Accumulated Other Comprehensive Loss

9 Months Ended

Sep. 30, 2019

Accumulated Other Comprehensive Loss

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 nine months ended September 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 June 30, 2019	$	(43,772)	$	11,788	$	(31,984)
Three months ended September 30, 2019
Investment securities:
Unrealized net gains arising during the period		18,079		(4,869)		13,210
Net change in investment securities		18,079		(4,869)		13,210
Other comprehensive income		18,079		(4,869)		13,210
Accumulated other comprehensive loss at September 30, 2019	$	(25,693)	$	6,919	$	(18,774)

			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)
Nine months ended September 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		153,443		(41,322)		112,121
Reclassification of net losses to net income:
Investment securities losses, net		2,592		(698)		1,894
Net change in investment securities		156,035		(42,020)		114,015
Other comprehensive income		155,222		(41,801)		113,421
Accumulated other comprehensive loss at September 30, 2019	$	(25,693)	$	6,919	$	(18,774)

			Income
			Tax
	Pre-tax		Benefit		Net of
(dollars in thousands)	Amount		(Expense)		Tax
Accumulated other comprehensive loss at June 30, 2018	$	(249,648)	$	67,238	$	(182,410)
Three months ended September 30, 2018
Investment securities:
Unrealized net losses arising during the period		(30,682)		8,262		(22,420)
Net change in investment securities		(30,682)		8,262		(22,420)
Cash flow derivative hedges:
Unrealized net gains on cash flow derivative hedges arising during the period		178		(47)		131
Net change in cash flow derivative hedges		178		(47)		131
Other comprehensive loss		(30,504)		8,215		(22,289)
Accumulated other comprehensive loss at September 30, 2018	$	(280,152)	$	75,453	$	(204,699)

			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)
Nine months ended September 30, 2018
Early adoption of ASU No. 2018-02		—		(20,068)		(20,068)
Investment securities:
Unrealized net losses arising during the period		(122,070)		32,834		(89,236)
Net change in investment securities		(122,070)		32,834		(89,236)
Cash flow derivative hedges:
Unrealized net gains on cash flow derivative hedges arising during the period		1,341		(353)		988
Net change in cash flow derivative hedges		1,341		(353)		988
Other comprehensive loss		(120,729)		32,481		(88,248)
Accumulated other comprehensive loss at September 30, 2018	$	(280,152)	$	75,453	$	(204,699)

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

	Pensions						Accumulated
	and						Other
	Other		Investment		Cash Flow		Comprehensive
(dollars in thousands)	Benefits		Securities		Derivative Hedges		Income (Loss)
Three Months Ended September 30, 2019
Balance at beginning of period	$	(28,973)	$	(3,011)	$	—	$	(31,984)
Other comprehensive income		—		13,210		—		13,210
Balance at end of period	$	(28,973)	$	10,199	$	—	$	(18,774)
Nine Months Ended September 30, 2019
Balance at beginning of period	$	(28,379)	$	(103,816)	$	—	$	(132,195)
Other comprehensive (loss) income		(594)		114,015		—		113,421
Balance at end of period	$	(28,973)	$	10,199	$	—	$	(18,774)
Three Months Ended September 30, 2018
Balance at beginning of period	$	(31,339)	$	(156,373)	$	5,302	$	(182,410)
Other comprehensive loss		—		(22,420)		131		(22,289)
Balance at end of period	$	(31,339)	$	(178,793)	$	5,433	$	(204,699)
Nine Months Ended September 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		—		(89,236)		988		(88,248)
Balance at end of period	$	(31,339)	$	(178,793)	$	5,433	$	(204,699)