| Components of other comprehensive income |
|
|
2014 |
|
|
|
Tax (expense) |
|
| (dollar amounts in thousands) |
|
Pretax |
|
|
Benefit |
|
|
After-tax |
|
|
|
|
|
|
|
|
|
| Noncredit-related impairment recoveries (losses) on debt securities not expected to be sold |
$ |
13,583 |
|
$ |
(4,803) |
|
$ |
8,780 |
| Unrealized holding gains (losses) on available-for-sale debt securities arising during the period |
|
86,618 |
|
|
(30,914) |
|
|
55,704 |
| Less: Reclassification adjustment for net gains (losses) included in net income |
|
(15,559) |
|
|
5,446 |
|
|
(10,113) |
| Net change in unrealized holding gains (losses) on available-for-sale debt securities |
|
84,642 |
|
|
(30,271) |
|
|
54,371 |
|
|
|
|
|
|
|
|
|
| Net change in unrealized holding gains (losses) on available-for-sale equity securities |
|
295 |
|
|
(103) |
|
|
192 |
|
|
|
|
|
|
|
|
|
| Unrealized gains and losses on derivatives used in cash flow hedging relationships arising during the period |
|
14,141 |
|
|
(4,949) |
|
|
9,192 |
| Less: Reclassification adjustment for net losses (gains) included in net income |
|
(3,971) |
|
|
1,390 |
|
|
(2,581) |
| Net change in unrealized gains (losses) on derivatives used in cash flow hedging relationships |
|
10,170 |
|
|
(3,559) |
|
|
6,611 |
|
|
|
|
|
|
|
|
|
| Change in pension and post-retirement obligations |
|
(106,857) |
|
|
37,400 |
|
|
(69,457) |
|
|
|
|
|
|
|
|
|
| Total other comprehensive income (loss) |
$ |
(11,750) |
|
$ |
3,467 |
|
$ |
(8,283) |
|
|
|
|
|
|
|
|
|
|
|
2013 |
|
|
|
Tax (expense) |
|
| (dollar amounts in thousands) |
|
Pretax |
|
|
Benefit |
|
|
After-tax |
| Noncredit-related impairment recoveries (losses) on debt securities not expected to be sold |
$ |
235 |
|
$ |
(82) |
|
$ |
153 |
| Unrealized holding gains (losses) on available-for-sale debt securities arising during the period |
|
(125,919) |
|
|
44,191 |
|
|
(81,728) |
| Less: Reclassification adjustment for net gains (losses) included in net income |
|
6,211 |
|
|
(2,174) |
|
|
4,037 |
| Net change in unrealized holding gains (losses) on available-for-sale debt securities |
|
(119,473) |
|
|
41,935 |
|
|
(77,538) |
|
|
|
|
|
|
|
|
|
| Net change in unrealized holding gains (losses) on available-for-sale equity securities |
|
151 |
|
|
(53) |
|
|
98 |
|
|
|
|
|
|
|
|
|
| Unrealized gains and losses on derivatives used in cash flow hedging relationships arising during the period |
|
(86,240) |
|
|
30,184 |
|
|
(56,056) |
| Less: Reclassification adjustment for net (gains) losses included in net income |
|
(15,188) |
|
|
5,316 |
|
|
(9,872) |
| Net change in unrealized (losses) gains on derivatives used in cash flow hedging relationships |
|
(101,428) |
|
|
35,500 |
|
|
(65,928) |
|
|
|
|
|
|
|
|
|
| Re-measurement obligation |
|
136,452 |
|
|
(47,758) |
|
|
88,694 |
| Defined benefit pension items |
|
(13,106) |
|
|
4,588 |
|
|
(8,518) |
| Net change in pension and post-retirement obligations |
|
123,346 |
|
|
(43,170) |
|
|
80,176 |
|
|
|
|
|
|
|
|
|
| Total other comprehensive income (loss) |
$ |
(97,404) |
|
$ |
34,212 |
|
$ |
(63,192) |
|
|
|
|
|
|
|
|
|
|
|
2012 |
|
|
|
Tax (expense) |
|
| (dollar amounts in thousands) |
|
Pretax |
|
|
Benefit |
|
|
After-tax |
| Noncredit-related impairment recoveries (losses) on debt securities not expected to be sold |
$ |
19,215 |
|
$ |
(6,725) |
|
$ |
12,490 |
| Unrealized holding gains (losses) on available-for-sale debt securities arising during the period |
|
90,318 |
|
|
(32,137) |
|
|
58,181 |
| Less: Reclassification adjustment for net gains (losses) included in net income |
|
(4,769) |
|
|
1,669 |
|
|
(3,100) |
| Net change in unrealized holding gains (losses) on available-for-sale debt securities |
|
104,764 |
|
|
(37,193) |
|
|
67,571 |
|
|
|
|
|
|
|
|
|
| Net change in unrealized holding gains (losses) on available-for-sale equity securities |
|
344 |
|
|
(120) |
|
|
224 |
|
|
|
|
|
|
|
|
|
| Unrealized gains and losses on derivatives used in cash flow hedging relationships arising during the period |
|
(5,476) |
|
|
1,907 |
|
|
(3,569) |
| Less: Reclassification adjustment for net losses (gains) losses included in net income |
