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ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
 12 Months Ended
Dec. 31, 2014
Accumulated Other Comprehensive Income (Loss), Net of Tax.  
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

 

20.ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

 

The following table presents the components of other comprehensive income (loss) for the years ended December 31, 2014, 2013 and 2012, by component:

 

 

 

Before Tax

 

Tax Effect

 

Net of Tax

 

 

 

(Dollars in thousands)

 

Year Ended December 31, 2014

 

 

 

 

 

 

 

Net unrealized gains on investment securities:

 

 

 

 

 

 

 

Net unrealized gains arising during the period

 

$
36,780

 

$
14,714

 

$
22,066

 

Less: Reclassification adjustment for losses realized in net income

 
1,071

 
426

 
645

 

Net unrealized gains on investment securities

 
37,851

 
15,140

 
22,711

 

 

 

 

 

 

 

 

 

Defined benefit plans:

 

 

 

 

 

 

 

Net actuarial losses arising during the period

 
(7,409

)
(3,052

)
(4,357

)

Amortization of net actuarial losses

 
1,070

 
441

 
629

 

Amortization of net transition obligation

 
17

 
7

 
10

 

Amortization of prior service cost

 
18

 
7

 
11

 

Defined benefit plans, net

 
(6,304

)
(2,597

)
(3,707

)

 

 

 

 

 

 

 

 

Other comprehensive income

 

$
31,547

 

$
12,543

 

$
19,004

 

 

 

 

 

 

 

 

 

Year Ended December 31, 2013

 

 

 

 

 

 

 

Net unrealized losses on investment securities:

 

 

 

 

 

 

 

Net unrealized losses arising during the period

 

$
(43,687

)

$
(15,577

)

$
(28,110

)

Less: Reclassification adjustment for gains realized in net income

 
(6,266

)
(2,511

)
(3,755

)

Net unrealized losses on investment securities

 
(49,953

)
(18,088

)
(31,865

)

 

 

 

 

 

 

 

 

Net unrealized gains on derivatives:

 

 

 

 

 

 

 

Reclassification adjustment for losses realized in net income

 
394

 
(10,599

)
10,993

 

Net unrealized gains on derivatives

 
394

 
(10,599

)
10,993

 

 

 

 

 

 

 

 

 

Defined benefit plans:

 

 

 

 

 

 

 

Net actuarial gains arising during the period

 
6,952

 
2,591

 
4,361

 

Amortization of net actuarial losses

 
2,461

 
986

 
1,475

 

Amortization of net transition obligation

 
17

 
7

 
10

 

Amortization of prior service cost

 
18

 
7

 
11

 

Defined benefit plans, net

 
9,448

 
3,591

 
5,857

 

 

 

 

 

 

 

 

 

Other comprehensive loss

 

$
(40,111

)

$
(25,096

)

$
(15,015

)

 

 

 

 

Before Tax

 

Tax Effect

 

Net of Tax

 

 

 

(Dollars in thousands)

 

Year Ended December 31, 2012

 

 

 

 

 

 

 

Net unrealized losses on investment securities:

 

 

 

 

 

 

 

Net unrealized losses arising during the period

 

$
(2,653

)

$

—

 

$
(2,653

)

Less: Reclassification adjustment for losses realized in net income

 
1,382

 

—

 
1,382

 

Net unrealized losses on investment securities

 
(1,271

)

—

 
(1,271

)

 

 

 

 

 

 

 

 

Net unrealized losses on derivatives:

 

 

 

 

 

 

 

Reclassification adjustment for gains realized in net income

 
(434

)

—

 
(434

)

Net unrealized losses on derivatives

 
(434

)

—

 
(434

)

 

 

 

 

 

 

 

 

Defined benefit plans:

 

 

 

 

 

 

 

Net actuarial losses arising during the period

 
(3,653

)

—

 
(3,653

)

Amortization of net actuarial losses

 
2,381

 
51

 
2,330

 

Amortization of net transition obligation

 
17

 

—

 
17

 

Amortization of prior service cost

 
17

 

—

 
17

 

Defined benefit plans, net

 
(1,238

)
51

 
(1,289

)

 

 

 

 

 

