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Shareholders' Equity
 12 Months Ended
Dec. 31, 2018
Accumulated Other Comprehensive Income [Abstract]  
Stockholders' Equity
NOTE 14 – SHAREHOLDERS’ EQUITY

Accumulated Other Comprehensive (Loss) Income
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)
2018:
 
 
 
 
 
Unrealized loss on available for sale securities
$
(31,235
)
 
$
6,909

 
$
(24,326
)
Reclassification adjustment for available for sale securities gains included in net income (1)
(37
)
 
7

 
(30
)
Amortization of net unrealized losses on available for sale securities transferred to held to maturity (2)
2,694

 
(596
)
 
2,098

Non-credit related unrealized loss on other-than-temporarily impaired debt securities
285

 
(63
)
 
222

Unrecognized pension and postretirement income
1,798

 
(398
)
 
1,400

Amortization of net unrecognized pension and postretirement income (3)
2,116

 
(468
)
 
1,648

Total Other Comprehensive Loss
$
(24,379
)
 
$
5,391

 
$
(18,988
)
2017:
 
 
 
 
 
Unrealized gain on available for sale securities
$
16,051

 
$
(5,619
)
 
$
10,432

Reclassification adjustment for available for sale 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 (3)
2,092

 
(731
)
 
1,361

Total Other Comprehensive Income
$
8,420

 
$
(2,945
)
 
$
5,475

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

 
$
(14,891
)
Reclassification adjustment for available for sale 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 (4)
25

 
(9
)
 
16

Unrecognized pension and postretirement cost
(1,432
)
 
501

 
(931
)
Amortization of net unrecognized pension and postretirement income (3)
1,869

 
(653
)
 
1,216

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

 
$
(16,432
)


(1)
Amounts reclassified out of accumulated other comprehensive (loss) income. 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 (loss) income. Before-tax amounts as a reduction to "Interest Income" on the consolidated statements of income. See "Note 3, - Investment Securities," for additional details.
(3)
Amounts reclassified out of accumulated other comprehensive (loss) income. Before-tax amounts included in "Salaries and employee benefits" on the consolidated statements of income. See "Note 13 - Employee Benefit Plans," for additional details.
(4)
Amounts reclassified out of accumulated other comprehensive (loss) income. 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, 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 (loss) income
(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 (loss) income
(5,894
)
 
—

 
—

 
1,361

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

 
—

 
(14,923
)
 
(32,974
)
Other comprehensive loss before reclassifications
(24,326
)
 
222

 
—

 
1,400

 
(22,704
)
Amounts reclassified from accumulated other comprehensive (loss) income
(30
)
 
—

 
—

 
1,648

 
1,618

Amortization of net unrealized losses on available for sale securities transferred to held to maturity
2,098

 
—

 
—

 
—

 
2,098

Reclassification of stranded tax effects
(3,887
)
 
—

 
—

 
(3,214
)
 
(7,101
)
Balance as of December 31, 2018
$
(44,654
)
 
$
680

 
$
—

 
$
(15,089
)
 
$
(59,063
)


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 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, 2018. During 2018, the Corporation repurchased approximately 1.9 million shares under this program for a total cost of approximately $31.5 million, or $16.71 per share, completing this program.

In November 2018, the Corporation's board of directors approved a share repurchase program pursuant to which the Corporation is authorized to repurchase up to $75.0 million of its outstanding shares of common stock, or approximately 2.7% of its outstanding shares, through December 31, 2019. During 2018, the Corporation repurchased approximately 4.1 million shares under this program for a total cost of $63.7 million or $15.49 per share. Up to an additional $11.3 million of the Corporation's common stock may be repurchased under this program through December 31, 2019.

Total commissions and fees paid on stock repurchases in 2018 were $139,000. Under both repurchase programs, repurchased shares were 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.