Accumulated Other Comprehensive Income (Loss)

6 Months Ended

Jun. 30, 2016

Accumulated Other Comprehensive Income (Loss)

Accumulated Other Comprehensive Income (Loss)

8. Accumulated Other Comprehensive Income (Loss)

Accumulated other comprehensive income (loss) is defined as the change in stockholder’s equity from all transactions other than those with stockholders, and is comprised of net income and other comprehensive income (loss). The Company’s significant items of accumulated other comprehensive income (loss) are pension and other benefits, net unrealized gains or losses on available-for-sale securities and net unrealized gains or losses on cash flow derivative hedges. Changes in accumulated other comprehensive income (loss) for the three months and six months ended June 30, 2016 and 2015 are presented below:

			Income
			Tax
Three Months Ended June 30, 2016	Pre-tax		Benefit		Net of
(dollars in thousands)	Amount		(Expense)		Tax
Accumulated other comprehensive loss at March 31, 2016	$	(30,369)	$	11,996	$	(18,373)
Pension and other benefits:
Change due to the Reorganization Transactions		(78)		32		(46)
Net change in pension and other benefits		(78)		32		(46)
Investment securities:
Unrealized net gains arising during the period		21,605		(8,535)		13,070
Reclassification of net gains to net income:
Investment securities gains, net		(3)		—		(3)
Net change in unrealized gains on investment securities		21,602		(8,535)		13,067
Cash flow derivative hedges:
Unrealized net gains on cash flow derivative hedges arising during the period		201		(76)		125
Net change in unrealized gains on cash flow derivative hedges		201		(76)		125
Other comprehensive income		21,725		(8,579)		13,146
Accumulated other comprehensive loss at June 30, 2016	$	(8,644)	$	3,417	$	(5,227)

			Income
			Tax
Six Months Ended June 30, 2016	Pre-tax		Benefit		Net of
(dollars in thousands)	Amount		(Expense)		Tax
Accumulated other comprehensive loss at December 31, 2015	$	(84,722)	$	33,463	$	(51,259)
Pension and other benefits:
Change due to the Reorganization Transactions		(78)		32		(46)
Net change in pension and other benefits		(78)		32		(46)
Investment securities:
Unrealized net gains arising during the period		102,515		(40,493)		62,022
Reclassification of net gains to net income:
Investment securities gains, net		(25,731)		10,164		(15,567)
Net change in unrealized gains on investment securities		76,784		(30,329)		46,455
Cash flow derivative hedges:
Unrealized net losses on cash flow derivative hedges arising during the period		(628)		251		(377)
Net change in unrealized losses on cash flow derivative hedges		(628)		251		(377)
Other comprehensive income		76,078		(30,046)		46,032
Accumulated other comprehensive loss at June 30, 2016	$	(8,644)	$	3,417	$	(5,227)

			Income
			Tax
Three Months Ended June 30, 2015	Pre-tax		Benefit		Net of
(dollars in thousands)	Amount		(Expense)		Tax
Accumulated other comprehensive loss at March 31, 2015	$	(58,623)	$	23,153	$	(35,470)
Investment securities:
Unrealized net losses arising during the period		(11,322)		4,471		(6,851)
Reclassification of net gains to net income:
Investment securities gains, net		(5,859)		2,314		(3,545)
Net change in unrealized losses on investment securities		(17,181)		6,785		(10,396)
Cash flow derivative hedges:
Unrealized net gains on cash flow derivative hedges arising during the period		1,282		(507)		775
Reclassification of net gains to net income:
Other noninterest expense		(457)		181		(276)
Net change in unrealized gains on cash flow derivative hedges		825		(326)		499
Other comprehensive loss		(16,356)		6,459		(9,897)
Accumulated other comprehensive loss at June 30, 2015	$	(74,979)	$	29,612	$	(45,367)

			Income
			Tax
Six Months Ended June 30, 2015	Pre-tax		Benefit		Net of
(dollars in thousands)	Amount		(Expense)		Tax
Accumulated other comprehensive loss at December 31, 2014	$	(85,048)	$	33,591	$	(51,457)
Investment securities:
Unrealized net gains arising during the period		21,119		(8,343)		12,776
Reclassification of net gains to net income:
Investment securities gains, net		(10,862)		4,290		(6,572)
Net change in unrealized gains on investment securities		10,257		(4,053)		6,204
Cash flow derivative hedges:
Unrealized net gains on cash flow derivative hedges arising during the period		269		(107)		162
Reclassification of net gains to net income:
Other noninterest expense		(457)		181		(276)
Net change in unrealized losses on cash flow derivative hedges		(188)		74		(114)
Other comprehensive income		10,069		(3,979)		6,090
Accumulated other comprehensive loss at June 30, 2015	$	(74,979)	$	29,612	$	(45,367)

The following table summarizes changes in accumulated other comprehensive loss, net of tax, for the periods indicated:

					Unrealized		Total
	Pensions		Unrealized		Gains		Accumulated
	and		Gains (Losses) on		(Losses) on		Other
	Other		Investment		Cash Flow		Comprehensive
(dollars in thousands)	Benefits		Securities		Derivative Hedges		Loss
Three Months Ended June 30, 2016
Balance at beginning of period	$	(26,883)	$	8,282	$	228	$	(18,373)
Other comprehensive income (loss)		(46)		13,067		125		13,146
Balance at end of period	$	(26,929)	$	21,349	$	353	$	(5,227)
Six Months Ended June 30, 2016
Balance at beginning of period	$	(26,883)	$	(25,106)	$	730	$	(51,259)
Other comprehensive income (loss)		(46)		46,455		(377)		46,032
Balance at end of period	$	(26,929)	$	21,349	$	353	$	(5,227)
Three Months Ended June 30, 2015
Balance at beginning of period	$	(35,869)	$	1,067	$	(668)	$	(35,470)
Other comprehensive income (loss)		—		(10,396)		499		(9,897)
Balance at end of period	$	(35,869)	$	(9,329)	$	(169)	$	(45,367)
Six Months Ended June 30, 2015
Balance at beginning of period	$	(35,869)	$	(15,533)	$	(55)	$	(51,457)
Other comprehensive income (loss)		—		6,204		(114)		6,090
Balance at end of period	$	(35,869)	$	(9,329)	$	(169)	$	(45,367)