| Components of 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, net of tax |
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. |
|