Accumulated Other Comprehensive Income (Loss)

3 Months Ended

Mar. 31, 2017

Accumulated Other Comprehensive Income (Loss)

Accumulated Other Comprehensive Income (Loss)

7. 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 months ended March 31, 2017 and 2016 are presented below:

			Income
			Tax
	Pre-tax		Benefit		Netof
(dollars in thousands)	Amount		(Expense)		Tax
Accumulated other comprehensive loss at December 31, 2016	$	(145,472)	$	57,461	$	(88,011)
Three months ended March 31, 2017
Investment securities:
Unrealized net gains arising during the period		1,578		(621)		957
Net change in unrealized gains on investment securities		1,578		(621)		957
Cash flow derivative hedges:
Unrealized net gains on cash flow derivative hedges arising during the period		598		(236)		362
Net change in unrealized gains on cash flow derivative hedges		598		(236)		362
Other comprehensive income		2,176		(857)		1,319
Accumulated other comprehensive loss at March 31, 2017	$	(143,296)	$	56,604	$	(86,692)

			Income
			Tax
	Pre-tax		Benefit		Netof
(dollars in thousands)	Amount		(Expense)		Tax
Accumulated other comprehensive loss at December 31, 2015	$	(84,722)	$	33,463	$	(51,259)
Three months ended March 31, 2016
Investment securities:
Unrealized net gains arising during the period		80,910		(31,958)		48,952
Reclassification of net gains to net income:
Investment securities gains, net		(25,728)		10,164		(15,564)
Net change in unrealized gains on investment securities		55,182		(21,794)		33,388
Cash flow derivative hedges:
Unrealized net losses on cash flow derivative hedges arising during the period		(829)		327		(502)
Net change in unrealized losses on cash flow derivative hedges		(829)		327		(502)
Other comprehensive income		54,353		(21,467)		32,886
Accumulated other comprehensive loss at March 31, 2016	$	(30,369)	$	11,996	$	(18,373)

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 March 31, 2017
Balance at beginning of period	$	(30,237)	$	(59,958)	$	2,184	$	(88,011)
Other comprehensive income		—		957		362		1,319
Balance at end of period	$	(30,237)	$	(59,001)	$	2,546	$	(86,692)
Three Months Ended March 31, 2016
Balance at beginning of period	$	(26,883)	$	(25,106)	$	730	$	(51,259)
Other comprehensive income (loss)		—		33,388		(502)		32,886
Balance at end of period	$	(26,883)	$	8,282	$	228	$	(18,373)