| Components of 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, net of tax |
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. |
|