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Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2017
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, 2017 and 2016:
 
December 31, 2017
 
December 31, 2016
(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
$
(48,834
)
 
$
(17,889
)
 
$
(30,945
)
 
$
(72,707
)
 
$
(26,832
)
 
$
(45,875
)
Funded status of defined benefit plan
(144,999
)
 
(53,650
)
 
(91,349
)
 
(141,774
)
 
(52,457
)
 
(89,317
)
Total
$
(193,833
)
 
$
(71,539
)
 
$
(122,294
)
 
$
(214,481
)
 
$
(79,289
)
 
$
(135,192
)

The following table highlights changes in accumulated other comprehensive (loss) income by component for the years ended December 31, 2017 and 2016:
(Dollars in thousands)
Unrealized (losses) gains on available-for-sale securities(1)
 
(Losses) gains on cash flow hedges(1)
 
Defined benefit pension items(1)
 
Total
Balance at January 1, 2016
$
(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
(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
)
Other comprehensive income (loss) before reclassifications
17,635

 
—

 
(8,156
)
 
9,479

Amounts reclassified from accumulated other comprehensive loss
(2,705
)
 
—

 
6,124

 
3,419

Net current period other comprehensive income (loss)
14,930

 
—

 
(2,032
)
 
12,898

Balance at December 31, 2017
$
(30,945
)
 
$
—

 
$
(91,349
)
 
$
(122,294
)
(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
2018
$
26,051

 
$
6,797

2019
27,514

 
7,099

2020
29,061

 
7,451

2021
30,634

 
7,879

2022
32,074

 
8,364

2023-2027
186,617

 
47,307
Deferred Benefit Plans Liability Rollforward
The following table provides the accrued liability as of December 31, 2017 and 2016, and the changes in the accrued liability during the years then ended:
(Dollars in thousands)
2017
 
2016
Present value of accrued liability as of January 1
$
38,597

 
$
39,878

Benefit expense and interest cost
3,262

 
3,232

Benefits paid
(4,560
)
 
(4,194
)
Benefits forfeited
—

 
(319
)
Present value of accrued liability as of December 31
$
37,299

 
$
38,597

Discount rate at December 31
3.76
%
 
4.30
%
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, 2017 and 2016.
(Dollars in thousands)
2017
 
2016
Change in benefit obligation
 
 
 
Projected benefit obligation at January 1
$
673,227

 
$
611,502

Service cost
12,638

 
12,618

Interest cost
28,940

 
28,892

Actuarial loss
57,041

 
40,571

Benefits paid
(21,898
)
 
(20,356
)
Projected benefit obligation at December 31
749,948

 
673,227

Change in plan assets
 
 
 
Fair value of plan assets at January 1
600,616

 
550,025

Actual return on plan assets
84,281

 
20,947

Employer contributions
50,000

 
50,000

Benefits paid
(21,898
)
 
(20,356
)
Fair value of plan assets at December 31
712,999

 
600,616

Funded status at December 31
$
(36,949
)
 
$
(72,611
)
Schedule of Amounts Recognized in the Balance Sheets
The amounts recognized in the consolidated balance sheets at December 31, 2017 and 2016 consist of:
(Dollars in thousands)
2017
 
2016
Other assets
$
—

 
$
—

Other liabilities
(36,949
)
 
(72,611
)
Net liability recognized
$
(36,949
)
 
$
(72,611
)
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, 2017 and 2016.
(Dollars in thousands)
2017
 
2016
Net loss
$
125,745

 
$
119,766

Less prior service cost
137

 
347

Accumulated other comprehensive loss, excluding income taxes
$
125,882

 
$
120,113
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year
The following table provides expected amortization amounts for 2018.
(Dollars in thousands)
 
Actuarial loss
$
12,998

Prior service cost
79

Total
$
13,077
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, 2017, 2016 and 2015.
 
Year ended December 31
(Dollars in thousands)
2017
 
2016
 
2015
Service cost
$
12,638

 
$
12,618

 
$
14,083

Interest cost
28,940

 
28,892

 
26,975

Expected return on assets
(42,074
)
 
(36,643
)
 
(33,198
)
Amortization of prior service cost
210

 
210

 
210

Amortization of net actuarial loss
8,855

 
6,859

 
11,376

Total net periodic benefit cost
8,569

 
11,936

 
19,446

Current year actuarial loss
14,834

 
56,268

 
927

Amortization of actuarial loss
(8,855
)
 
(6,859
)
 
(11,376
)
Amortization of prior service cost
(210
)
 
(210
)
 
(210
)
Total recognized in other comprehensive income
5,769

 
49,199

 
(10,659
)
Total recognized in net periodic benefit cost and other comprehensive income
$
14,338

 
$
61,135

 
$
8,787
Schedule of Assumptions Used
The assumptions used to determine the benefit obligations at December 31, 2017 and 2016 are as follows:
(Dollars in thousands)
2017
 
2016
Discount rate
3.76
%
 
4.30
%
Rate of compensation increase
4.00

 
4.00


The assumptions used to determine the net periodic benefit cost for the years ended December 31, 2017, 2016 and 2015, are as follows:
(Dollars in thousands)
2017
 
2016
 
2015
Discount rate
4.30
%
 
4.68
%
 
4.27
%
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, 2017 and 2016, by asset class are as follows:
 
December 31, 2017
(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
$
67,084

