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Stockholders' Equity (Tables)
12 Months Ended
Dec. 31, 2014
Equity [Abstract]  
Components of Accumulated Other Comprehensive Income (Loss)

A rollforward of the components of accumulated other comprehensive income (loss) is included as follows:

 

(in thousands)    Available
for Sale
Securities
    Held to
Maturity
Securities
Transferred
from AFS
    Employee
Benefit
Plans
    Loss on
Effective
Cash
Flow
Hedges
    Total  

Balance, December 31, 2011

   $ 60,478      $ —        $ (86,923   $ (65   $ (26,510

Net change in unrealized gain (loss)

     6,076        —          2,566        (502     8,140   

Transfer of net unrealized gain from AFS to HTM, net of cumulative tax effect

     (24,598     24,598        —          —          —     

Reclassification adjustment for net losses realized and included in earnings

     (1,441     —          7,548        311        6,418   

Amortization of unrealized net gain on securities transferred to held to maturity

     —          (8,752     —          —          (8,752

Income tax expense (benefit)

     1,661        (3,244     3,879        (75     2,221   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Balance, December 31, 2012

   $ 38,854      $ 19,090      $ (80,688   $ (181   $ (22,925

Net change in unrealized gain (loss)

     (105,270     —          82,502        (4     (22,772

Transfer of net unrealized loss from AFS to HTM, net of cumulative tax effect

     36,208        (36,208     —          —          —     

Reclassification adjustment for net losses realized and included in earnings

     (105     —          8,331        301        8,527   

Amortization of unrealized net gain on securities transferred to held to maturity

     —          (6,371     —          —          (6,371

Income tax expense (benefit)

     (38,576     (2,300     32,598        116        (8,162
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Balance, December 31, 2013

   $ 8,263      $ (21,189   $ (22,453   $ —        $ (35,379

Net change in unrealized gain (loss)

     15,413        —          (41,132     (592     (26,311

Reclassification adjustment for net losses realized and included in earnings

     —          —          390        —          390   

Amortization of unrealized net gain on securities transferred to held to maturity

     —          3,297        —          —          3,297   

Income tax expense (benefit)

     5,675        1,182        (14,569     (217     (7,929
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Balance, December 31, 2014

   $ 18,001      $ (19,074   $ (48,626   $ (375   $ (50,074
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

Summary of Items in Consolidated Income Statements Affected by Amounts Reclassified from Accumulated Other Comprehensive Income

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

 

Twelve Months Ended December 31,

Amount reclassified from AOCI

(in thousands)

   2014      2013     

Increase (decrease) in affected

line item in the income statement

Gains and losses on sale of AFS securities

   $ —         $ (105    Securities gains (losses)

Tax effect

     —           (37    Income taxes
  

 

 

    

 

 

    

Net of tax

  —        (68 Net income
  

 

 

    

 

 

    

Amortization/accretion of unrealized net gain/loss on securities transferred to HTM

$ 3,297    $ (6,371 Interest income

Tax effect

  1,154      (2,230 Income taxes
  

 

 

    

 

 

    

Net of tax

  2,143      (4,141 Net income
  

 

 

    

 

 

    

Amortization of defined benefit pension and post-retirement items

$ 390    $ 8,331    (a) Employee benefits expense

Tax effect

  137      2,916    Income taxes
  

 

 

    

 

 

    

Net of tax

  253      5,415    Net income
  

 

 

    

 

 

    

Gains and losses on cash flow hedges

$ —      $ 301    Interest expense

Tax effect

  —        105    Income taxes
  

 

 

    

 

 

    

Net of tax

  —        196    Net income
  

 

 

    

 

 

    

Total reclassifications, net of tax

$ 2,396    $ 1,402    Net income
  

 

 

    

 

 

    

 

(a) 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 footnote 11 for additional details).
Schedule of Compliance with Regulatory Capital Requirements

Following is a summary of the actual regulatory capital amounts and ratios for the Company and the Bank together with corresponding regulatory capital requirements at December 31, 2014 and 2013:

 

     Actual      Required for Minimum
Capital Adequacy
     To Be Well Capitalized
Under Prompt
Corrective Action
Provisions
 
($ in thousands)    Amount      Ratio %      Amount      Ratio %      Amount      Ratio %  

At December 31, 2014

                 

Total capital (to risk weighted assets)

                 

Company

   $ 1,945,710         12.30       $ 1,265,796         8.00         n/a         n/a   

Whitney Bank *

     1,925,175         12.20         1,262,439         8.00       $ 1,578,049         10.00   

Tier 1 capital (to risk weighted assets)

                 

Company

   $ 1,777,348         11.23       $ 632,898         4.00         n/a         n/a   

Whitney Bank *

     1,756,813         11.13         631,220         4.00       $ 946,829         6.00   

Tier 1 leverage capital

                 

Company

   $ 1,777,348         9.17       $ 581,263         3.00         n/a         n/a   

Whitney Bank *

     1,756,813         9.13         577,493         3.00       $ 962,488         5.00   

At December 31, 2013

                 

Total capital (to risk weighted assets)

                 

Company

   $ 1,877,832         13.11       $ 1,146,061         8.00         n/a         n/a   

Hancock Bank

     636,871         13.48         378,093         8.00       $ 472,617         10.00   

Whitney Bank

     1,187,699         12.25         775,709         8.00         969,636         10.00   

Tier 1 capital (to risk weighted assets)

                 

Company

   $ 1,685,058         11.76       $ 573,030         4.00         n/a         n/a   

Hancock Bank

     577,280         12.21         189,047         4.00       $ 283,570         6.00   

Whitney Bank

     1,088,339         11.22         387,854         4.00         581,782         6.00   

Tier 1 leverage capital

                 

Company

   $ 1,685,058         9.34       $ 541,066         3.00         n/a         n/a   

Hancock Bank

     577,280         9.01         192,137         3.00       $ 320,228         5.00   

Whitney Bank

     1,088,339         9.02         361,878         3.00         603,129         5.00   

 

* (Consolidated charter effective 3/31/2014)