| Components of other comprehensive income |
| |
|
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) |
| |
|
|
|
|
|
|
|
|
| Unrealized holding (losses) gains on available-for-sale equity securities arising during the period |
|
151 |
|
|
(53) |
|
|
98 |
| Less: Reclassification adjustment for net losses (gains) included in net income |
|
--- |
|
|
--- |
|
|
--- |
| 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 losses (gains) losses included in net income |
|
(15,188) |
|
|
5,316 |
|
|
(9,872) |
| Net change in unrealized gains (losses) 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 (loss) income |
$ |
(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 |
| |
|
|
|
|
|
|
|
|
| |
|
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 (losses) gains on available-for-sale debt securities arising during the period |
|
95,586 |
|
|
(33,455) |
|
|
62,131 |
| Less: Reclassification adjustment for net gains (losses) included in net income |
|
3,681 |
|
|
(1,288) |
|
|
2,393 |
| Net change in unrealized holding (losses) gains on available-for-sale debt securities |
|
110,804 |
|
|
(38,781) |
|
|
72,023 |
| |
|
|
|
|
|
|
|
|
| Net change in unrealized holding (losses) gains on available-for-sale equity securities |
|
612 |
|
|
(215) |
|
|
397 |
| |
|
|
|
|
|
|
|
|
| Unrealized gains and losses on derivatives used in cash flow hedging relationships arising during the period |
|
4,875 |
|
|
(1,703) |
|
|
3,172 |
| Less: Reclassification adjustment for net losses (gains) losses included in net income |
|
3,107 |
|
|
(1,091) |
|
|
2,016 |
| Net change in unrealized gains (losses) on derivatives used in cash flow hedging relationships |
|
7,982 |
|
|
(2,794) |
|
|
5,188 |
| |
|
|
|
|
|
|
|
|
| Net actuarial gains (losses) arising during the year |
|
(104,146) |
|
|
36,451 |
|
|
(67,695) |
| Amortization of net actuarial loss and prior service cost included in income |
|
21,261 |
|
|
(7,441) |
|
|
13,820 |
| Net change in pension and post-retirement obligations |
|
(82,885) |
|
|
29,010 |
|
|
(53,875) |
| |
|
|
|
|
|
|
|
|
| Total other comprehensive (loss) income |
$ |
36,513 |
|
$ |
(12,780) |
|
$ |
23,733 |
|
| 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, January 1, 2011 |
$ |
(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) |
| Period change |
|
67,571 |
|
|
224 |
|
|
6,186 |
|
|
(51,035) |
|
|
22,946 |
| 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) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (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) |
| Accumulated OCI components |
reclassed from accumulated OCI |
reclassified from accumulated OCI into earnings |
| |
|
|
|
|
|
| (dollar amounts in thousands) |
|
2013 |
|
|
| |
|
|
|
|
|
| Gains (losses) on debt securities: |
|
|
|
|
| |
Amortization of unrealized gains (losses) |
$ |
482 |
|
Interest income - held-to-maturity securities - taxable |
| |
Realized gain (loss) on sale of securities |
|
(4,891) |
|
Noninterest income - net gains (losses) on sale of securities |
| |
OTTI recorded |
|
(1,802) |
|
Noninterest income - net gains (losses) on sale of securities |
| |
|
|
(6,211) |
|
Total before tax |
| |
|
|
2,174 |
|
Tax (expense) benefit |
| |
|
$ |
(4,037) |
|
Net of tax |
| |
|
|
|
|
|
| Gains (losses) on cash flow hedging relationships: |
|
|
| |
Interest rate contracts |
$ |
14,979 |
|
Interest and fee income - loans and leases |
| |
Interest rate contracts |
|
209 |
|
Interest and fee income - investment securities |
| |
Interest rate contracts |
|
--- |
|
Noninterest expense - other expense |
| |
|
|
15,188 |
|
Total before tax |
| |
|
|
(5,316) |
|
Tax (expense) benefit |
| |
|
$ |
9,872 |
|
Net of tax |
| |
|
|
|
|
|
| Amortization of defined benefit pension and post-retirement items: |
|
| |
Actuarial gains (losses) |
$ |
(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 |
| |
|
|
13,106 |
|
Total before tax |
| |
|
|
(4,588) |
|
Tax (expense) benefit |
| |
|
$ |
8,518 |
|
Net of tax |
|