Accumulated Other Comprehensive Income (Loss)

9 Months Ended

Sep. 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 stockholders’ 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 investment securities and net unrealized gains or losses on cash flow derivative hedges. Changes in accumulated other comprehensive income (loss) for the three and nine months ended September 30, 2016 and 2015 are presented below:

			Income
			Tax
Three Months Ended September 30, 2016	Pre-tax		Benefit		Netof
(dollars inthousands)	Amount		(Expense)		Tax
Accumulated other comprehensive loss at June 30, 2016	$	(8,644)	$	3,417	$	(5,227)
Investment securities:
Unrealized net losses arising during the period		(9,925)		3,920		(6,005)
Reclassification of net gains to net income:
Investment securities gains, net		(30)		12		(18)
Net change in unrealized losses on investment securities		(9,955)		3,932		(6,023)
Cash flow derivative hedges:
Unrealized net gains on cash flow derivative hedges arising during the period		1,545		(610)		935
Net change in unrealized gains on cash flow derivative hedges		1,545		(610)		935
Other comprehensive loss		(8,410)		3,322		(5,088)
Accumulated other comprehensive loss at September 30, 2016	$	(17,054)	$	6,739	$	(10,315)

			Income
			Tax
Nine Months Ended September 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		92,590		(36,573)		56,017
Reclassification of net gains to net income:
Investment securities gains, net		(25,761)		10,176		(15,585)
Net change in unrealized gains on investment securities		66,829		(26,397)		40,432
Cash flow derivative hedges:
Unrealized net gains on cash flow derivative hedges arising during the period		917		(359)		558
Net change in unrealized gains on cash flow derivative hedges		917		(359)		558
Other comprehensive income		67,668		(26,724)		40,944
Accumulated other comprehensive loss at September 30, 2016	$	(17,054)	$	6,739	$	(10,315)

			Income
			Tax
Three Months Ended September 30, 2015	Pre-tax		Benefit		Netof
(dollars in thousands)	Amount		(Expense)		Tax
Accumulated other comprehensive loss at June 30, 2015	$	(74,979)	$	29,612	$	(45,367)
Investment securities:
Unrealized net gains arising during the period		22,369		(8,835)		13,534
Reclassification of net gains to net income:
Investment securities gains, net		(4,131)		1,633		(2,498)
Net change in unrealized gains on investment securities		18,238		(7,202)		11,036
Cash flow derivative hedges:
Unrealized net losses on cash flow derivative hedges arising during the period		(819)		324		(495)
Net change in unrealized losses on cash flow derivative hedges		(819)		324		(495)
Other comprehensive income		17,419		(6,878)		10,541
Accumulated other comprehensive loss at September 30, 2015	$	(57,560)	$	22,734	$	(34,826)

			Income
			Tax
Nine Months Ended September 30, 2015	Pre-tax		Benefit		Netof
(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		43,488		(17,178)		26,310
Reclassification of net gains to net income:
Investment securities gains, net		(14,993)		5,923		(9,070)
Net change in unrealized gains on investment securities		28,495		(11,255)		17,240
Cash flow derivative hedges:
Unrealized net losses on cash flow derivative hedges arising during the period		(550)		217		(333)
Reclassification of net gains to net income:
Other noninterest expense		(457)		181		(276)
Net change in unrealized losses on cash flow derivative hedges		(1,007)		398		(609)
Other comprehensive income		27,488		(10,857)		16,631
Accumulated other comprehensive loss at September 30, 2015	$	(57,560)	$	22,734	$	(34,826)

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)		(Losses) on		Other
	Other		on Investment		Cash Flow		Comprehensive
(dollars in thousands)	Benefits		Securities		Derivative Hedges		Loss
Three Months Ended September 30, 2016
Balance at beginning of period	$	(26,929)	$	21,349	$	353	$	(5,227)
Other comprehensive income (loss)		—		(6,023)		935		(5,088)
Balance at end of period	$	(26,929)	$	15,326	$	1,288	$	(10,315)
Nine Months Ended September 30, 2016
Balance at beginning of period	$	(26,883)	$	(25,106)	$	730	$	(51,259)
Other comprehensive income (loss)		(46)		40,432		558		40,944
Balance at end of period	$	(26,929)	$	15,326	$	1,288	$	(10,315)
Three Months Ended September 30, 2015
Balance at beginning of period	$	(35,869)	$	(9,329)	$	(169)	$	(45,367)
Other comprehensive income (loss)		—		11,036		(495)		10,541
Balance at end of period	$	(35,869)	$	1,707	$	(664)	$	(34,826)
Nine Months Ended September 30, 2015
Balance at beginning of period	$	(35,869)	$	(15,533)	$	(55)	$	(51,457)
Other comprehensive income (loss)		—		17,240		(609)		16,631
Balance at end of period	$	(35,869)	$	1,707	$	(664)	$	(34,826)