Shareholders' Equity

6 Months Ended

Jun. 30, 2017

Stockholders' Equity Note [Abstract]

Shareholders' Equity [Text Block]

Shareholders' Equity

On July 25, 2017, the Company declared a quarterly cash dividend of $0.44 per common share on or about August 25, 2017 to shareholders of record as of August 11, 2017.

Dividends declared were $0.44 per share and $0.88 per share during the three and six months ended June 30, 2017 and $0.43 per share and $0.86 per share during the three and six months ended June 30, 2016.

Accumulated Other Comprehensive Income (Loss)

AOCI includes unrealized gains and losses on available for sale ("AFS") securities and non-credit related unrealized losses on AFS securities for which an other-than-temporary impairment has been recorded in earnings. AOCI also includes unrealized gains on AFS securities that were transferred from AFS to investment securities in the third quarter of 2011. Such amounts are being amortized over the estimated remaining life of the security as an adjustment to yield, offsetting the related amortization of premium on the transferred securities. Unrealized losses on employee benefit plans will be reclassified into income as pension plan costs are recognized over the remaining service period of plan participants. Gains and losses in AOCI are net of deferred income taxes.

A rollforward of the components of accumulated other comprehensive income (loss) is included as follows (in thousands):

	Unrealized Gain (Loss) on
	Available for Sale Securities			Investment Securities Transferred from AFS			Employee Benefit Plans			Total
Balance, Dec. 31, 2015	$	23,284		$	68		$	(1,765	)	$	21,587
Net change in unrealized gain (loss)	166,566			—			—			166,566
Reclassification adjustments included in earnings:
Interest revenue, Investment securities, Taxable securities	—			(112		)	—			(112		)
Gain on available for sale securities, net	(9,290		)	—			—			(9,290		)
Other comprehensive income (loss), before income taxes	157,276			(112		)	—			157,164
Federal and state income taxes1	61,163			(44		)	—			61,119
Other comprehensive income (loss), net of income taxes	96,113			(68		)	—			96,045
Balance, June 30, 2016	$	119,397		$	—		$	(1,765	)	$	117,632
Balance, Dec. 31, 2016	$	(9,087	)	$	—		$	(1,880	)	$	(10,967	)
Net change in unrealized gain (loss)	33,369			—			—			33,369
Reclassification adjustments included in earnings:
Gain on available for sale securities, net	(2,429		)	—			—			(2,429		)
Other comprehensive income, before income taxes	30,940			—			—			30,940
Federal and state income taxes1	12,009						—			12,009
Other comprehensive income, net of income taxes	18,931			—			—			18,931
Balance, June 30, 2017	$	9,844		$	—		$	(1,880	)	$	7,964

¹  Calculated using a 39 percent effective tax rate.