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Shareholders' Equity | 12 Months Ended
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Dec. 31, 2016
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)
2016: |  |  |  |  |
Unrealized loss on securities | $ | (22,907 | ) |  | $ | 8,016 |  |  | $ | (14,891 | )
Reclassification adjustment for securities gains included in net income (1) | (2,550 | ) |  | 893 |  |  | (1,657 | )
Non-credit related unrealized loss on other-than-temporarily impaired debt securities | (285 | ) |  | 100 |  |  | (185 | )
Amortization of unrealized loss on derivative financial instruments (2) | 25 |  |  | (9 | ) |  | 16 |
Unrecognized pension and postretirement cost | (1,432 | ) |  | 501 |  |  | (931 | )
Amortization of net unrecognized pension and postretirement items (3) | 1,869 |  |  | (653 | ) |  | 1,216 |
Total Other Comprehensive Loss | $ | (25,280 | ) |  | $ | 8,848 |  |  | $ | (16,432 | )
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 |
Amortization of unrealized loss on derivative financial instruments (2) | 115 |  |  | (40 | ) |  | 75 |
Unrecognized pension and postretirement cost | 7,200 |  |  | (2,520 | ) |  | 4,680 |
Amortization of net unrecognized pension and postretirement items (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 |
Amortization of unrealized loss on derivative financial instruments (2) | 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 items (3) | 627 |  |  | (219 | ) |  | 408 |
Total Other Comprehensive Income | $ | 30,186 |  |  | $ | (10,567 | ) |  | $ | 19,619 |
(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) | Amounts reclassified out of accumulated other comprehensive loss. Before-tax amounts included in "Interest Expense" on the consolidated statements of income.
(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 |  | Unrealized Effective Portions of Losses on Forward-Starting Interest Rate Swaps |  | Unrecognized Pension and Postretirement Plan Income (Cost) |  | Total
| (in thousands)
Balance as of December 31, 2013 | $ | (27,510 | ) |  | $ | 1,652 |  |  | $ | (2,682 | ) |  | $ | (8,801 | ) |  | $ | (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 | ) |  | 136 |  |  | 408 |  |  | (783 | )
Balance as of December 31, 2014 | 5,980 |  |  | 1,349 |  |  | (2,546 | ) |  | (22,505 | ) |  | (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 | ) |  | 75 |  |  | 1,864 |  |  | (3,953 | )
Reclassification adjustment for loss on derivative financial instruments | — |  |  | — |  |  | 2,456 |  |  | — |  |  | 2,456 |
Balance as of December 31, 2015 | (6,499 | ) |  | 458 |  |  | (15 | ) |  | (15,961 | ) |  | (22,017 | )
Other comprehensive income (loss) before reclassifications | (14,891 | ) |  | (185 | ) |  | — |  |  | (931 | ) |  | (16,007 | )
Amounts reclassified from accumulated other comprehensive income (loss) | (1,657 | ) |  | — |  |  | 15 |  |  | 1,217 |  |  | (425 | )
Balance as of December 31, 2016 | $ | (23,047 | ) |  | $ | 273 |  |  | $ | — |  |  | $ | (15,675 | ) |  | $ | (38,449 | )
Common Stock Repurchase Plans In November 2016, the Corporation's board of directors approved an extension to 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, 2017. 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. During 2016, 1.5 million shares were repurchased under this program for a total cost of $18.5 million, or $12.48 per share. As of December 31, 2016, up to an additional $31.5 million of the Corporation's common stock may be repurchased under this program through December 31, 2017. 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 2014, the Corporation repurchased outstanding shares of its common stock under various repurchase programs approved by its board of directors. A total of 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.

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