|
14,992 |
|
|
(5,237) |
|
|
9,755 |
| Net change in unrealized gains (losses) on derivatives used in cash flow hedging relationships |
|
9,516 |
|
|
(3,330) |
|
|
6,186 |
|
|
|
|
|
|
|
|
|
| Net actuarial gains (losses) arising during the year |
|
(105,527) |
|
|
36,934 |
|
|
(68,593) |
| Amortization of net actuarial loss and prior service cost included in income |
|
27,013 |
|
|
(9,455) |
|
|
17,558 |
| Net change in pension and post-retirement obligations |
|
(78,514) |
|
|
27,479 |
|
|
(51,035) |
|
|
|
|
|
|
|
|
|
| Total other comprehensive income (loss) |
$ |
36,110 |
|
$ |
(13,164) |
|
$ |
22,946 |
|
| Activity in accumulated other comprehensive income, net of tax |
Activity in accumulated OCI for the three years ended December 31, 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, 2012 |
|
38,304 |
|
|
194 |
|
|
47,084 |
|
|
(236,399) |
|
|
(150,817) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other comprehensive income before reclassifications |
|
(81,575) |
|
|
98 |
|
|
(56,056) |
|
|
88,694 |
|
|
(48,839) |
| Amounts reclassified from accumulated OCI to earnings |
|
4,037 |
|
|
--- |
|
|
(9,872) |
|
|
(8,518) |
|
|
(14,353) |
| Period change |
|
(77,538) |
|
|
98 |
|
|
(65,928) |
|
|
80,176 |
|
|
(63,192) |
| Balance, December 31, 2013 |
|
(39,234) |
|
|
292 |
|
|
(18,844) |
|
|
(156,223) |
|
|
(214,009) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other comprehensive income before reclassifications |
|
64,484 |
|
|
192 |
|
|
9,192 |
|
|
--- |
|
|
73,868 |
| Amounts reclassified from accumulated OCI to earnings |
|
(10,113) |
|
|
--- |
|
|
(2,581) |
|
|
(69,457) |
|
|
(82,151) |
| Period change |
|
54,371 |
|
|
192 |
|
|
6,611 |
|
|
(69,457) |
|
|
(8,283) |
| Balance, December 31, 2014 |
$ |
15,137 |
|
$ |
484 |
|
$ |
(12,233) |
|
$ |
(225,680) |
|
$ |
(222,292) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1) Amount at December 31, 2014 includes $0.8 million of net unrealized gains on securities transferred from the available-for-sale securities portfolio to the held-to-maturity securities portfolio in prior years. 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 reclassed |
|
Location of net gain (loss) |
| Accumulated OCI components |
|
from accumulated OCI |
|
reclassified from accumulated OCI into earnings |
|
|
|
|
|
|
|
|
|
| (dollar amounts in thousands) |
|
2014 |
|
|
2013 |
|
|
|
|
|
|
|
|
|
|
|
| Gains (losses) on debt securities: |
|
|
|
|
|
|
|
|
Amortization of unrealized gains (losses) |
$ |
597 |
$ |
|
482 |
|
Interest income - held-to-maturity securities - taxable |
|
Realized gain (loss) on sale of securities |
|
14,962 |
|
|
(4,891) |
|
Noninterest income - net gains (losses) on sale of securities |
|
OTTI recorded |
|
--- |
|
|
(1,802) |
|
Noninterest income - net gains (losses) on sale of securities |
|
|
|
15,559 |
|
|
(6,211) |
|
Total before tax |
|
|
|
(5,446) |
|
|
2,174 |
|
Tax (expense) benefit |
|
|
$ |
10,113 |
$ |
|
(4,037) |
|
Net of tax |
|
|
|
|
|
|
|
|
|
| Gains (losses) on cash flow hedging relationships: |
|
|
|
|
|
|
Interest rate contracts |
$ |
4,064 |
$ |
|
14,979 |
|
Interest and fee income - loans and leases |
|
Interest rate contracts |
|
--- |
|
|
209 |
|
Interest and fee income - investment securities |
|
Interest rate contracts |
|
(93) |
|
|
--- |
|
Noninterest expense - other income |
|
|
|
3,971 |
|
|
15,188 |
|
Total before tax |
|
|
|
(1,390) |
|
|
(5,316) |
|
Tax (expense) benefit |
|
|
$ |
2,581 |
$ |
|
9,872 |
|
Net of tax |
|
|
|
|
|
|
|
|
|
| Amortization of defined benefit pension and post-retirement items: |
|
|
|
|
|
Actuarial gains (losses) |
$ |
106,857 |
$ |
|
(22,293) |
|
Noninterest expense - personnel costs |
|
Prior service costs |
|
--- |
|
|
3,454 |
|
Noninterest expense - personnel costs |
|
Other |
|
--- |
|
|
(919) |
|
Noninterest expense - personnel costs |
|
Curtailment |
|
--- |
|
|
32,864 |
|
Noninterest expense - personnel costs |
|
|
|
106,857 |
|
|
13,106 |
|
Total before tax |
|
|
|
(37,400) |
|
|
(4,588) |
|
Tax (expense) benefit |
|
|
$ |
69,457 |
$ |
|
8,518 |
|
Net of tax |
|