|
Other Comprehensive Income (Tables)
|
3 Months Ended |
|
Mar. 31, 2013
|
| Other Comprehensive Income [Abstract] |
|
| Components of other comprehensive income |
The components of other comprehensive income for the three-month periods ended March 31, 2013 and 2012, were as follows
| |
|
Three Months Ended |
| |
|
March 31, 2013 |
| |
|
Tax (Expense) |
| (dollar amounts in thousands) |
|
Pretax |
|
|
Benefit |
|
|
After-tax |
| Noncredit-related impairment recoveries (losses) on debt securities not expected to be sold |
$ |
5,894 |
|
$ |
(2,063) |
|
$ |
3,831 |
| Unrealized holding gains (losses) on available-for-sale debt securities arising during the period |
|
(8,847) |
|
|
3,062 |
|
|
(5,785) |
| Less: Reclassification adjustment for net losses (gains) included in net income |
|
454 |
|
|
(159) |
|
|
295 |
| Net change in unrealized holding gains (losses) on available-for-sale debt securities |
|
(2,499) |
|
|
840 |
|
|
(1,659) |
| |
|
|
|
|
|
|
|
|
| Net change in unrealized holding gains (losses) on available-for-sale equity securities |
|
220 |
|
|
(77) |
|
|
143 |
| |
|
|
|
|
|
|
|
|
| Unrealized gains (losses) on derivatives used in cash flow hedging relationships arising during the period |
|
(15,929) |
|
|
5,575 |
|
|
(10,354) |
| Less: Reclassification adjustment for net losses (gains) losses included in net income |
|
(4,026) |
|
|
1,410 |
|
|
(2,616) |
| Net change in unrealized gains (losses) on derivatives used in cash flow hedging relationships |
|
(19,955) |
|
|
6,985 |
|
|
(12,970) |
| |
|
|
|
|
|
|
|
|
| Amortization of net actuarial loss and prior service cost included in net income |
|
8,227 |
|
|
(2,879) |
|
|
5,348 |
| |
|
|
|
|
|
|
|
|
| Total other comprehensive income (loss) |
$ |
(14,007) |
|
$ |
4,869 |
|
$ |
(9,138) |
| |
|
|
|
|
|
|
|
|
| |
|
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 |
|
(39,669) |
|
|
13,877 |
|
|
(25,792) |
| Less: Reclassification adjustment for net losses (gains) losses included in net income |
|
24,793 |
|
|
(8,670) |
|
|
16,123 |
| Net change in unrealized gains (losses) on derivatives used in cash flow hedging relationships |
|
(14,876) |
|
|
5,207 |
|
|
(9,669) |
| |
|
|
|
|
|
|
|
|
| Amortization of net actuarial loss and prior service cost included in net income |
|
4,989 |
|
|
(1,746) |
|
|
3,243 |
| |
|
|
|
|
|
|
|
|
| Total other comprehensive income |
$ |
24,821 |
|
$ |
(8,874) |
|
$ |
15,947 |
| |
|
|
|
|
|
|
|
|
|
| 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, 2013 and 2012, 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, 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) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Balance, December 31, 2012 |
$ |
38,304 |
|
$ |
194 |
|
$ |
47,084 |
|
$ |
(236,399) |
|
$ |
(150,817) |
| |
Other comprehensive income before reclassifications |
|
(1,954) |
|
|
143 |
|
|
(10,354) |
|
|
--- |
|
|
(12,165) |
| |
Amounts reclassified from accumulated OCI |
|
295 |
|
|
--- |
|
|
(2,616) |
|
|
5,348 |
|
|
3,027 |
| Period change |
|
(1,659) |
|
|
143 |
|
|
(12,970) |
|
|
5,348 |
|
|
(9,138) |
| Balance, March 31, 2013 |
$ |
36,645 |
|
$ |
337 |
|
$ |
34,114 |
|
$ |
(231,051) |
|
$ |
(159,955) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1) Amount at March 31, 2013 and December 31, 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. |
|
| Reclassification Out Of Accumulated OCI |
| Reclassifications out of accumulated OCI |
| |
|
|
|
|
|
|
| |
|
|
Amounts |
|
Location of net gain (loss) |
|
| |
|
|
reclassified from |
|
reclassified from accumulated |
|
| Accumulated OCI components |
accumulated OCI |
OCI into earnings |
|
| |
|
|
|
|
|
|
| |
|
Three Months Ended |
|
|
| (dollar amounts in thousands) |
|
March 31, 2013 |
|
|
|
| |
|
|
|
|
|
|
| Gains (losses) on debt securities: |
|
|
|
|
|
| |
Amortization of unrealized gains (losses) |
$ |
55 |
|
Interest income - held-to-maturity securities - taxable |
|
| |
Realized gain (loss) on sale of securities |
|
187 |
|
Noninterest income - net gains (losses) on sale of securities |
|
| |
OTTI recorded |
|
(696) |
|
Noninterest income - net gains (losses) on sale of securities |
|
| |
|
|
(454) |
|
Total before tax |
|
| |
|
|
159 |
|
Tax (expense) benefit |
|
| |
|
$ |
(295) |
|
Net of tax |
|
| |
|
|
|
|
|
|
| Gains (losses) on cash flow hedging relationships: |
|
|
|
|
|
| |
Interest rate contracts |
$ |
3,916 |
|
Interest income - loans and leases |
|
| |
|
|
110 |
|
Noninterest income - other income |
|
| |
|
|
4,026 |
|
Total before tax |
|
| |
|
|
(1,410) |
|
Tax (expense) benefit |
|
| |
|
$ |
2,616 |
|
Net of tax |
|
| |
|
|
|
|
|
|
| Amortization of defined benefit pension and post-retirement items: |
|
|
|
| |
Actuarial gains (losses) |
$ |
(9,954) |
|
Noninterest expense - personnel costs |
|
| |
Prior service costs |
|
1,727 |
|
Noninterest expense - personnel costs |
|
| |
|
|
(8,227) |
|
Total before tax |
|
| |
|
|
2,879 |
|
Tax (expense) benefit |
|
| |
|
$ |
(5,348) |
|
Net of tax |
|
|