 

 

 

Other comprehensive loss

 

$
(2,943

)

$
51

 

$
(2,994

)

 

The following table presents the changes in each component of AOCI, net of tax, for the years ended December 31, 2014, 2013 and 2012:

 

 

 

 

 

 

 

Defined

 

Accumulated Other

 

 

 

Investment

 

 

 

Benefit

 

Comprehensive

 

 

 

Securities

 

Derivatives

 

Plans

 

Income (Loss)

 

 

 

(Dollars in thousands)

 

Year Ended December 31, 2014

 

 

 

 

 

 

 

 

 

Balance at beginning of period

 

$
(9,125

)

$

—

 

$
(6,720

)

$
(15,845

)

 

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss) before reclassifications

 
22,066

 

—

 
(4,357

)
17,709

 

Amounts reclassified from AOCI

 
645

 

—

 
650

 
1,295

 

Total other comprehensive income (loss)

 
22,711

 

—

 
(3,707

)
19,004

 

Balance at end of period

 

$
13,586

 

$

—

 

$
(10,427

)

$
3,159

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 2013

 

 

 

 

 

 

 

 

 

Balance at beginning of period

 

$
22,740

 

$
(10,993

)

$
(12,577

)

$
(830

)

 

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss) before reclassifications

 
(28,110

)

—

 
4,361

 
(23,749

)

Amounts reclassified from AOCI

 
(3,755

)
10,993

 
1,496

 
8,734

 

Total other comprehensive income (loss)

 
(31,865

)
10,993

 
5,857

 
(15,015

)

Balance at end of period

 

$
(9,125

)

$

—

 

$
(6,720

)

$
(15,845

)

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 2012

 

 

 

 

 

 

 

 

 

Balance at beginning of period

 

$
24,011

 

$
(10,559

)

$
(11,288

)

$
2,164

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive loss before reclassifications

 
(2,653

)

—

 
(3,653

)
(6,306

)

Amounts reclassified from AOCI

 
1,382

 
(434

)
2,364

 
3,312

 

Total other comprehensive loss

 
(1,271

)
(434

)
(1,289

)
(2,994

)

Balance at end of period

 

$
22,740

 

$
(10,993

)

$
(12,577

)

$
(830

)

 

 

The following table presents the amounts reclassified out of each component of AOCI for the years ended December 31, 2014, 2013 and 2012:

 

 

 

Amount Reclassified from AOCI

 

Affected Line Item in the

 

Details about AOCI Components

 

Year ended December 31,

 

Statement Where Net

 

(Dollars in thousands)

 

2014

 

2013

 

2012

 

Income is Presented

 

 

 

 

 

 

 

 

 

 

 

Sale of investment securities available for sale

 

$
(1,071

)

$
6,266

 

$
(1,382

)

Investment securities gains

 

 

 
426

 
(2,511

)

—

 

Tax (expense) benefit

 

 

 

$
(645

)

$
3,755

 

$
(1,382

)

Net of tax

 

 

 

 

 

 

 

 

 

 

 

Unrealized gains (losses) on derivatives

 

$

—

 

$
(394

)

$
434

 

Interest income

 

 

 

 —

 
(10,599

)

—

 

Tax expense

 

 

 

$

—

 

$
(10,993

)

$
434

 

Net of tax

 

 

 

 

 

 

 

 

 

 

 

Amortization of defined benefit plan items

 

 

 

 

 

 

 

 

 

Net actuarial losses

 

$
(1,070

)

$
(2,461

)

$
(2,381

)

(1)

 

Net transition obligation

 
(17

)
(17

)
(17

)

(1)

 

Prior service cost

 
(18

)
(18

)
(17

)

(1)

 

 

 
(1,105

)
(2,496

)
(2,415

)

Total before tax

 

 

 
455

 
1,000

 
51

 

Tax benefit

 

 

 

$
(650

)

$
(1,496

)

$
(2,364

)

Net of tax

 

 

 

 

 

 

 

 

 

 

 

Total reclassifications for the period

 

$
(1,295

)

$
(8,734

)

$
(3,312

)

Net of tax

 

 

 

(1) These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 16 for additional details).