|
Other Comprehensive Income (Tables)
|
3 Months Ended |
|
Mar. 31, 2015
|
| Other Comprehensive Income [Abstract] |
|
| Components of other comprehensive income |
The components of other comprehensive income for the three-month periods ended March 31, 2015 and 2014, were as follows
|
|
Three Months Ended |
|
|
March 31, 2015 |
|
|
Tax (Expense) |
| (dollar amounts in thousands) |
|
Pretax |
|
|
Benefit |
|
|
After-tax |
|
|
|
|
|
|
|
|
|
| Noncredit-related impairment recoveries (losses) on debt securities not expected to be sold |
$ |
5,245 |
|
$ |
(1,855) |
|
$ |
3,390 |
| Unrealized holding gains (losses) on available-for-sale debt securities arising during the period |
|
60,503 |
|
|
(21,477) |
|
|
39,026 |
| Less: Reclassification adjustment for net losses (gains) included in net income |
|
(121) |
|
|
42 |
|
|
(79) |
| Net change in unrealized holding gains (losses) on available-for-sale debt securities |
|
65,627 |
|
|
(23,290) |
|
|
42,337 |
|
|
|
|
|
|
|
|
|
| Net change in unrealized holding gains (losses) on available-for-sale equity securities |
|
9 |
|
|
(3) |
|
|
6 |
|
|
|
|
|
|
|
|
|
| Unrealized gains (losses) on derivatives used in cash flow hedging relationships arising during the period |
|
28,144 |
|
|
(9,850) |
|
|
18,294 |
| Less: Reclassification adjustment for net (gains) losses included in net income |
|
(123) |
|
|
43 |
|
|
(80) |
| Net change in unrealized gains (losses) on derivatives used in cash flow hedging relationships |
|
28,021 |
|
|
(9,807) |
|
|
18,214 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net change in pension and other post-retirement obligations |
|
1,389 |
|
|
(486) |
|
|
903 |
|
|
|
|
|
|
|
|
|
| Total other comprehensive income (loss) |
$ |
95,046 |
|
$ |
(33,586) |
|
$ |
61,460 |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
March 31, 2014 |
|
|
Tax (Expense) |
| (dollar amounts in thousands) |
|
Pretax |
|
|
Benefit |
|
|
After-tax |
| Noncredit-related impairment recoveries (losses) on debt securities not expected to be sold |
$ |
7,408 |
|
$ |
(2,619) |
|
$ |
4,789 |
| Unrealized holding gains (losses) on available-for-sale debt securities arising during the period |
|
26,245 |
|
|
(9,332) |
|
|
16,913 |
| Less: Reclassification adjustment for net losses (gains) included in net income |
|
(15,375) |
|
|
5,381 |
|
|
(9,994) |
| Net change in unrealized holding gains (losses) on available-for-sale debt securities |
|
18,278 |
|
|
(6,570) |
|
|
11,708 |
|
|
|
|
|
|
|
|
|
| Net change in unrealized holding gains (losses) on available-for-sale equity securities |
|
53 |
|
|
(19) |
|
|
34 |
|
|
|
|
|
|
|
|
|
| Unrealized gains (losses) on derivatives used in cash flow hedging relationships arising during the period |
|
2,805 |
|
|
(982) |
|
|
1,823 |
| Less: Reclassification adjustment for net (gains) losses included in net income |
|
(2,892) |
|
|
1,012 |
|
|
(1,880) |
| Net change in unrealized gains (losses) on derivatives used in cash flow hedging relationships |
|
(87) |
|
|
30 |
|
|
(57) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net change in pension and other post-retirement obligations |
|
888 |
|
|
(311) |
|
|
577 |
|
|
|
|
|
|
|
|
|
| Total other comprehensive income (loss) |
$ |
19,132 |
|
$ |
(6,870) |
|
$ |
12,262 |
|
|
|
|
|
|
|
|
|
|
| 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 three-month periods ended March 31, 2015 and 2014:
| (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, 2013 |
$ |
(39,234) |
|
$ |
292 |
|
$ |
(18,844) |
|
$ |
(156,223) |
|
$ |
(214,009) |
|
Other comprehensive income before reclassifications |
|
21,702 |
|
|
34 |
|
|
1,823 |
|
|
--- |
|
|
23,559 |
|
Amounts reclassified from accumulated OCI to earnings |
|
(9,994) |
|
|
--- |
|
|
(1,880) |
|
|
577 |
|
|
(11,297) |
| Period change |
|
11,708 |
|
|
34 |
|
|
(57) |
|
|
577 |
|
|
12,262 |
| Balance, March 31, 2014 |
$ |
(27,526) |
|
$ |
326 |
|
$ |
(18,901) |
|
$ |
(155,646) |
|
$ |
(201,747) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Balance, December 31, 2014 |
$ |
15,137 |
|
$ |
484 |
|
$ |
(12,233) |
|
$ |
(225,680) |
|
$ |
(222,292) |
|
Other comprehensive income before reclassifications |
|
42,416 |
|
|
6 |
|
|
18,294 |
|
|
--- |
|
|
60,716 |
|
Amounts reclassified from accumulated OCI to earnings |
|
(79) |
|
|
--- |
|
|
(80) |
|
|
903 |
|
|
744 |
| Period change |
|
42,337 |
|
|
6 |
|
|
18,214 |
|
|
903 |
|
|
61,460 |
| Balance, March 31, 2015 |
$ |
57,474 |
|
$ |
490 |
|
$ |
5,981 |
|
$ |
(224,777) |
|
$ |
(160,832) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1) Amounts at March 31, 2015 and December 31, 2014 include $0.9 million and $0.8 million, respectively, of net unrealized losses 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 |
|
|
Three |
|
|
|
|
Months Ended |
Months Ended |
|
| (dollar amounts in thousands) |
March 31, 2015 |
March 31, 2014 |
|
|
|
|
|
|
|
|
|
|
| Gains (losses) on debt securities: |
|
|
|
|
|
|
|
|
Amortization of unrealized gains (losses) |
$ |
121 |
|
$ |
175 |
|
Interest income - held-to-maturity securities - taxable |
|
Realized gain (loss) on sale of securities |
|
--- |
|
|
15,200 |
|
Noninterest income - net gains (losses) on sale of securities |
|
|
|
121 |
|
|
15,375 |
|
Total before tax |
|
|
|
(42) |
|
|
(5,381) |
|
Tax (expense) benefit |
|
|
$ |
79 |
|
$ |
9,994 |
|
Net of tax |
|
|
|
|
|
|
|
|
|
| Gains (losses) on cash flow hedging relationships: |
|
|
|
|
|
|
Interest rate contracts |
$ |
133 |
|
$ |
2,892 |
|
Interest income - loans and leases |
|
Interest rate contracts |
|
(10) |
|
|
--- |
|
Noninterest income - other income |
|
|
|
123 |
|
|
2,892 |
|
Total before tax |
|
|
|
(43) |
|
|
(1,012) |
|
Tax (expense) benefit |
|
|
$ |
80 |
|
$ |
1,880 |
|
Net of tax |
|
|
|
|
|
|
|
|
|
| Amortization of defined benefit pension and post-retirement items: |
|
|
|
Actuarial gains (losses) |
$ |
(1,389) |
|
$ |
(888) |
|
Noninterest expense - personnel costs |
|
|
|
(1,389) |
|
|
(888) |
|
Total before tax |
|
|
|
486 |
|
|
311 |
|
Tax (expense) benefit |
|
|
$ |
(903) |
|
$ |
(577) |
|
Net of tax |
|