Accumulated Other Comprehensive Loss

9 Months Ended

Sep. 30, 2017

Accumulated Other Comprehensive Loss

Accumulated Other Comprehensive Loss

7. Accumulated Other Comprehensive Loss

Accumulated other comprehensive loss is defined as the revenues, expenses, gains and losses that are included in comprehensive income but excluded from net income. The Company’s significant items of accumulated other comprehensive 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 loss for the three and nine months ended September 30, 2017 and 2016 are presented below:

			Income
			Tax
	Pre-tax		Benefit		Netof
(dollars inthousands)	Amount		(Expense)		Tax
Accumulated other comprehensive loss at June 30, 2017	$	(111,823)	$	44,172	$	(67,651)
Three months ended September 30, 2017
Investment securities:
Unrealized net gains arising during the period		212		(84)		128
Net change in unrealized gains on investment securities		212		(84)		128
Cash flow derivative hedges:
Unrealized net gains on cash flow derivative hedges arising during the period		675		(266)		409
Net change in unrealized gains on cash flow derivative hedges		675		(266)		409
Other comprehensive income		887		(350)		537
Accumulated other comprehensive loss at September 30, 2017	$	(110,936)	$	43,822	$	(67,114)

			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)
Nine months ended September 30, 2017
Investment securities:
Unrealized net gains arising during the period		33,005		(13,035)		19,970
Net change in unrealized gains on investment securities		33,005		(13,035)		19,970
Cash flow derivative hedges:
Unrealized net gains on cash flow derivative hedges arising during the period		1,531		(604)		927
Net change in unrealized gains on cash flow derivative hedges		1,531		(604)		927
Other comprehensive income		34,536		(13,639)		20,897
Accumulated other comprehensive loss at September 30, 2017	$	(110,936)	$	43,822	$	(67,114)

			Income
			Tax
	Pre-tax		Benefit		Netof
(dollars in thousands)	Amount		(Expense)		Tax
Accumulated other comprehensive loss at June 30, 2016	$	(8,644)	$	3,417	$	(5,227)
Three months ended September 30, 2016
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
	Pre-tax		Benefit		Netof
(dollars in thousands)	Amount		(Expense)		Tax
Accumulated other comprehensive loss at December 31, 2015	$	(84,722)	$	33,463	$	(51,259)
Nine months ended September 30, 2016
Pension and other benefits:
Change due to 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)

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

							Total
	Pensions		Unrealized		Unrealized		Accumulated
	and		Gains (Losses)		Gains on		Other
	Other		on Investment		Cash Flow		Comprehensive
(dollars in thousands)	Benefits		Securities		Derivative Hedges		Loss
Three Months Ended September 30, 2017
Balance at beginning of period	$	(30,237)	$	(40,116)	$	2,702	$	(67,651)
Other comprehensive income		—		128		409		537
Balance at end of period	$	(30,237)	$	(39,988)	$	3,111	$	(67,114)
Nine Months Ended September 30, 2017
Balance at beginning of period	$	(30,237)	$	(59,958)	$	2,184	$	(88,011)
Other comprehensive income		—		19,970		927		20,897
Balance at end of period	$	(30,237)	$	(39,988)	$	3,111	$	(67,114)
Three Months Ended September 30, 2016
Balance at beginning of period	$	(26,929)	$	21,349	$	353	$	(5,227)
Other comprehensive (loss) income		—		(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 (loss) income		(46)		40,432		558		40,944
Balance at end of period	$	(26,929)	$	15,326	$	1,288	$	(10,315)