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Shareholders' Equity
 12 Months Ended
Dec. 31, 2014
Accumulated Other Comprehensive Income [Abstract]  
Stockholders' Equity
NOTE N – 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)
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

Unrecognized pension and postretirement cost
(20,258
)
 
7,090

 
(13,168
)
Reclass adjustment for postretirement plan gain included in net income (2)
(1,452
)
 
508

 
(944
)
Amortization of net unrecognized pension and postretirement income (2)
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 income
12,875

 
(4,506
)
 
8,369

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

 
(707
)
 
1,312

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

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

 
$
(845
)
 
$
1,569

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

 
(1,967
)
Non-credit related unrealized gains 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 cost
(6,470
)
 
2,263

 
(4,207
)
Amortization of net unrecognized pension and postretirement income (2)
1,321

 
(462
)
 
859

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

 
$
(2,280
)


(1)
Amounts reclassified out of accumulated other comprehensive income. Before-tax amounts included within "Investment securities gains, net" on the consolidated statements of income. See Note C, "Investment Securities," for additional details.
(2)
Amounts reclassified out of accumulated other comprehensive income. Before-tax amounts included within "Salaries and employee benefits" on the consolidated statements of income. See Note M, "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, 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
)
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
)

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 8.0 million shares, or approximately 4.0% of its outstanding shares, through June 30, 2013. During 2013, the Corporation repurchased 8.0 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 was authorized to repurchase up to 4.0 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 program at an average cost of $12.45 per share, completing this repurchase program on February 19, 2014.

In May 2014, 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 4.0 million shares, or approximately 2.1% of its outstanding shares, through December 31, 2014. During the third quarter of 2014, the Corporation repurchased 4.0 million shares under this repurchase program at an average cost of $11.36 per share, completing this repurchase program on August 25, 2014.

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. The final number of shares to be repurchased under the ASR will depend upon the daily volume-weighted average prices of the Corporation’s shares, less a discount, over the term of the ASR. The ASR contains customary terms for such transactions, including mechanisms to determine the number of shares or the amount of cash that will be delivered at settlement, circumstances under which adjustments may be made to the transaction, circumstances under which the transaction may be terminated prior to its scheduled maturity and customary representations and warranties made by the parties. Final settlement of the ASR is scheduled for no later than April 17, 2015, and may occur earlier at the option of the third party.