Quarterly report pursuant to Section 13 or 15(d)

Other Comprehensive Income

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Other Comprehensive Income
 3 Months Ended
Sep. 30, 2012
Other Comprehensive Income [Abstract]  
OTHER COMPREHENSIVE INCOME

8. OTHER COMPREHENSIVE INCOME

 

The components of other comprehensive income for the three-month and nine-month periods ended September 30, 2012 and 2011, were as follows:

    Three Months Ended
    September 30, 2012
    Tax (Expense)
(dollar amounts in thousands)   Pretax     Benefit     After-tax
Noncredit-related impairment recoveries (losses) on debt securities not expected to be sold $ 9,322   $ (3,263)   $ 6,059
Unrealized holding gains (losses) on available-for-sale debt securities arising during the period   61,074     (21,608)     39,466
Less: Reclassification adjustment for net losses (gains) included in net income   (4,169)     1,459     (2,710)
Net change in unrealized holding gains (losses) on available-for-sale debt securities   66,227     (23,412)     42,815
                 
Net change in unrealized holding gains (losses) on available-for-sale equity securities   (26)     9     (17)
                 
Unrealized gains (losses) on derivatives used in cash flow hedging relationships arising during the period   21,595     (7,568)     14,027
Less: Reclassification adjustment for net losses (gains) losses included in net income   (13,298)     4,665     (8,633)
Net change in unrealized gains (losses) on derivatives used in cash flow hedging relationships   8,297     (2,903)     5,394
                 
Amortization of net actuarial loss and prior service cost included in net income   4,990     (1,747)     3,243
                 
Total other comprehensive income $ 79,488   $ (28,053)   $ 51,435
                 
    Three Months Ended
    September 30, 2011
    Tax (Expense)
(dollar amounts in thousands)   Pretax     Benefit     After-tax
Noncredit-related impairment recoveries (losses) on debt securities not expected to be sold $ (4,362)   $ 1,527   $ (2,835)
Unrealized holding gains (losses) on available-for-sale debt securities arising during the period   42,832     (15,180)     27,652
Less: Reclassification adjustment for net losses (gains) included in net income   1,350     (473)     877
Net change in unrealized holding gains (losses) on available-for-sale debt securities   39,820     (14,126)     25,694
                 
Net change in unrealized holding gains (losses) on available-for-sale equity securities   (197)     69     (128)
                 
Unrealized gains (losses) on derivatives used in cash flow hedging relationships arising during the period   25,338     (8,868)     16,470
Less: Reclassification adjustment for net losses (gains) losses included in net income   (3,844)     1,345     (2,499)
Net change in unrealized gains (losses) on derivatives used in cash flow hedging relationships   21,494     (7,523)     13,971
                 
Amortization of net actuarial loss and prior service cost included in net income   4,003     (1,401)     2,602
                 
Total other comprehensive income $ 65,120   $ (22,981)   $ 42,139
                 
    Nine Months Ended
    September 30, 2012
     
    Tax (expense)
(dollar amounts in thousands)   Pretax     Benefit     After-tax
Noncredit-related impairment recoveries (losses) on debt securities not expected to be sold $ 15,574   $ (5,451)   $ 10,123
Unrealized holding gains (losses) on available-for-sale debt securities arising during the period   92,436     (32,831)     59,605
Less: Reclassification adjustment for net losses (gains) included in net income   (3,906)     1,367     (2,539)
Net change in unrealized holding gains (losses) on available-for-sale debt securities   104,104     (36,915)     67,189
                 
Net change in unrealized holding gains (losses) on available-for-sale equity securities   361     (126)     235
                 
Unrealized gains (losses) on derivatives used in cash flow hedging relationships arising during the period   5,139     (1,810)     3,329
Less: Reclassification adjustment for net losses (gains) losses included in net income   13,428     (4,689)     8,739
Net change in unrealized gains (losses) on derivatives used in cash flow hedging relationships   18,567     (6,499)     12,068
                 
Amortization of net actuarial loss and prior service cost included in net income   14,968     (5,239)     9,729
                 
Total other comprehensive income $ 138,000   $ (48,779)   $ 89,221
                 
    Nine Months Ended
    September 30, 2011
     
    Tax (expense)
(dollar amounts in thousands)   Pretax     Benefit     After-tax
Noncredit-related impairment recoveries (losses) on debt securities not expected to be sold   11,079     (3,878)     7,201
Unrealized holding gains (losses) on available-for-sale debt securities arising during the period   132,575     (46,446)     86,129
Less: Reclassification adjustment for net losses (gains) included in net income   (197)     69     (128)
Net change in unrealized holding gains (losses) on available-for-sale debt securities   143,457     (50,255)     93,202
                 
Net change in unrealized holding gains (losses) on available-for-sale equity securities   (145)     50     (95)
                 
Unrealized gains (losses) on derivatives used in cash flow hedging relationships arising during the period   21,102     (7,374)     13,728
Less: Reclassification adjustment for net losses (gains) losses included in net income   3,795     (1,340)     2,455
Net change in unrealized gains (losses) on derivatives used in cash flow hedging relationships   24,897     (8,714)     16,183
                 
Amortization of net actuarial loss and prior service cost included in net income   12,003     (4,201)     7,802
                 
Total other comprehensive income $ 180,212   $ (63,120)   $ 117,092
                 

Activity in accumulated other comprehensive income (loss), net of tax, for the nine-month periods ended September 30, 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   93,202     (95)     16,183     7,802     117,092
Balance, September 30, 2011 $ (8,088)   $ (522)   $ 51,893   $ (123,687)   $ (80,404)
                             
Balance, December 31, 2011 $ (29,267)   $ (30)   $ 40,898   $ (185,364)   $ (173,763)
Period change   67,189     235     12,068     9,729     89,221
Balance, September 30, 2012 $ 37,922   $ 205   $ 52,966   $ (175,635)   $ (84,542)
                             
(1) Amount at September 30, 2012 includes $0.2 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.