Annual report pursuant to Section 13 and 15(d)

Other Comprehensive Income

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Other Comprehensive Income
12 Months Ended
Dec. 31, 2011
Other Comprehensive Income [Abstract]  
OTHER COMPREHENSIVE INCOME

13. OTHER COMPREHENSIVE INCOME

 

The components of Huntington's OCI in the three years ended December 31, were as follows:

 

    2011
      Tax (expense)  
(dollar amounts in thousands)   Pretax     Benefit     After-tax
                 
Noncredit-related impairment recoveries (losses) on debt securities not expected to be sold $ 11,537   $ (4,038)   $ 7,499
Unrealized holding gains (losses) on available-for-sale debt securities arising during the period   95,586     (33,455)     62,131
Less: Reclassification adjustment for net losses (gains) included in net income   3,681     (1,288)     2,393
Net change in unrealized holding gains (losses) on available-for-sale debt securities   110,804     (38,781)     72,023
                 
Net change in unrealized holding gains (losses) on available-for-sale equity securities   612     (215)     397
                 
Net unrealized gains and losses on derivatives used in cash flow hedging relationships arising during the period   7,982     (2,794)     5,188
                 
Change in pension and post-retirement benefit plan assets and liabilities   (82,885)     29,010     (53,875)
                 
Total other comprehensive (loss) income $ 36,513   $ (12,780)   $ 23,733
                 
    2010
      Tax (expense)  
(dollar amounts in thousands)   Pretax     Benefit     After-tax
Cumulative effect of change in accounting principle for consolidation of variable interest entities $ (6,365)   $ 2,116   $ (4,249)
                 
Noncredit-related impairment (losses) recoveries on debt securities not expected to be sold   23,569     (8,249)     15,320
Unrealized holding gains (losses) on available-for-sale debt securities arising during the period   (14,498)     5,019     (9,479)
Less: Reclassification adjustment for net losses (gains) included in net income   274     (96)     178
Net change in unrealized holding gains (losses) on available-for-sale debt securities   9,345     (3,326)     6,019
                 
Net change in unrealized holding gains (losses) on available-for-sale equity securities   (162)     57     (105)
                 
Net unrealized gains and losses on derivatives used in cash flow hedging relationships arising during the period   (35,623)     12,468     (23,155)
                 
Change in pension and post-retirement benefit plan assets and liabilities   (29,263)     10,242     (19,021)
                 
Total other comprehensive income (loss) $ (62,068)   $ 21,557   $ (40,511)
                 
    2009
      Tax (expense)  
(dollar amounts in thousands)   Pretax     Benefit     After-tax
Cumulative effect of change in accounting principle for OTTI debt securities $ (5,448)   $ 1,907   $ (3,541)
                 
Noncredit-related impairment losses on debt securities not expected to be sold   (124,408)     43,543     (80,865)
Unrealized holding (losses) gains on available-for-sale debt securities arising during the period   280,789     (98,678)     182,111
Less: Reclassification adjustment for net losses (gains) included in net income   10,249     (3,587)     6,662
Net change in unrealized holding (losses) gains on available-for-sale debt securities   166,630     (58,722)     107,908
                 
Net change in unrealized holding (losses) gains on available-for-sale equity securities   10     (3)     7
                 
Net unrealized gains and losses on derivatives used in cash flow hedging relationships arising during the period   21,888     (7,661)     14,227
                 
Change in pension and post-retirement benefit plan assets and liabilities   78,626     (27,519)     51,107
                 
Total other comprehensive (loss) income $ 261,706   $ (91,998)   $ 169,708

Activity in 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, January 1, 2009 $ (207,427)   $ (329)   $ 44,638   $ (163,575)   $ (326,693)
Cumulative effect of change in accounting principle for OTTI debt securities, net of tax   (3,541)     ---     ---     ---     (3,541)
Period change   107,908     7     14,227     51,107     173,249
Balance, December 31, 2009   (103,060)     (322)     58,865     (112,468)     (156,985)
Cumulative effect of change in accounting principle for consolidation of variable interest entities, net of tax   (4,249)     ---     ---     ---     (4,249)
Period change   6,019     (105)     (23,155)     (19,021)     (36,262)
Balance, December 31, 2010   (101,290)     (427)     35,710     (131,489)     (197,496)
Period change   72,023     397     5,188     (53,875)     23,733
Balance, December 31, 2011 $ (29,267)   $ (30)   $ 40,898   $ (185,364)   $ (173,763)
                             
(1) Amount at December 31, 2011 includes $0.4 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.