Stockholders' Equity

12 Months Ended

Dec. 31, 2016

Stockholders' Equity [Abstract]

Stockholders' Equity

15.        Stockholders’ Equity

In accordance with GAAP, unrealized gains on available for sale securities and unrecognized actuarial gains or losses and prior service costs associated with the Company’s pension and postretirement benefit plans are included in accumulated other comprehensive loss, net of tax.  For the years ended December 31, components of accumulated other comprehensive loss are:

(In thousands)	2016			2015
Unrecognized prior service cost and net actuarial loss on pension plans	$	(18,227	)	$	(21,557	)
Unrealized losses on derivatives (cash flow hedges)		1,772			-
Unrealized net holding (losses) gains on AFS securities		(5,065	)		(861	)
Accumulated other comprehensive loss	$	(21,520	)	$	(22,418	)

Certain restrictions exist regarding the ability of the subsidiary bank to transfer funds to the Company in the form of cash dividends. The approval of the Office of Comptroller of the Currency (the "OCC") is required to pay dividends when a bank fails to meet certain minimum regulatory capital standards or when such dividends are in excess of a subsidiary bank's earnings retained in the current year plus retained net profits for the preceding two years as specified in applicable OCC regulations.  At December 31, 2016, approximately $102.5 million of the total stockholders’ equity of the Bank was available for payment of dividends to the Company without approval by the OCC. The Bank’s ability to pay dividends also is subject to the Bank being in compliance with regulatory capital requirements.  The Bank is currently in compliance with these requirements. Under the State of Delaware General Corporation Law, the Company may declare and pay dividends either out of accumulated net retained earnings or capital surplus.

Under a previously disclosed stock repurchase plan, the Company purchased 675,535 shares of its common stock during the twelve month period ended December 31, 2016, for a total of $17.2 million at an average price of $25.45 per share.  There are 1,000,000 shares available for repurchase under this plan, which expires on December 31, 2017.