XML 37 R22.htm IDEA: XBRL DOCUMENT v3.3.1.900
Shareholders' Equity
 12 Months Ended
Dec. 31, 2015
Accumulated Other Comprehensive Income [Abstract]  
Stockholders' Equity
NOTE 14 – SHAREHOLDERS’ EQUITY

Accumulated Other Comprehensive Income (Loss)
The following table presents the components of other comprehensive income (loss) for the years ended December 31: 

 
Before-Tax Amount
 
Tax Effect
 
Net of Tax Amount
 
(in thousands)
2015:
 
 
 
 
 
Unrealized loss on securities
$
(11,872
)
 
$
4,155

 
$
(7,717
)
Reclassification adjustment for securities gains included in net income (1)
(9,066
)
 
3,174

 
(5,892
)
Reclassification adjustment for loss on derivative financial instruments included in net income (2)
3,778

 
(1,322
)
 
2,456

Non-credit related unrealized gains on other-than-temporarily impaired debt securities
368

 
(129
)
 
239

Unrealized gain on derivative financial instruments
115

 
(40
)
 
75

Unrecognized pension and postretirement cost
7,200

 
(2,520
)
 
4,680

Amortization of net unrecognized pension and postretirement income (3)
2,869

 
(1,005
)
 
1,864

Total Other Comprehensive Loss
$
(6,608
)
 
$
2,313

 
$
(4,295
)
2014:
 
 
 
 
 
Unrealized gain on securities
$
51,901

 
$
(18,167
)
 
$
33,734

Reclassification adjustment for securities gains included in net income (1)
(2,041
)
 
714

 
(1,327
)
Non-credit related unrealized gains on other-than-temporarily impaired debt securities
1,200

 
(420
)
 
780

Unrealized gain on derivative financial instruments
209

 
(73
)
 
136

Reclass adjustment for postretirement plan gain included in net income (3)
(1,452
)
 
508

 
(944
)
Unrecognized pension and postretirement income
(20,258
)
 
7,090

 
(13,168
)
Amortization of net unrecognized pension and postretirement income (3)
627

 
(219
)
 
408

Total Other Comprehensive Income
$
30,186

 
$
(10,567
)
 
$
19,619

2013:
 
 
 
 
 
Unrealized loss on securities
$
(76,319
)
 
$
26,712

 
$
(49,607
)
Reclassification adjustment for securities gains included in net income (1)
(8,004
)
 
2,801

 
(5,203
)
Non-credit related unrealized gains 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 cost
12,875

 
(4,506
)
 
8,369

Amortization of net unrecognized pension and postretirement income (3)
$
2,019

 
$
(707
)
 
$
1,312

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

 
$
(43,016
)


(1)
Amounts reclassified out of accumulated other comprehensive loss. Before-tax amounts included in "Investment securities gains, net" on the consolidated statements of income. See "Note 3 - Investment Securities," for additional details.
(2)
Amount reclassified out of accumulated other comprehensive loss. Before-tax amount included in "Loss on redemption of trust preferred securities" on the consolidated statements of income. See "Note 9 - Short-Term Borrowings and Long-Term Debt," for additional details.
(3)
Amounts reclassified out of accumulated other comprehensive loss. Before-tax amounts included in "Salaries and employee benefits" on the consolidated statements of income. See "Note 13 - Employee Benefit Plans," for additional details.
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, 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
)
Other comprehensive income (loss) before reclassifications
33,734

 
780

 
(14,112
)
 
—

 
20,402

Amounts reclassified from accumulated other comprehensive income (loss)
(244
)
 
(1,083
)
 
408

 
136

 
(783
)
Balance as of December 31, 2014
5,980

 
1,349

 
(22,505
)
 
(2,546
)
 
(17,722
)
Other comprehensive income (loss) before reclassifications
(7,717
)
 
239

 
4,680

 
—

 
(2,798
)
Amounts reclassified from accumulated other comprehensive income (loss)
(4,762
)
 
(1,130
)
 
1,864

 
75

 
(3,953
)
Reclassification adjustment for loss on derivative financial instruments
—

 
—

 
—

 
2,456

 
2,456

Balance as of December 31, 2015
$
(6,499
)
 
$
458

 
$
(15,961
)
 
$
(15
)
 
$
(22,017
)


Common Stock Repurchase Plans
In 2013 and 2014, the Corporation repurchased outstanding shares of its common stock under various repurchase programs approved by its board of directors. In 2013, 8.0 million shares were repurchased for $90.9 million or an average cost of $11.37 per share. In 2014, 8.0 million shares were repurchased for $95.2 million, or an average cost of $11.91 per share.

In addition to the repurchases discussed above, in November 2014, the Corporation entered into an accelerated share repurchase agreement (ASR) with a third party to repurchase $100 million of shares of its common stock. Under the terms of the ASR, the Corporation paid $100 million to the third party in November 2014 and received an initial delivery of 6.5 million shares, representing 80% of the shares expected to be delivered under the ASR, based on the closing price for the Corporation’s shares on November 13, 2014. In April 2015, the third party delivered an additional 1.8 million shares of common stock pursuant to the terms of the ASR, thereby completing the $100.0 million ASR. The Corporation repurchased a total of 8.3 million shares of common stock under the ASR at an average price of $12.05 per share.

In April 2015, the Corporation announced that its board of directors had approved a share repurchase program pursuant to which the Corporation was authorized to repurchase up to $50.0 million of its outstanding shares of common stock, or approximately 2.3% of its outstanding shares, through December 31, 2015. During 2015, the Corporation repurchased approximately 4.0 million shares under this program for a total cost of $50.0 million, or $12.57 per share, completing this program.

In October 2015, 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 $50.0 million of its outstanding shares of common stock, or approximately 2.3% of its outstanding shares, through December 31, 2016. Repurchased shares will be added to treasury stock, at cost. As permitted by securities laws and other legal requirements and subject to market conditions and other factors, purchases may be made from time to time in open market or privately negotiated transactions, including, without limitation, through accelerated share repurchase transactions. The share repurchase program may be discontinued at any time. No shares were repurchased under this program as of December 31, 2015.