XML 41 R22.htm IDEA: XBRL DOCUMENT v3.8.0.1
Shareholders' Equity
 12 Months Ended
Dec. 31, 2017
Accumulated Other Comprehensive Income [Abstract]  
Stockholders' Equity
NOTE 14 – SHAREHOLDERS’ EQUITY

Accumulated Other Comprehensive Income (Loss)
The following table presents the components of other comprehensive income (loss) for the years ended December 31: 

 
Before-Tax Amount
 
Tax Effect
 
Net of Tax Amount
 
(in thousands)
2017:
 
 
 
 
 
Unrealized gain on securities
$
16,051

 
$
(5,619
)
 
$
10,432

Reclassification adjustment for securities gains included in net income (1)
(9,071
)
 
3,177

 
(5,894
)
Non-credit related unrealized loss on other-than-temporarily impaired debt securities
285

 
(100
)
 
185

Unrecognized pension and postretirement cost
(937
)
 
328

 
(609
)
Amortization of net unrecognized pension and postretirement income (2)
2,092

 
(731
)
 
1,361

Total Other Comprehensive Income
$
8,420

 
$
(2,945
)
 
$
5,475

2016:
 
 
 
 
 
Unrealized loss on securities
$
(22,907
)
 
$
8,016

 
$
(14,891
)
Reclassification adjustment for securities gains included in net income (1)
(2,550
)
 
893

 
(1,657
)
Non-credit related unrealized loss on other-than-temporarily impaired debt securities
(285
)
 
100

 
(185
)
Amortization of unrealized loss on derivative financial instruments (3)
25

 
(9
)
 
16

Unrecognized pension and postretirement cost
(1,432
)
 
501

 
(931
)
Amortization of net unrecognized pension and postretirement income (2)
1,869

 
(653
)
 
1,216

Total Other Comprehensive Loss
$
(25,280
)
 
$
8,848

 
$
(16,432
)
2015:
 
 
 
 
 
Unrealized loss on securities
$
(11,872
)
 
$
4,155

 
$
(7,717
)
Reclassification adjustment for securities gains included in net income (1)
(9,066
)
 
3,174

 
(5,892
)
Reclassification adjustment for loss on derivative financial instruments included in net income (2)
3,778

 
(1,322
)
 
2,456

Non-credit related unrealized gains on other-than-temporarily impaired debt securities
368

 
(129
)
 
239

Amortization of unrealized loss on derivative financial instruments (3)
115

 
(40
)
 
75

Unrecognized pension and postretirement income
7,200

 
(2,520
)
 
4,680

Amortization of net unrecognized pension and postretirement income (2)
2,869

 
(1,005
)
 
1,864

Total Other Comprehensive Loss
$
(6,608
)
 
$
2,313

 
$
(4,295
)


(1)
Amounts reclassified out of accumulated other comprehensive income (loss). Before-tax amounts included in "Investment securities gains, net" on the consolidated statements of income. See "Note 3 - Investment Securities," for additional details.
(2)
Amounts reclassified out of accumulated other comprehensive income (loss). Before-tax amounts included in "Salaries and employee benefits" on the consolidated statements of income. See "Note 13 - Employee Benefit Plans," for additional details.
(3)
Amounts reclassified out of accumulated other comprehensive income (loss). Before-tax amounts included in "Interest Expense" on the consolidated statements of income.
The following table presents changes in each component of accumulated other comprehensive income (loss), net of tax, for the years ended December 31: 
 
Unrealized Gain (Losses) on Investment Securities Not Other-Than-Temporarily Impaired
 
Unrealized Non-Credit Gains (Losses) on Other-Than-Temporarily Impaired Debt Securities
 
Unrealized Effective Portions of Losses on Forward-Starting Interest Rate Swaps
 
Unrecognized Pension and Postretirement Plan Income (Cost)
 
Total
 
(in thousands)
Balance as of December 31, 2014
$
5,980

 
$
1,349

 
$
(2,546
)
 
$
(22,505
)
 
$
(17,722
)
Other comprehensive income (loss) before reclassifications
(7,717
)
 
239

 
—

 
4,680

 
(2,798
)
Amounts reclassified from accumulated other comprehensive income (loss)
(4,762
)
 
(1,130
)
 
75

 
1,864

 
(3,953
)
Reclassification adjustment for loss on derivative financial instruments
—

 
—

 
2,456

 
—

 
2,456

Balance as of December 31, 2015
(6,499
)
 
458

 
(15
)
 
(15,961
)
 
(22,017
)
Other comprehensive loss before reclassifications
(14,891
)
 
(185
)
 
—

 
(931
)
 
(16,007
)
Amounts reclassified from accumulated other comprehensive income (loss)
(1,657
)
 
—

 
15

 
1,217

 
(425
)
Balance as of December 31, 2016
(23,047
)
 
273

 
—

 
(15,675
)
 
(38,449
)
Other comprehensive income before reclassifications
10,432

 
185

 
—

 
(609
)
 
10,008

Amounts reclassified from accumulated other comprehensive income (loss)
(5,894
)
 
—

 
—

 
1,361

 
(4,533
)
Balance as of December 31, 2017
$
(18,509
)
 
$
458

 
$
—

 
$
(14,923
)
 
$
(32,974
)


Common Stock Repurchase Plans


In November 2017, the Corporation's board of directors approved an extension to a share repurchase program pursuant to which the Corporation is authorized to repurchase up to $50.0 million of its outstanding shares of common stock, or approximately 2.3% of its outstanding shares, through December 31, 2018. Repurchased shares will be added to treasury stock, at cost. As permitted by securities laws and other legal requirements, and subject to market conditions and other factors, purchases may be made from time to time in open market or privately negotiated transactions, including, without limitation, through accelerated share repurchase transactions. The share repurchase program may be discontinued at any time. As of December 31, 2017, 1.5 million shares had been repurchased under this program for a total cost of $18.5 million, or $12.48 per share. Up to an additional $31.5 million of the Corporation's common stock may be repurchased under this program through December 31, 2018.

In April 2015, the Corporation announced that its board of directors had approved a share repurchase program pursuant to which the Corporation was authorized to repurchase up to $50.0 million of its outstanding shares of common stock, or approximately 2.3% of its outstanding shares, through December 31, 2015. During 2015, the Corporation repurchased approximately 4.0 million shares under this program for a total cost of $50.0 million, or $12.57 per share, completing this program.