| Components of other comprehensive income |
The components of other comprehensive income for the three-month and six-month periods ended June 30, 2013 and 2012, were as follows
| |
|
Three Months Ended |
| |
|
June 30, 2013 |
| |
|
Tax (Expense) |
| (dollar amounts in thousands) |
|
Pretax |
|
|
Benefit |
|
|
After-tax |
| Noncredit-related impairment recoveries (losses) on debt securities not expected to be sold |
$ |
6,102 |
|
$ |
(2,157) |
|
$ |
3,945 |
| Unrealized holding gains (losses) on available-for-sale debt securities arising during the period |
|
(119,321) |
|
|
42,105 |
|
|
(77,216) |
| Less: Reclassification adjustment for net losses (gains) included in net income |
|
926 |
|
|
(327) |
|
|
599 |
| Net change in unrealized holding gains (losses) on available-for-sale debt securities |
|
(112,293) |
|
|
39,621 |
|
|
(72,672) |
| |
|
|
|
|
|
|
|
|
| Net change in unrealized holding gains (losses) on available-for-sale equity securities |
|
(68) |
|
|
21 |
|
|
(47) |
| |
|
|
|
|
|
|
|
|
| Unrealized gains (losses) on derivatives used in cash flow hedging relationships arising during the period |
|
(82,327) |
|
|
28,815 |
|
|
(53,512) |
| Less: Reclassification adjustment for net (gains) losses included in net income |
|
(4,459) |
|
|
1,561 |
|
|
(2,898) |
| Net change in unrealized gains (losses) on derivatives used in cash flow hedging relationships |
|
(86,786) |
|
|
30,376 |
|
|
(56,410) |
| |
|
|
|
|
|
|
|
|
| Amortization of net actuarial loss and prior service cost included in net income |
|
8,227 |
|
|
(2,879) |
|
|
5,348 |
| |
|
|
|
|
|
|
|
|
| Total other comprehensive income (loss) |
$ |
(190,920) |
|
$ |
67,139 |
|
$ |
(123,781) |
| |
|
|
|
|
|
|
|
|
| |
|
Three Months Ended |
| |
|
June 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 |
$ |
(713) |
|
|
250 |
|
|
(463) |
| Unrealized holding gains (losses) on available-for-sale debt securities arising during the period |
|
4,575 |
|
|
(1,661) |
|
|
2,914 |
| Less: Reclassification adjustment for net losses (gains) included in net income |
|
(350) |
|
|
123 |
|
|
(227) |
| Net change in unrealized holding gains (losses) on available-for-sale debt securities |
|
3,512 |
|
|
(1,288) |
|
|
2,224 |
| |
|
|
|
|
|
|
|
|
| Net change in unrealized holding gains (losses) on available-for-sale equity securities |
|
44 |
|
|
(15) |
|
|
29 |
| |
|
|
|
|
|
|
|
|
| Unrealized gains (losses) on derivatives used in cash flow hedging relationships arising during the period |
|
23,211 |
|
|
(8,117) |
|
|
15,094 |
| Less: Reclassification adjustment for net (gains) losses included in net income |
|
1,932 |
|
|
(683) |
|
|
1,249 |
| Net change in unrealized gains (losses) on derivatives used in cash flow hedging relationships |
|
25,143 |
|
|
(8,800) |
|
|
16,343 |
| |
|
|
|
|
|
|
|
|
| Amortization of net actuarial loss and prior service cost included in net income |
|
4,990 |
|
|
(1,747) |
|
|
3,243 |
| |
|
|
|
|
|
|
|
|
| Total other comprehensive income |
$ |
33,689 |
|
$ |
(11,850) |
|
$ |
21,839 |
| |
|
|
|
|
|
|
|
|
| |
|
Six Months Ended |
| |
|
June 30, 2013 |
| |
|
|
| |
|
Tax (expense) |
| (dollar amounts in thousands) |
|
Pretax |
|
|
Benefit |
|
|
After-tax |
| Noncredit-related impairment recoveries (losses) on debt securities not expected to be sold |
$ |
11,996 |
|
$ |
(4,242) |
|
$ |
7,754 |
| Unrealized holding gains (losses) on available-for-sale debt securities arising during the period |
|
(128,019) |
|
|
45,138 |
|
|
(82,881) |
| Less: Reclassification adjustment for net losses (gains) included in net income |
|
1,231 |
|
|
(435) |
|
|
796 |
| Net change in unrealized holding gains (losses) on available-for-sale debt securities |
|
(114,792) |
|
|
40,461 |
|
|
(74,331) |
| |
|
|
|
|
|
|
|
|
| Net change in unrealized holding gains (losses) on available-for-sale equity securities |
|
152 |
|
|
(56) |
|
|
96 |
| |
|
|
|
|
|
|
|
|
| Unrealized gains (losses) on derivatives used in cash flow hedging relationships arising during the period |
|
(98,254) |
|
|
34,389 |
|
|
(63,865) |
| Less: Reclassification adjustment for net (gains) losses included in net income |
|
(8,485) |
|
|
2,970 |
|
|
(5,515) |
| Net change in unrealized gains (losses) on derivatives used in cash flow hedging relationships |
