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Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2016
Defined Benefit Plan Disclosure [Line Items]  
Schedule of Amount Included in Accumulated Other Comprehensive Income (Loss)
Accumulated other comprehensive loss included the following at December 31, 2016 and 2015:
 
December 31, 2016
 
December 31, 2015
(Dollars in thousands)
Accumulated
other
comprehensive
loss
 
Deferred
tax
benefit
 
Accumulated
other
comprehensive
loss,
net of tax
 
Accumulated
other
comprehensive
loss
 
Deferred
tax
benefit
 
Accumulated
other
comprehensive
loss,
net of tax
Unrealized losses on investment securities available for sale
$
(72,707
)
 
$
(26,832
)
 
$
(45,875
)
 
$
(24,504
)
 
$
(9,379
)
 
$
(15,125
)
Unrealized loss on cash flow hedge
—

 
—

 
—

 
(1,429
)
 
(537
)
 
(892
)
Funded status of defined benefit plan
(141,774
)
 
(52,457
)
 
(89,317
)
 
(78,419
)
 
(29,996
)
 
(48,423
)
Total
$
(214,481
)
 
$
(79,289
)
 
$
(135,192
)
 
$
(104,352
)
 
$
(39,912
)
 
$
(64,440
)


The following table highlights changes in accumulated other comprehensive (loss) income by component for the years ended December 31, 2016 and 2015:
(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, 2015
$
5,098

 
$
(2,664
)
 
$
(55,415
)
 
$
(52,981
)
Other comprehensive (loss) income 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
)
Other comprehensive (loss) income before reclassifications
(13,946
)
 
892

 
(45,347
)
 
(58,401
)
Amounts reclassified from accumulated other comprehensive (loss) income
(16,804
)
 
—

 
4,453

 
(12,351
)
Net current period other comprehensive (loss) income
(30,750
)
 
892

 
(40,894
)
 
(70,752
)
Balance at December 31, 2016
$
(45,875
)
 
$
—

 
$
(89,317
)
 
$
(135,192
)
(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 each plan:
(Dollars in thousands)
BancShares Plan
 
Bancorporation Plan
2017
$
23,932

 
$
6,227

2018
25,377

 
6,618

2019
26,868

 
6,903

2020
28,499

 
7,287

2021
30,193

 
7,821

2022-2025
176,048

 
45,713
Deferred Benefit Plans Liability Rollforward
The following table provides the accrued liability as of December 31, 2016 and 2015, and the changes in the accrued liability during the years then ended:
(Dollars in thousands)
2016
 
2015
Present value of accrued liability as of January 1
$
39,878

 
$
43,211

Benefit expense and interest cost
3,232

 
1,386

Benefits paid
(4,194
)
 
(4,485
)
Benefits forfeited
(319
)
 
(234
)
Present value of accrued liability as of December 31
$
38,597

 
$
39,878

Discount rate at December 31
4.30
%
 
4.68
%
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, 2016 and 2015.
(Dollars in thousands)
2016
 
2015
Change in benefit obligation
 
 
 
Projected benefit obligation at January 1
$
611,502

 
$
627,645

Service cost
12,618

 
14,083

Interest cost
28,892

 
26,975

Actuarial loss (gain)
40,571

 
(39,002
)
Benefits paid
(20,356
)
 
(18,199
)
Projected benefit obligation at December 31
673,227

 
611,502

Change in plan assets
 
 
 
Fair value of plan assets at January 1
550,025

 
544,956

Actual return on plan assets
20,947

 
(6,732
)
Employer contributions
50,000

 
30,000

Benefits paid
(20,356
)
 
(18,199
)
Fair value of plan assets at December 31
600,616

 
550,025

Funded status at December 31
$
(72,611
)
 
$
(61,477
)
Schedule of Amounts Recognized in the Balance Sheets
The amounts recognized in the consolidated balance sheets at December 31, 2016 and 2015 consist of:
(Dollars in thousands)
2016
 
2015
Other assets
$
—

 
$
—

Other liabilities
(72,611
)
 
(61,477
)
Net liability recognized
$
(72,611
)
 
$
(61,477
)
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, 2016 and 2015.
(Dollars in thousands)
2016
 
2015
Net loss
$
119,766

 
$
70,358

Less prior service cost
347

 
556

Accumulated other comprehensive loss, excluding income taxes
$
120,113

 
$
70,914
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year
The following table provides expected amortization amounts for 2017.
(Dollars in thousands)
 
Actuarial loss
$
8,938

Prior service cost
210

Total
$
9,148
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, 2016, 2015 and 2014.
 
Year ended December 31
(Dollars in thousands)
2016
 
2015
 
2014
Service cost
$
12,618

 
$
14,083

 
$
12,332

Interest cost
28,892

 
26,975

 
25,615

Expected return on assets
(36,643
)
 
(33,198
)
 
(31,269
)
Amortization of prior service cost
210

 
210

 
210

Amortization of net actuarial loss
6,859

 
11,376

 
5,148

Total net periodic benefit cost
11,936

 
19,446

 
12,036

Current year actuarial loss
56,268

 
927

 
69,349

Amortization of actuarial loss
(6,859
)
 
(11,376
)
 
(5,148
)
Amortization of prior service cost
(210
)
 
(210
)
 
(210
)
Total recognized in other comprehensive income
49,199

 
(10,659
)
 
63,991

Total recognized in net periodic benefit cost and other comprehensive income
$
61,135

 
$
8,787

 
$
76,027
Schedule of Assumptions Used
The assumptions used to determine the benefit obligations at December 31, 2016 and 2015 are as follows:
(Dollars in thousands)
2016
 
