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Debt And Shareholders' Equity
 3 Months Ended
Mar. 31, 2016
Capitalization, Long-term Debt and Equity [Abstract]  
Debt And Shareholders' Equity
DEBT AND SHAREHOLDERS’ EQUITY
Long-term debt is summarized as follows:
(In thousands)
March 31,
2016
 
December 31, 2015
 
 
 
 
Junior subordinated debentures related to trust preferred securities
$
164,950

 
$
164,950

Subordinated notes
246,262

 
246,170

Senior notes
390,367

 
400,334

Capital lease obligations
869

 
912

Total
$
802,448

 
$
812,366


The preceding carrying values represent the par value of the debt adjusted for any unamortized premium or discount or unamortized debt issuance costs. The amount of long-term debt as of December 31, 2015 presented in the schedule differs from the amount in our 2015 10-K as a result of the reclassification of unamortized debt issuance costs to long-term debt in compliance with ASU 2015-03.
Preferred Stock
On April 25, 2016, the Company launched a tender offer to purchase up to $120 million par amount of certain outstanding preferred stock. The tender offer will expire on May 20, 2016.
Basel III Capital Framework
Effective January 1, 2015, we adopted the new Basel III capital framework that was issued by the Federal Reserve for U.S. banking organizations. We adopted the new capital rules on a phase-in basis and will adopt the fully phased-in requirements effective January 1, 2019.
Accumulated Other Comprehensive Income
Changes in AOCI by component are as follows:
(In thousands)

 
Net unrealized gains (losses) on investment securities
 
Net unrealized gains (losses) on derivatives and other
 
Pension and post-retirement
 
Total
Three Months Ended March 31, 2016
 
 
 
 
 
 
 
 
 
 
 
 
Balance at December 31, 2015
 
 
$
(18,369
)
 
 
 
$
1,546

 
 
$
(37,789
)
 
$
(54,612
)
Other comprehensive income (loss) before reclassifications, net of tax
 
 
32,168

 
 
 
13,331

 
 
(665
)
 
44,834

Amounts reclassified from AOCI, net of tax
 
 
(17
)
 
 
 
(1,858
)
 
 
—

 
(1,875
)
Other comprehensive income (loss)
 
 
32,151

 
 
 
11,473

 
 
(665
)
 
42,959

Balance at March 31, 2016
 
 
$
13,782

 
 
 
$
13,019

 
 
$
(38,454
)
 
$
(11,653
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Income tax expense included in other comprehensive income (loss)
 
 
$
20,192

 
 
 
$
6,920

 
 
$
665

 
$
27,777

 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended March 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
Balance at December 31, 2014
 
 
$
(91,921
)
 
 
 
$
2,226

 
 
$
(38,346
)
 
$
(128,041
)
Other comprehensive income before reclassifications, net of tax
 
 
11,424

 
 
 
2,189

 
 
—

 
13,613

Amounts reclassified from AOCI, net of tax
 
 
148

 
 
 
(629
)
 
 
—

 
(481
)
Other comprehensive income
 
 
11,572

 
 
 
1,560

 
 
—

 
13,132

Balance at March 31, 2015
 
 
$
(80,349
)
 
 
 
$
3,786

 
 
$
(38,346
)
 
$
(114,909
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Income tax expense included in other comprehensive income
 
 
$
6,957

 
 
 
$
1,088

 
 
$
—

 
$
8,045


 
 
Amounts reclassified
from AOCI 1
 
Statement of income (SI) Balance sheet
(BS)
 
 
(In thousands)
 
Three Months Ended
March 31,
 
 
 
Details about AOCI components
 
2016
 
2015
 
 
Affected line item
 
 
 
 
 
 
 
 
 
Net realized gains (losses) on investment securities
 
$
28

 
$
(239
)
 
SI
 
Fixed income securities gains (losses), net
Income tax expense (benefit)
 
11

 
(91
)
 
 
 
 
 
 
17

 
(148
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Net unrealized gains on derivative instruments
 
$
2,997

 
$
1,016

 
SI
 
Interest and fees on loans
Income tax expense
 
1,139

 
387

 
 
 
 
 
 
$
1,858

 
$
629

 
 
 
 

1 
Negative reclassification amounts indicate decreases to earnings in the statement of income and increases to balance sheet assets. The opposite applies to positive reclassification amounts.