XML 80 R22.htm IDEA: XBRL DOCUMENT v2.4.0.8
Shareholders' Equity
12 Months Ended
Dec. 31, 2013
Accumulated Other Comprehensive Income [Abstract]  
Stockholders' Equity Note Disclosure [Text Block]
NOTE N – SHAREHOLDERS’ EQUITY

Accumulated Other Comprehensive Loss
The following table presents the components of other comprehensive loss for the years ended December 31: 
 
Before-Tax Amount
 
Tax Effect
 
Net of Tax Amount
 
(in thousands)
2013:
 
 
 
 
 
Unrealized (loss) gain on securities
$
(76,319
)
 
$
26,712

 
$
(49,607
)
Reclassification adjustment for securities (gains) losses included in net income
(8,004
)
 
2,801

 
(5,203
)
Non-credit related unrealized gain on other-than-temporarily impaired debt securities
3,042

 
(1,065
)
 
1,977

Unrealized gain on derivative financial instruments
209

 
(73
)
 
136

Unrecognized pension and postretirement income (cost)
12,875

 
(4,506
)
 
8,369

Amortization (accretion) of net unrecognized pension and postretirement income (cost)
2,019

 
(707
)
 
1,312

Total Other Comprehensive Loss
$
(66,178
)
 
$
23,162

 
$
(43,016
)
2012:
 
 
 
 
 
Unrealized (loss) gain on securities
$
2,414

 
$
(845
)
 
$
1,569

Reclassification adjustment for securities (gains) losses included in net income
(3,026
)
 
1,059

 
(1,967
)
Non-credit related unrealized gain on other-than-temporarily impaired debt securities
2,046

 
(716
)
 
1,330

Unrealized gain on derivative financial instruments
209

 
(73
)
 
136

Unrecognized pension and postretirement income (cost)
(6,470
)
 
2,263

 
(4,207
)
Amortization (accretion) of net unrecognized pension and postretirement income (cost)
1,321

 
(462
)
 
859

Total Other Comprehensive Loss
$
(3,506
)
 
$
1,226

 
$
(2,280
)
2011:
 
 
 
 
 
Unrealized (loss) gain on securities
$
13,490

 
$
(4,722
)
 
$
8,768

Reclassification adjustment for securities (gains) losses included in net income
(4,561
)
 
1,597

 
(2,964
)
Non-credit related unrealized gain on other-than-temporarily impaired debt securities
369

 
(129
)
 
240

Unrealized gain on derivative financial instruments
209

 
(73
)
 
136

Unrecognized pension and postretirement income (cost)
(16,418
)
 
5,746

 
(10,672
)
Amortization (accretion) of net unrecognized pension and postretirement income (cost)
(74
)
 
26

 
(48
)
Total Other Comprehensive Loss
$
(6,985
)
 
$
2,445

 
$
(4,540
)

The following table presents changes in each component of accumulated other comprehensive income (loss), net of tax, for the years ended December 31: 
 
Unrealized Gain (Losses) on Investment Securities Not Other-Than-Temporarily Impaired
 
Unrealized Non-Credit Gains (Losses) on Other-Than-Temporarily Impaired Debt Securities
 
Unrecognized Pension and Postretirement Plan Income (Cost)
 
Unrealized Effective Portions of Losses on Forward-Starting Interest Rate Swaps
 
Total
 
(in thousands)
Balance as of December 31, 2010
$
22,354

 
$
(2,355
)
 
$
(4,414
)
 
$
(3,090
)
 
$
12,495

Current-period other comprehensive income (loss)
7,664

 
1,344

 
(10,672
)
 

 
(1,664
)
Amounts reclassified from accumulated other comprehensive income (loss)
(2,964
)
 

 
(48
)
 
136

 
(2,876
)
Balance as of December 31, 2011
27,054

 
(1,011
)
 
(15,134
)
 
(2,954
)
 
7,955

Current-period other comprehensive income (loss)
1,275

 
1,624

 
(4,207
)
 

 
(1,308
)
Amounts reclassified from accumulated other comprehensive income (loss)
(1,967
)
 

 
859

 
136

 
(972
)
Balance as of December 31, 2012
26,362

 
613

 
(18,482
)
 
(2,818
)
 
5,675

Other comprehensive income (loss) before reclassifications
(49,607
)
 
1,977

 
8,369

 

 
(39,261
)
Amounts reclassified from accumulated other comprehensive income (loss)
(4,265
)
 
(938
)
 
1,312

 
136

 
(3,755
)
Balance as of December 31, 2013
$
(27,510
)
 
$
1,652

 
$
(8,801
)
 
$
(2,682
)
 
$
(37,341
)

Common Stock Repurchase Plans
In January 2013, the Corporation announced that its board of directors had approved a share repurchase program pursuant to which the Corporation was authorized to repurchase of up to eight million shares. During 2013, the Corporation repurchased eight million shares, completing this repurchase program.
In October 2013, the Corporation announced that its board of directors had approved a share repurchase program pursuant to which the Corporation is authorized to repurchase up to four million shares, or approximately 2.1% of its outstanding shares, through March 2014. During the first quarter of 2014, the Corporation repurchased 4.0 million shares under this repurchase plan at an average cost of $12.45 per share, completing this repurchase program on February 19, 2014.