2015
Discount rate
4.30
%
 
4.68
%
Rate of compensation increase
4.00

 
4.00


The assumptions used to determine the net periodic benefit cost for the years ended December 31, 2016, 2015 and 2014, are as follows:
(Dollars in thousands)
2016
 
2015
 
2014
Discount rate
4.68
%
 
4.27
%
 
4.90
%
Rate of compensation increase
4.00

 
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
BancShares Plan
The fair values of pension plan assets at December 31, 2016 and 2015, by asset class are as follows:
 
December 31, 2016
(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
$
60,674

 
$
60,674

 
—

 
—

 
0 - 1%
 
10
%
Equity securities
 
 
 
 
 
 
 
 
30 - 70%
 
54
%
Common and preferred stock
66,015

 
65,964

 
51

 
—

 
 
 
 
Mutual funds
256,976

 
252,710

 
4,266

 
—

 
 
 
 
Fixed income
 
 
 
 
 
 
 
 
15 - 45%
 
28
%
U.S. government and government agency securities
57,890

 
47,647

 
10,243

 
—

 
 
 
 
Corporate bonds
68,198

 
—

 
68,198

 
—

 
 
 
 
Mutual funds
42,849

 
42,849

 
—

 
—

 
 
 
 
Alternative investments
 
 
 
 
 
 
 
 
0 - 30%
 
8
%
Mutual funds
48,014

 
48,014

 
—

 
—

 
 
 
 
Total pension assets
$
600,616

 
$
517,858

 
$
82,758

 
$
—

 
 
 
100
%
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2015
 
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
%
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, 2016 and 2015.
(Dollars in thousands)
2016
 
2015
Change in benefit obligation
 
 
 
Projected benefit obligation at January 1
$
143,241

 
$
151,332

Service cost
2,567

 
3,341

Interest cost
6,775

 
6,393

Actuarial loss (gain)
9,682

 
(10,937
)
Benefits paid
(5,434
)
 
(4,812
)
Curtailments
—

 
(2,076
)
Projected benefit obligation at December 31
156,831

 
143,241

Change in plan assets
 
 
 
Fair value of plan assets at January 1
150,893

 
155,618

Actual return on plan assets
6,625

 
87

Benefits paid
(5,434
)
 
(4,812
)
Fair value of plan assets at December 31
152,084

 
150,893

Funded status at December 31
$
(4,747
)
 
$
7,652
Schedule of Amounts Recognized in the Balance Sheets
The amounts recognized in the consolidated balance sheets at December 31, 2016 and 2015 consist of:
(Dollars in thousands)
2016
 
2015
Other assets
$
—

 
$
—

Other liabilities
(4,747
)
 
7,652

Net asset (liability) recognized
$
(4,747
)
 
$
7,652
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, 2016 and 2015.
(Dollars in thousands)
2016
 
2015
Net loss
$
21,661

 
$
7,505

Less prior service cost
—

 
—

Accumulated other comprehensive loss, excluding income taxes
$
21,661

 
$
7,505
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year
The following table provides expected amortization amounts for 2017.
(Dollars in thousands)
 
Actuarial loss
$
855

Prior service cost
—

Total
$
855
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, 2016 and 2015. For 2014, the table only includes amounts after the October 1 acquisition of Bancorporation.
 
Year ended December 31
(Dollars in thousands)
2016
 
2015
 
2014
Service cost
$
2,567

 
$
3,341

 
$
832

Interest cost
6,775

 
6,393

 
1,488

Expected return on assets
(11,101
)
 
(11,482
)
 
(2,807
)
Total net periodic benefit cost
(1,759
)
 
(1,748
)
 
(487
)
Current year actuarial loss
14,157

 
458

 
9,123

Curtailments
—

 
(2,076
)
 
—

Total recognized in other comprehensive income
14,157

 
(1,618
)
 
9,123

Total recognized in net periodic benefit cost and other comprehensive income
$
12,398

 
$
(3,366
)
 
$
8,636
Schedule of Assumptions Used
The assumptions used to determine the benefit obligations at December 31, 2016 and 2015 are as follows:
(Dollars in thousands)
2016
 
2015
Discount rate
4.30
%
 
4.68
%
Rate of compensation increase
4.00

 
4.00

The assumptions used to determine the net periodic benefit cost for the years ended December 31, 2016, 2015 and 2014 are as follows:
(Dollars in thousands)
2016
 
2015
 
2014
Discount rate
4.68
%
 
4.27
%
 
4.35
%
Rate of compensation increase
4.00

 
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
 
December 31, 2016
(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
$
3,839

 
$
3,839

 
$
—

 
$
—

 
0 - 1%
 
2
%
Equity securities
 
 
 
 
 
 
 
 
30 - 70%
 
58
%
Common and preferred stock
18,274

 
18,260

 
14

 
—

 
 
 
 
Mutual funds
69,978

 
68,832

 
1,146

 
—

 
 
 
 
Fixed income
 
 
 
 
 
 
 
 
15 - 45%
 
31
%
U.S. government and government agency securities
15,407

 
8,919

 
6,488

 
—

 
 
 
 
Corporate bonds
19,496

 
—

 
19,496

 
—

 
 
 
 
Mutual funds
11,822

 
11,822

 
—

 
—

 
 
 
 
Alternative investments
 
 
 
 
 
 
 
 
0 - 30%
 
9
%
Mutual funds
13,268

 
13,268

 
—

 
—

 
 
 
 
Total pension assets
$
152,084

 
$
124,940

 
$
27,144

 
—

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2015
 
Market Value
 
Quoted prices in
Active Markets
for Identical
Assets (Level 1)
 
Significant
Observable
Inputs
(Level 2)
 
Significant
Nonobservable
Inputs
(Level 3)
 
Target Allocation (1)
 
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

 
—