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ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
 12 Months Ended
Dec. 31, 2013
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
Accumulated Other Comprehensive Income (Loss)

Shareholders’ equity is affected by transactions and valuations of asset and liability positions that require adjustments to accumulated other comprehensive income (loss).  The related tax effects allocated to other comprehensive income and accumulated other comprehensive income (loss) are as follows:

 
December 31, 2013
 
Total other comprehensive income
 
Total accumulated
other comprehensive income
(Dollars in thousands)
Prior to
Reclassification
 
Reclassification
from
 
Pre-tax
 
Tax-effect
 
Net of tax
 
Beginning Balance
 
Net Activity
 
Ending Balance
Unrealized gain (loss) on investment securities
$
(44,365
)
 
$
1,724

 
$
(46,089
)
 
$
16,998

 
$
(29,091
)
 
$
12,802

 
$
(29,091
)
 
$
(16,289
)
Unrealized gain (loss) on derivatives
778

 
(412
)
 
1,190

 
(445
)
 
745

 
(143
)
 
745

 
602

Retirement obligation
17,054

 
(8,460
)
 
25,514

 
(9,741
)
 
15,773

 
(31,338
)
 
15,773

 
(15,565
)
Foreign currency translation
(31
)
 
0

 
(31
)
 
0

 
(31
)
 
2

 
(31
)
 
(29
)
Total
$
(26,564
)
 
$
(7,148
)
 
$
(19,416
)
 
$
6,812

 
$
(12,604
)
 
$
(18,677
)
 
$
(12,604
)
 
$
(31,281
)

 
 
December 31, 2012
 
 
Total other comprehensive income
 
Total accumulated
 other comprehensive income
(Dollars in thousands)
 
Pre-tax
 
Tax-effect
 
Net of tax
 
Beginning Balance
 
Net Activity
 
Ending Balance
Unrealized gain (loss) on investment securities
 
$
214

 
$
(81
)
 
$
133

 
$
12,669

 
$
133

 
$
12,802

Unrealized gain (loss) on derivatives
 
(229
)
 
86

 
(143
)
 
0

 
(143
)
 
(143
)
Retirement obligation
 
4,495

 
(1,697
)
 
2,798

 
(34,136
)
 
2,798

 
(31,338
)
Foreign currency translation
 
25

 
0

 
25

 
(23
)
 
25

 
2

Total
 
$
4,505

 
$
(1,692
)
 
$
2,813

 
$
(21,490
)
 
$
2,813

 
$
(18,677
)

 
 
December 31, 2011
 
 
Total other comprehensive income
 
Total accumulated
 other comprehensive income
(Dollars in thousands)
 
Pre-tax
 
Tax-effect
 
Net of tax
 
Beginning Balance
 
Net Activity
 
Ending Balance
Unrealized gain (loss) on investment securities
 
$
5,792

 
$
(2,187
)
 
$
3,605

 
$
9,064

 
$
3,605

 
$
12,669

Unrealized gain (loss) on derivatives
 
628

 
(237
)
 
391

 
(391
)
 
391

 
0

Retirement obligation
 
(20,652
)
 
7,798

 
(12,854
)
 
(21,282
)
 
(12,854
)
 
(34,136
)
Foreign currency translation
 
(588
)
 
0

 
(588
)
 
565

 
(588
)
 
(23
)
Total
 
$
(14,820
)
 
$
5,374

 
$
(9,446
)
 
$
(12,044
)
 
$
(9,446
)
 
$
(21,490
)


The following table details the activity reclassified from accumulated other comprehensive income into income during the period:
 
 
December 31, 2013
(Dollars in thousands)
 
Amount Reclassified from Accumulated Other Comprehensive Income (1)
 
Affected Line Item in the Consolidated Statements of Income
Gains and loss on cash flow hedges
 
 
 
 
Interest rate contracts
 
$
(412
)
 
Interest expense - deposits
 
 
 
 
 
Realized gains and losses on securities available-for-sale
 
1,724

 
Gains on sales of investments securities
 
 
 
 
 
Defined benefit pension plan
 
 
 
 
Amortization of prior service cost
 
423

 
(2) 
Recognized net actuarial loss
 
(2,709
)
 
(2) 
Pension settlement charges
 
(6,174
)
 
Pension settlement charges
Amortization and settlement charges of defined benefit pension items
 
(8,460
)
 
 
 
 
 
 
 
Total reclassifications for the period, before tax
 
$
(7,148
)
 
 

(1) Negative amounts are debits to profit/loss.
(2) Included in the computation of net periodic pension cost (see Note 17 - Employee Benefit Plans for additional details).