Accumulated Other Comprehensive Loss

6 Months Ended

Jun. 30, 2019

Accumulated Other Comprehensive Loss

10. 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 six months ended June 30, 2019 and 2018 are presented below:

			Income
			Tax
	Pre-tax		Benefit		Net of
(dollars in thousands)	Amount		(Expense)		Tax
Accumulated other comprehensive loss at March 31, 2019	$	(107,779)	$	29,025	$	(78,754)
Three months ended June 30, 2019
Pension and other benefits:
Net actuarial losses arising during the period		(813)		219		(594)
Net change in pension and other benefits		(813)		219		(594)
Investment securities:
Unrealized net gains arising during the period		64,841		(17,462)		47,379
Reclassification of net gains to net income:
Investment securities gains, net		(21)		6		(15)
Net change in unrealized gains on investment securities		64,820		(17,456)		47,364
Other comprehensive income		64,007		(17,237)		46,770
Accumulated other comprehensive loss at June 30, 2019	$	(43,772)	$	11,788	$	(31,984)

			Income
			Tax
	Pre-tax		Benefit		Net of
(dollars in thousands)	Amount		(Expense)		Tax
Accumulated other comprehensive loss at December 31, 2018	$	(180,915)	$	48,720	$	(132,195)
Six months ended June 30, 2019
Pension and other benefits:
Net actuarial losses arising during the period		(813)		219		(594)
Net change in pension and other benefits		(813)		219		(594)
Investment securities:
Unrealized net gains arising during the period		135,364		(36,453)		98,911
Reclassification of net losses to net income:
Investment securities losses, net		2,592		(698)		1,894
Net change in unrealized gains on investment securities		137,956		(37,151)		100,805
Other comprehensive income		137,143		(36,932)		100,211
Accumulated other comprehensive loss at June 30, 2019	$	(43,772)	$	11,788	$	(31,984)

			Income
			Tax
	Pre-tax		Benefit		Net of
(dollars in thousands)	Amount		(Expense)		Tax
Accumulated other comprehensive loss at March 31, 2018	$	(225,385)	$	60,701	$	(164,684)
Three months ended June 30, 2018
Investment securities:
Unrealized net losses arising during the period		(24,688)		6,649		(18,039)
Net change in unrealized losses on investment securities		(24,688)		6,649		(18,039)
Cash flow derivative hedges:
Unrealized net gains on cash flow derivative hedges arising during the period		425		(112)		313
Net change in unrealized gains on cash flow derivative hedges		425		(112)		313
Other comprehensive loss		(24,263)		6,537		(17,726)
Accumulated other comprehensive loss at June 30, 2018	$	(249,648)	$	67,238	$	(182,410)

			Income
			Tax
	Pre-tax		Benefit		Net of
(dollars in thousands)	Amount		(Expense)		Tax
Accumulated other comprehensive loss at December 31, 2017	$	(159,423)	$	63,040	$	(96,383)
Six months ended June 30, 2018
Early adoption of ASU No. 2018-02		—		(20,068)		(20,068)
Investment securities:
Unrealized net losses arising during the period		(91,388)		24,572		(66,816)
Net change in unrealized losses on investment securities		(91,388)		24,572		(66,816)
Cash flow derivative hedges:
Unrealized net gains on cash flow derivative hedges arising during the period		1,163		(306)		857
Net change in unrealized gains on cash flow derivative hedges		1,163		(306)		857
Other comprehensive loss		(90,225)		24,266		(65,959)
Accumulated other comprehensive loss at June 30, 2018	$	(249,648)	$	67,238	$	(182,410)

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

							Total
	Pensions						Accumulated
	and						Other
	Other		Investment		Cash Flow		Comprehensive
(dollars in thousands)	Benefits		Securities		Derivative Hedges		Loss
Three Months Ended June 30, 2019
Balance at beginning of period	$	(28,379)	$	(50,375)	$	—	$	(78,754)
Other comprehensive income		(594)		47,364		—		46,770
Balance at end of period	$	(28,973)	$	(3,011)	$	—	$	(31,984)
Six Months Ended June 30, 2019
Balance at beginning of period	$	(28,379)	$	(103,816)	$	—	$	(132,195)
Other comprehensive income		(594)		100,805		—		100,211
Balance at end of period	$	(28,973)	$	(3,011)	$	—	$	(31,984)
Three Months Ended June 30, 2018
Balance at beginning of period	$	(31,339)	$	(138,334)	$	4,989	$	(164,684)
Other comprehensive loss		—		(18,039)		313		(17,726)
Balance at end of period	$	(31,339)	$	(156,373)	$	5,302	$	(182,410)
Six Months Ended June 30, 2018
Balance at beginning of period	$	(25,946)	$	(74,117)	$	3,680	$	(96,383)
Early adoption of ASU No. 2018-02		(5,393)		(15,440)		765		(20,068)
Other comprehensive loss		—		(66,816)		857		(65,959)
Balance at end of period	$	(31,339)	$	(156,373)	$	5,302	$	(182,410)