 
$
67,084

 
—

 
—

 
0-5%
 
9
%
Equity securities
 
 
 
 
 
 
 
 
30-70%
 
65
%
Common and preferred stock
76,920

 
76,920

 
—

 
—

 
 
 
 
Mutual funds
381,747

 
360,175

 
21,572

 
—

 
 
 
 
Fixed income
 
 
 
 
 
 
 
 
15-45%
 
23
%
U.S. government and government agency securities
60,663

 
—

 
60,663

 
—

 
 
 
 
Corporate bonds
83,571

 
—

 
83,571

 
—

 
 
 
 
Mutual funds
20,497

 
20,497

 
—

 
—

 
 
 
 
Alternative investments
 
 
 
 
 
 
 
 
0-30%
 
3
%
Mutual funds
22,517

 
22,517

 
—

 
—

 
 
 
 
Total pension assets
$
712,999

 
$
547,193

 
$
165,806

 
$
—

 
 
 
100
%
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2016
 
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

 
—

 
57,890

 
—

 
 
 
 
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

 
$
470,211

 
$
130,405

 
$
—

 
 
 
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, 2017 and 2016.
(Dollars in thousands)
2017
 
2016
Change in benefit obligation
 
 
 
Projected benefit obligation at January 1
$
156,831

 
$
143,241

Service cost
2,548

 
2,567

Interest cost
6,653

 
6,775

Actuarial loss
9,168

 
9,682

Benefits paid
(5,720
)
 
(5,434
)
Projected benefit obligation at December 31
169,480

 
156,831

Change in plan assets
 
 
 
Fair value of plan assets at January 1
152,084

 
150,893

Actual return on plan assets
22,227

 
6,625

Benefits paid
(5,720
)
 
(5,434
)
Fair value of plan assets at December 31
168,591

 
152,084

Funded status at December 31
$
(889
)
 
$
(4,747
)
Schedule of Amounts Recognized in the Balance Sheets
The amounts recognized in the consolidated balance sheets at December 31, 2017 and 2016 consist of:
(Dollars in thousands)
2017
 
2016
Other assets
$
—

 
$
—

Other liabilities
(889
)
 
(4,747
)
Net liability recognized
$
(889
)
 
$
(4,747
)
Schedule of Amount Included in Accumulated Other Comprehensive Income (Loss)
The following table details the amounts recognized in accumulated other comprehensive loss at December 31, 2017 and 2016.
(Dollars in thousands)
2017
 
2016
Net loss
$
19,117

 
$
21,661

Less prior service cost
—

 
—

Accumulated other comprehensive loss, excluding income taxes
$
19,117

 
$
21,661
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year
The following table provides expected amortization amounts for 2018.
(Dollars in thousands)
 
Actuarial loss
$
329

Prior service cost
—

Total
$
329
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, 2017, 2016 and 2015.
 
Year ended December 31
(Dollars in thousands)
2017
 
2016
 
2015
Service cost
$
2,548

 
$
2,567

 
$
3,341

Interest cost
6,653

 
6,775

 
6,393

Expected return on assets
(11,170
)
 
(11,101
)
 
(11,482
)
Amortization of net actuarial loss
655

 
—

 
—

Total net periodic benefit cost
(1,314
)
 
(1,759
)
 
(1,748
)
Current year actuarial loss
(1,889
)
 
14,157

 
458

Amortization of actuarial loss
(655
)
 
—

 
—

Curtailments
—

 
—

 
(2,076
)
Total recognized in other comprehensive income
(2,544
)
 
14,157

 
(1,618
)
Total recognized in net periodic benefit cost and other comprehensive income
$
(3,858
)
 
$
12,398

 
$
(3,366
)
Schedule of Assumptions Used
The assumptions used to determine the benefit obligations at December 31, 2017 and 2016 are as follows:
(Dollars in thousands)
2017
 
2016
Discount rate
3.76
%
 
4.30
%
Rate of compensation increase
4.00

 
4.00

The assumptions used to determine the net periodic benefit cost for the years ended December 31, 2017, 2016 and 2015 are as follows:
(Dollars in thousands)
2017
 
2016
 
2015
Discount rate
4.30
%
 
4.68
%
 
4.27
%
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, 2017
(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
$
3,941

 
$
3,941

 
$
—

 
$
—

 
0-5%
 
2
%
Equity securities
 
 
 
 
 
 
 
 
30-70%
 
70
%
Common and preferred stock
26,892

 
26,892

 
—

 
—

 
 
 
 
Mutual funds
90,466

 
84,954

 
5,512

 
—

 
 
 
 
Fixed income
 
 
 
 
 
 
 
 
15-45%
 
25
%
U.S. government and government agency securities
15,798

 
—

 
15,798

 
—

 
 
 
 
Corporate bonds
20,572

 
—

 
20,572

 
—

 
 
 
 
Mutual funds
5,163

 
5,163

 
—

 
—

 
 
 
 
Alternative investments
 
 
 
 
 
 
 
 
0-30%
 
3
%
Mutual funds
5,759

 
5,759

 
—

 
—

 
 
 
 
Total pension assets
$
168,591

 
$
126,709

 
$
41,882

 
—

 
 
 
100
%
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2016
 
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

 
—

 
15,407

 
—

 
 
 
 
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

 
$
116,021

 
$
36,063

 
—

 
 
 
100
%