulated other comprehensive loss included the following at December 31, 2019 and 2018:
 
December 31, 2019
 
December 31, 2018
(Dollars in thousands)
Accumulated
other
comprehensive income
 (loss)
 
Deferred
tax expense
(benefit)
 
Accumulated
other
comprehensive
loss,
net of tax
 
Accumulated
other
comprehensive income
(loss)
 
Deferred
tax expense
(benefit)
 
Accumulated
other
comprehensive
loss,
net of tax
Unrealized gains (losses) on securities available for sale
$
7,522

 
$
1,730

 
$
5,792

 
$
(50,007
)
 
$
(11,502
)
 
$
(38,505
)
Unrealized losses on securities available for sale transferred from (to) held to maturity
—

 
—

 
—

 
(92,401
)
 
(21,252
)
 
(71,149
)
Defined benefit pension items
(172,098
)
 
(39,583
)
 
(132,515
)
 
(163,030
)
 
(37,497
)
 
(125,533
)
Total
$
(164,576
)
 
$
(37,853
)
 
$
(126,723
)
 
$
(305,438
)
 
$
(70,251
)
 
$
(235,187
)

The following table highlights changes in accumulated other comprehensive (loss) income by component for the years ended December 31, 2019 and 2018:
(Dollars in thousands)
Unrealized gains (losses) on securities available-for-sale(1)
 
Unrealized losses on securities available for sale transferred from (to) held to maturity(1)(2)
 
Defined benefit pension items(1)
 
Total
Balance at January 1, 2018
$
(30,945
)
 
$
—

 
$
(91,349
)
 
$
(122,294
)
Cumulative effect adjustments(3)
(29,751
)
 
—

 
(20,300
)
 
(50,051
)
Adjusted beginning balance
(60,696
)
 
—

 
(111,649
)
 
(172,345
)
Net unrealized gains (losses) arising during period
22,461

 
(84,321
)
 
(24,649
)
 
(86,509
)
Amounts reclassified from accumulated other comprehensive loss
(270
)
 
13,172

 
10,765

 
23,667

Net current period other comprehensive income (loss)
22,191

 
(71,149
)
 
(13,884
)
 
(62,842
)
Balance at December 31, 2018
(38,505
)
 
(71,149
)
 
(125,533
)
 
(235,187
)
Net unrealized gains (losses) arising during period
49,776

 
55,834

 
(15,438
)
 
90,172

Amounts reclassified from accumulated other comprehensive loss
(5,479
)
 
15,315

 
8,456

 
18,292

Net current period other comprehensive income (loss)
44,297

 
71,149

 
(6,982
)
 
108,464

Balance at December 31, 2019
$
5,792

 
$
—

 
$
(132,515
)
 
$
(126,723
)
(1) All amounts are net of tax. Amounts in parentheses indicate debits.
The following table details the amounts recognized in accumulated other comprehensive income at December 31, 2019 and 2018.
(Dollars in thousands)
2019
 
2018
Net actuarial loss
$
172,098

 
$
162,973

Prior service cost
—

 
57

Accumulated other comprehensive loss, excluding income taxes
$
172,098

 
$
163,030
Schedule of Net Benefit Costs
The following table shows the components of periodic benefit cost related to the Plans and changes in plan assets and benefit obligations recognized in other comprehensive income for the years ended December 31, 2019, 2018 and 2017.
 
Year ended December 31
(Dollars in thousands)
2019
 
2018
 
2017
Service cost
$
12,767

 
$
16,154

 
$
15,186

Interest cost
37,260

 
34,733

 
35,593

Expected return on assets
(62,590
)
 
(60,296
)
 
(53,244
)
Amortization of prior service cost
57

 
79

 
210

Amortization of net actuarial loss
10,924

 
13,902

 
9,510

Total net periodic benefit (income) cost
(1,582
)
 
4,572

 
7,255

Current year actuarial loss
20,049

 
32,012

 
12,945

Amortization of actuarial loss
(10,924
)
 
(13,902
)
 
(9,510
)
Amortization of prior service cost
(57
)
 
(79
)
 
