Stockholders' Equity

9 Months Ended

Sep. 30, 2016

Stockholders' Equity [Abstract]

Stockholders' Equity

7.Stockholders’ Equity

Stock Repurchase Program

On August 28, 2015, the Company’s Board of Directors approved a stock repurchase plan that authorized the repurchase of up to 5%, or approximately 3.9 million shares of its outstanding common stock. The approved plan allowed the Company to repurchase its common shares either in the open market in compliance with Rule 10b-18 promulgated under the Securities Exchange Act of 1934, as amended, or in privately negotiated transactions with non-affiliated sellers or as otherwise determined by the Company from time to time until it expired on September 30, 2016.   Under this plan, the Company repurchased 741,393 shares of its common stock at an average price of $27.44 per share through September 30, 2016.  There were no shares of common stock repurchased under this plan in 2016.

Accumulated Other Comprehensive Income (Loss)

AOCI is reported as a component of stockholders’ equity.  AOCI can include, among other items, unrealized holding gains and losses on securities available for sale (“AFS”), gains and losses associated with pension or other post retirement benefits that are not recognized immediately as a component of net periodic benefit cost, and gains and losses on derivative instruments that are designated as, and qualify as, cash flow hedges.  Net unrealized gains/losses on AFS securities reclassified as securities held to maturity (“HTM”) also continue to be reported as a component of AOCI and will be amortized over the estimated remaining life of the securities as an adjustment to interest income.  The components of AOCI are reported net of related tax effects. 

The components of AOCI and changes in those components are presented in the following table.

	Available		HTM Securities				Loss on
	for Sale		Transferred		Employee		Effective Cash
(in thousands)	Securities		from AFS		Benefit Plans		Flow Hedges		Total
Balance, December 31, 2014	$	18,001	$	(19,074)	$	(48,626)	$	(375)	$	(50,074)
Other comprehensive income before income taxes:
Net change in unrealized gain		163		—		—		2,011		2,174
Reclassification of net (gain) losses realized and included in earnings		(165)		—		2,373		—		2,208
Valuation adjustment for employee benefit plans		—		—		(959)		—		(959)
Amortization of unrealized net loss on securities transferred to HTM		—		2,609		—		—		2,609
Income tax (benefit) expense		(73)		953		513		732		2,125
Balance, September 30, 2015	$	18,072	$	(17,418)	$	(47,725)	$	904	$	(46,167)
Balance, December 31, 2015	$	4,268	$	(16,795)	$	(67,890)	$	(178)	$	(80,595)
Other comprehensive income before income taxes:
Net change in unrealized gain		38,835		—		—		1,162		39,997
Reclassification of net (gain) losses realized and included in earnings		(1,435)		—		4,395		—		2,960
Valuation adjustment for employee benefit plans		—		—		(6,347)				(6,347)
Amortization of unrealized net loss on securities transferred to HTM		—		2,736		—		—		2,736
Income tax expense (benefit)		13,701		1,029		(714)		424		14,440
Balance, September 30, 2016	$	27,967	$	(15,088)	$	(69,128)	$	560	$	(55,689)

The following table shows the line items in the consolidated income statements affected by amounts reclassified from accumulated other comprehensive income.

	Nine Months Ended
Amount reclassified from AOCI (a)	September 30,				Affected line item on
(in thousands)		2016		2015	the income statement
Gain on sale of AFS securities	$	1,435	$	165	Securities transactions
Tax effect		(502)		(58)	Income taxes
Net of tax		933		107	Net income
Amortization of unrealized net loss on securities transferred to HTM		(2,736)		(2,609)	Interest income
Tax effect		1,029		953	Income taxes
Net of tax		(1,707)		(1,656)	Net income
Amortization of defined benefit pension and post-retirement items		(4,395)		(2,373)	Employee benefits expense (b)
Tax effect		1,538		831	Income taxes
Net of tax		(2,857)		(1,542)	Net income
Total reclassifications, net of tax	$	(3,631)	$	(3,091)	Net income

(a) Amounts in parenthesis indicate reduction in net income.

(b) These accumulated other comprehensive income components are included in the computation of net periodic pension and post-retirement cost that is reported with employee benefits expense (see Note 11 for additional details).