| Components of other comprehensive income |
The components of other comprehensive income for the three-month and nine-month periods ended September 30, 2013 and 2012, were as follows
| |
|
Three Months Ended |
| |
|
September 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 |
$ |
2,975 |
|
$ |
(1,041) |
|
$ |
1,934 |
| Unrealized holding gains (losses) on available-for-sale debt securities arising during the period |
|
4,388 |
|
|
(1,683) |
|
|
2,705 |
| Less: Reclassification adjustment for net losses (gains) included in net income |
|
3,023 |
|
|
(1,058) |
|
|
1,965 |
| Net change in unrealized holding gains (losses) on available-for-sale debt securities |
|
10,386 |
|
|
(3,782) |
|
|
6,604 |
| |
|
|
|
|
|
|
|
|
| Net change in unrealized holding gains (losses) on available-for-sale equity securities |
|
(121) |
|
|
45 |
|
|
(76) |
| |
|
|
|
|
|
|
|
|
| Unrealized gains (losses) on derivatives used in cash flow hedging relationships arising during the period |
|
26,672 |
|
|
(9,335) |
|
|
17,337 |
| Less: Reclassification adjustment for net (gains) losses included in net income |
|
(3,085) |
|
|
1,080 |
|
|
(2,005) |
| Net change in unrealized gains (losses) on derivatives used in cash flow hedging relationships |
|
23,587 |
|
|
(8,255) |
|
|
15,332 |
| |
|
|
|
|
|
|
|
|
| Re-measurement obligation |
|
79,532 |
|
|
(27,836) |
|
|
51,696 |
| Defined benefit pension items |
|
(31,672) |
|
|
11,085 |
|
|
(20,587) |
| Unrealized gains (losses) for pension and other post-retirement obligations |
|
47,860 |
|
|
(16,751) |
|
|
31,109 |
| |
|
|
|
|
|
|
|
|
| Total other comprehensive income (loss) |
$ |
81,712 |
|
$ |
(28,743) |
|
$ |
52,969 |
| |
|
|
|
|
|
|
|
|
| |
|
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 (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 |
| |
|
|
|
|
|
|
|
|
| |
|
Nine Months Ended |
| |
|
September 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 |
$ |
14,987 |
|
$ |
(5,245) |
|
$ |
9,742 |
| Unrealized holding gains (losses) on available-for-sale debt securities arising during the period |
|
(123,647) |
|
|
43,413 |
|
|
(80,234) |
| Less: Reclassification adjustment for net losses (gains) included in net income |
|
4,254 |
|
|
(1,489) |
|
|
2,765 |
| Net change in unrealized holding gains (losses) on available-for-sale debt securities |
|
(104,406) |
|
|
36,679 |
|
|
(67,727) |
| |
|
|
|
|
|
|
|
|
| Net change in unrealized holding gains (losses) on available-for-sale equity securities |
|
32 |
|
|
(12) |
|
|
20 |
| |
|
|
|
|
|
|
|
|
| Unrealized gains (losses) on derivatives used in cash flow hedging relationships arising during the period |
|
(71,579) |
|
|
25,053 |
|
|
(46,526) |
| Less: Reclassification adjustment for net (gains) losses included in net income |
|
(11,571) |
|
|
4,049 |
|
|
(7,522) |
| Net change in unrealized gains (losses) on derivatives used in cash flow hedging relationships |
|
(83,150) |
|
|
29,102 |
|
|
(54,048) |
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Re-measurement obligation |
|
79,532 |
|
|
(27,836) |
|
|
51,696 |
| Defined benefit pension items |
|
(15,217) |
|
|
5,326 |
|
|
(9,891) |
| Unrealized gains (losses) for pension and other post-retirement obligations |
|
64,315 |
|
|
(22,510) |
|
|
41,805 |
| |
|
|
|
|
|
|
|
|
| Total other comprehensive income (loss) |
$ |
(123,209) |
|
$ |
43,259 |
|
$ |
(79,950) |
| |
|
|
|
|
|
|
|
|
| |
|
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 (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 |
| |
|
|
|
|
|
|
|
|
|
| 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 nine-month period ended September 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 |
|
(70,492) |
|
|
20 |
|
|
(46,526) |
|
|
51,696 |
|
|
(65,302) |
| |
Amounts reclassified from accumulated OCI to earnings |
|
2,765 |
|
|
--- |
|
|
(7,522) |
|
|
(9,891) |
|
|
(14,648) |
| Period change |
|
(67,727) |
|
|
20 |
|
|
(54,048) |
|
|
41,805 |
|
|
(79,950) |
| Balance, September 30, 2013 |
$ |
(29,423) |
|
$ |
214 |
|
$ |
(6,964) |
|
$ |
(194,594) |
|
$ |
(230,767) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1) Amount at 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 |
|
|
Nine |
|
|
| |
|
Months Ended |
Months Ended |
|
| (dollar amounts in thousands) |
September 30, 2013 |
September 30, 2013 |
|
| |
|
|
|
|
|
|
|
|
| Gains (losses) on debt securities: |
|
|
|
|
|
|
|
| |
Amortization of unrealized gains (losses) |
$ |
187 |
|
$ |
303 |
|
Interest income - held-to-maturity securities - taxable |
| |
Realized gain (loss) on sale of securities |
|
(3,124) |
|
|
(2,755) |
|
Noninterest income - net gains (losses) on sale of securities |
| |
OTTI recorded |
|
(86) |
|
|
(1,802) |
|
Noninterest income - net gains (losses) on sale of securities |
| |
|
|
(3,023) |
|
|
(4,254) |
|
Total before tax |
| |
|
|
1,058 |
|
|
1,489 |
|
Tax (expense) benefit |
| |
|
$ |
(1,965) |
|
$ |
(2,765) |
|
Net of tax |
| |
|
|
|
|
|
|
|
|
| Gains (losses) on cash flow hedging relationships: |
|
|
|
|
|
| |
Interest rate contracts |
$ |
3,078 |
|
$ |
11,367 |
|
Interest income - loans and leases |
| |
Interest rate contracts |
|
7 |
|
|
204 |
|
Noninterest income - other income |
| |
|
|
3,085 |
|
|
11,571 |
|
Total before tax |
| |
|
|
(1,080) |
|
|
(4,049) |
|
Tax (expense) benefit |
| |
|
$ |
2,005 |
|
$ |
7,522 |
|
Net of tax |
| |
|
|
|
|
|
|
|
|
| Amortization of defined benefit pension and post-retirement items: |
|
|
| |
Actuarial gains (losses) |
$ |
(1,192) |
|
$ |
(21,101) |
|
Noninterest expense - personnel costs |
| |
Prior service costs |
|
--- |
|
|
3,454 |
|
Noninterest expense - personnel costs |
| |
Transition obligation |
|
|
|
|
|
|
|
| |
Curtailment |
|
32,864 |
|
|
32,864 |
|
Noninterest expense - personnel costs |
| |
|
|
31,672 |
|
|
15,217 |
|
Total before tax |
| |
|
|
(11,085) |
|
|
(5,326) |
|
Tax (expense) benefit |
| |
|
$ |
20,587 |
|
$ |
9,891 |
|
Net of tax |
|