Quarterly report pursuant to Section 13 or 15(d)

Other Comprehensive Income

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Other Comprehensive Income
 3 Months Ended
Mar. 31, 2012
Other Comprehensive Income [Abstract]  
OTHER COMPREHENSIVE INCOME

8. OTHER COMPREHENSIVE INCOME

 

The components of other comprehensive income for the three-month periods ended March 31, 2012 and 2011, were as follows:

    Three Months Ended
    March 31, 2012
    Tax (Expense)
(dollar amounts in thousands)   Pretax     Benefit     After-tax
Noncredit-related impairment recoveries (losses) on debt securities not expected to be sold $ 6,964   $ (2,437)   $ 4,527
Unrealized holding gains (losses) on available-for-sale debt securities arising during the period   26,788     (9,563)     17,225
Less: Reclassification adjustment for net losses (gains) included in net income   613     (215)     398
Net change in unrealized holding gains (losses) on available-for-sale debt securities   34,365     (12,215)     22,150
                 
Net change in unrealized holding gains (losses) on available-for-sale equity securities   343     (120)     223
                 
Unrealized gains (losses) on derivatives used in cash flow hedging relationships arising during the period   (14,876)     5,207     (9,669)
                 
Change in pension and post-retirement benefit plan assets and liabilities   4,989     (1,746)     3,243
                 
Total other comprehensive income (loss) $ 24,821   $ (8,874)   $ 15,947
                 
    Three Months Ended
    March 31, 2011
    Tax (Expense)
(dollar amounts in thousands)   Pretax     Benefit     After-tax
Noncredit-related impairment recoveries (losses) on debt securities not expected to be sold $ 14,041   $ (4,914)   $ 9,127
Unrealized holding gains (losses) on available-for-sale debt securities arising during the period   (5,725)     1,975     (3,750)
Less: Reclassification adjustment for net losses (gains) included in net income   (40)     14     (26)
Net change in unrealized holding gains (losses) on available-for-sale debt securities   8,276     (2,925)     5,351
                 
Net change in unrealized holding gains (losses) on available-for-sale equity securities   70     (24)     46
                 
Unrealized gains (losses) on derivatives used in cash flow hedging relationships arising during the period   (22,188)     7,766     (14,422)
                 
Change in pension and post-retirement benefit plan assets and liabilities   4,000     (1,400)     2,600
                 
Total other comprehensive income (loss) $ (9,842)   $ 3,417   $ (6,425)
                 
                 
                 

Activity in accumulated other comprehensive income (loss), net of tax, for the three-month periods ended March 31, 2012 and 2011, were as follows:

(dollar amounts in thousands)   Unrealized gains and (losses) on debt securities (1)     Unrealized gains and (losses) on equity securities     Unrealized gains and (losses) on cash flow hedging derivatives     Unrealized gains (losses) for pension and other post-retirement obligations     Total
Balance, December 31, 2010 $ (101,290)   $ (427)   $ 35,710   $ (131,489)   $ (197,496)
Period change   5,351     46     (14,422)     2,600     (6,425)
Balance, March 31, 2011 $ (95,939)   $ (381)   $ 21,288   $ (128,889)   $ (203,921)
                             
Balance, December 31, 2011 $ (29,267)   $ (30)   $ 40,898   $ (185,364)   $ (173,763)
Period change   22,150     223     (9,669)     3,243     15,947
Balance, March 31, 2012 $ (7,117)   $ 193   $ 31,229   $ (182,121)   $ (157,816)
                             
(1) Amount at March 31, 2012 includes $0.3 million of net unrealized gains on securities transferred from the available-for-sale securities portfolio to the held-to-maturity securities portfolio. The net unrealized gains will be recognized in earnings over the remaining life of the security using the effective interest method.