(210
)
Net loss recognized in other comprehensive income
9,068

 
18,031

 
3,225

Total recognized in net periodic benefit cost and other comprehensive income
$
7,486

 
$
22,603

 
$
10,480
Schedule of Assumptions Used
The assumptions used to determine the benefit obligations at December 31, 2019 and 2018 are as follows:
 
2019
 
2018
Discount rate
3.46
%
 
4.38
%
Rate of compensation increase
5.60

 
5.60


The assumptions used to determine the net periodic benefit cost for the years ended December 31, 2019, 2018 and 2017, are as follows:
 
2019
 
2018
 
2017
Discount rate
4.38
%
 
3.76
%
 
4.30
%
Rate of compensation increase
5.60

 
4.00

 
4.00

Expected long-term return on plan assets
7.50

 
7.50

 
7.50
Schedule of Fair Value and Allocation of Plan Assets
The fair values of pension plan assets at December 31, 2019 and 2018, by asset class are as follows:
 
December 31, 2019
(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
$
10,974

 
$
10,974

 
—

 
—

 
0 - 5%
 
1
%
Equity securities
 
 
 
 
 
 
 
 
30 - 70%
 
73
%
Common and preferred stock
142,157

 
142,157

 
—

 
—

 
 
 
 
Mutual funds
565,343

 
565,343

 
—

 
—

 
 
 
 
Fixed income
 
 
 
 
 
 
 
 
15 - 45%
 
23
%
U.S. government and government agency securities
78,175

 
—

 
78,175

 
—

 
 
 
 
Corporate bonds
122,370

 
—

 
122,370

 
—

 
 
 
 
Mutual funds
25,288

 
25,288

 
—

 
—

 
 
 
 
Alternative investments
 
 
 
 
 
 
 
 
0 - 30%
 
3
%
Mutual funds
31,765

 
31,765

 
—

 
—

 
 
 
 
Total pension assets
$
976,072

 
$
775,527

 
$
200,545

 
$
—

 
 
 
100
%
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2018
 
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
$
19,029

 
$
19,029

 
$
—

 
$
—

 
0 - 5%
 
2
%
Equity securities
 
 
 
 
 
 
 
 
30 - 70%
 
64
%
Common and preferred stock
143,939

 
143,939

 
—

 
—

 
 
 
 
Mutual funds
395,328

 
393,104

 
2,224

 
—

 
 
 
 
Fixed income
 
 
 
 
 
 
 
 
15 - 45%
 
30
%
U.S. government and government agency securities
79,294

 
—

 
79,294

 
—

 
 
 
 
Corporate bonds
140,358

 
—

 
140,358

 
—

 
 
 
 
Mutual funds
29,561

 
29,561

 
—

 
—

 
 
 
 
Alternative investments


 


 

 

 
0 - 30%
 
4
%
Mutual funds
35,025

 
35,025

 
—

 
—

 
 
 
 
Total pension assets
$
842,534

 
$
620,658

 
$
221,876

 
$
—

 
 
 
100
%
Schedule of Expected Benefit Payments
Cash Flows

The following are estimated payments to pension plan participants in the indicated periods:
(Dollars in thousands)
Estimated Payments
2020
$
36,251

2021
38,980

2022
41,511

2023
43,891

2024
46,234

2025-2029
261,027
Deferred Benefit Plans Liability Rollforward
The following table provides the accrued liability as of December 31, 2019 and 2018, and the changes in the accrued liability during the years then ended:
(Dollars in thousands)
2019
 
2018
Present value of accrued liability as of January 1
$
34,063

 
$
37,299

Liability assumed in the Biscayne Bancshares acquisition
1,138

 
—

Liability assumed in the First South Bancorp acquisition
1,067

 
—

Liability assumed in the Entegra acquisition
9,738

 
—

Liability assumed in the Capital Commerce acquisition
—

 
808

Benefit expense and interest cost
3,970

 
535

Benefits paid
(4,681
)
 
(4,579
)
Present value of accrued liability as of December 31
$
45,295

 
$
34,063

Discount rate at December 31
3.46
%
 
4.38
%