|
(106,739) |
|
|
37,359 |
|
|
(69,380) |
| |
|
|
|
|
|
|
|
|
| Amortization of net actuarial loss and prior service cost included in net income |
|
16,455 |
|
|
(5,759) |
|
|
10,696 |
| |
|
|
|
|
|
|
|
|
| Total other comprehensive income |
$ |
(204,924) |
|
$ |
72,005 |
|
$ |
(132,919) |
| |
|
|
|
|
|
|
|
|
| |
|
Six Months Ended |
| |
|
June 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 |
|
6,252 |
|
|
(2,188) |
|
|
4,064 |
| Unrealized holding gains (losses) on available-for-sale debt securities arising during the period |
|
31,362 |
|
|
(11,223) |
|
|
20,139 |
| Less: Reclassification adjustment for net losses (gains) included in net income |
|
263 |
|
|
(92) |
|
|
171 |
| Net change in unrealized holding gains (losses) on available-for-sale debt securities |
|
37,877 |
|
|
(13,503) |
|
|
24,374 |
| |
|
|
|
|
|
|
|
|
| Net change in unrealized holding gains (losses) on available-for-sale equity securities |
|
387 |
|
|
(135) |
|
|
252 |
| |
|
|
|
|
|
|
|
|
| Unrealized gains (losses) on derivatives used in cash flow hedging relationships arising during the period |
|
(16,457) |
|
|
5,759 |
|
|
(10,698) |
| Less: Reclassification adjustment for net (gains) losses included in net income |
|
26,725 |
|
|
(9,353) |
|
|
17,372 |
| Net change in unrealized gains (losses) on derivatives used in cash flow hedging relationships |
|
10,268 |
|
|
(3,594) |
|
|
6,674 |
| |
|
|
|
|
|
|
|
|
| Amortization of net actuarial loss and prior service cost included in net income |
|
9,979 |
|
|
(3,493) |
|
|
6,486 |
| |
|
|
|
|
|
|
|
|
| Total other comprehensive income |
$ |
58,511 |
|
$ |
(20,725) |
|
$ |
37,786 |
| |
|
|
|
|
|
|
|
|
|
| Activity in accumulated other comprehensive income, net of tax |
The following table presents activity in accumulated other comprehensive income (loss), net of tax, for the six-month period ended June 30, 2013:
| (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, 2012 |
$ |
38,304 |
|
$ |
194 |
|
$ |
47,084 |
|
$ |
(236,399) |
|
$ |
(150,817) |
| |
Other comprehensive income before reclassifications |
|
(75,127) |
|
|
96 |
|
|
(63,865) |
|
|
--- |
|
|
(138,896) |
| |
Amounts reclassified from accumulated OCI |
|
796 |
|
|
--- |
|
|
(5,515) |
|
|
10,696 |
|
|
5,977 |
| Period change |
|
(74,331) |
|
|
96 |
|
|
(69,380) |
|
|
10,696 |
|
|
(132,919) |
| Balance, June 30, 2013 |
$ |
(36,027) |
|
$ |
290 |
|
$ |
(22,296) |
|
$ |
(225,703) |
|
$ |
(283,736) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1) Amount at June 30, 2013 and December 31, 2012 includes $0.1 million and $0.2 million, respectively, 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 |
|
|
Six |
|
|
| |
|
Months Ended |
Months Ended |
|
| (dollar amounts in thousands) |
June 30, 2013 |
June 30, 2013 |
|
| |
|
|
|
|
|
|
|
|
| Gains (losses) on debt securities: |
|
|
|
|
|
|
|
| |
Amortization of unrealized gains (losses) |
$ |
60 |
|
$ |
115 |
|
Interest income - held-to-maturity securities - taxable |
| |
Realized gain (loss) on sale of securities |
|
34 |
|
|
370 |
|
Noninterest income - net gains (losses) on sale of securities |
| |
OTTI recorded |
|
(1,020) |
|
|
(1,716) |
|
Noninterest income - net gains (losses) on sale of securities |
| |
|
|
(926) |
|
|
(1,231) |
|
Total before tax |
| |
|
|
327 |
|
|
435 |
|
Tax (expense) benefit |
| |
|
$ |
(599) |
|
$ |
(796) |
|
Net of tax |
| |
|
|
|
|
|
|
|
|
| Gains (losses) on cash flow hedging relationships: |
|
|
|
|
|
| |
Interest rate contracts |
$ |
4,374 |
|
$ |
8,290 |
|
Interest income - loans and leases |
| |
Interest rate contracts |
|
85 |
|
|
195 |
|
Noninterest income - other income |
| |
|
|
4,459 |
|
|
8,485 |
|
Total before tax |
| |
|
|
(1,561) |
|
|
(2,970) |
|
Tax (expense) benefit |
| |
|
$ |
2,898 |
|
$ |
5,515 |
|
Net of tax |
| |
|
|
|
|
|
|
|
|
| Amortization of defined benefit pension and post-retirement items: |
|
|
| |
Actuarial gains (losses) |
$ |
(9,954) |
|
$ |
(19,909) |
|
Noninterest expense - personnel costs |
| |
Prior service costs |
|
1,727 |
|
|
3,454 |
|
Noninterest expense - personnel costs |
| |
|
|
(8,227) |
|
|
(16,455) |
|
Total before tax |
| |
|
|
2,879 |
|
|
5,759 |
|
Tax (expense) benefit |
| |
|
$ |
(5,348) |
|
$ |
(10,696) |
|
Net of tax |
|