Quarterly report pursuant to Section 13 or 15(d)

OTHER COMPREHENSIVE INCOME (Tables)

v3.3.1.900
OTHER COMPREHENSIVE INCOME (Tables)
9 Months Ended
Sep. 30, 2015
Equity [Abstract]  
Components of other comprehensive income
The components of other comprehensive income for the three-month and nine-month periods ended September 30, 2015 and 2014, were as follows:
 
Three Months Ended
September 30, 2015
 
Tax (Expense)
(dollar amounts in thousands)
Pretax
 
Benefit
 
After-tax
Noncredit-related impairment recoveries (losses) on debt securities not expected to be sold
$
131

 
$
(46
)
 
$
85

Unrealized holding gains (losses) on available-for-sale debt securities arising during the period
65,398

 
(23,136
)
 
42,262

Less: Reclassification adjustment for net losses (gains) included in net income
(3,732
)
 
1,306

 
(2,426
)
Net change in unrealized holding gains (losses) on available-for-sale debt securities
61,797

 
(21,876
)
 
39,921

Net change in unrealized holding gains (losses) on available-for-sale equity securities
(177
)
 
62

 
(115
)
Unrealized gains (losses) on derivatives used in cash flow hedging relationships arising during the period
12,770

 
(4,469
)
 
8,301

Less: Reclassification adjustment for net (gains) losses included in net income
(73
)
 
26

 
(47
)
Net change in unrealized gains (losses) on derivatives used in cash flow hedging relationships
12,697

 
(4,443
)
 
8,254

Net change in pension and other post-retirement obligations
(3,305
)
 
1,157

 
(2,148
)
Total other comprehensive income (loss)
$
71,012

 
$
(25,100
)
 
$
45,912

 
Three Months Ended
September 30, 2014
 
Tax (Expense)
(dollar amounts in thousands)
Pretax
 
Benefit
 
After-tax
Noncredit-related impairment recoveries (losses) on debt securities not expected to be sold
$
3,289

 
$
(1,163
)
 
$
2,126

Unrealized holding gains (losses) on available-for-sale debt securities arising during the period
(14,000
)
 
4,908

 
(9,092
)
Less: Reclassification adjustment for net losses (gains) included in net income
250

 
(88
)
 
162

Net change in unrealized holding gains (losses) on available-for-sale debt securities
(10,461
)
 
3,657

 
(6,804
)
Net change in unrealized holding gains (losses) on available-for-sale equity securities
18

 
(6
)
 
12

Unrealized gains (losses) on derivatives used in cash flow hedging relationships arising during the period
(32,512
)
 
11,379

 
(21,133
)
Less: Reclassification adjustment for net (gains) losses included in net income
(148
)
 
52

 
(96
)
Net change in unrealized gains (losses) on derivatives used in cash flow hedging relationships
(32,660
)
 
11,431

 
(21,229
)
Net change in pension and other post-retirement obligations
8,818

 
(3,086
)
 
5,732

Total other comprehensive income (loss)
$
(34,285
)
 
$
11,996

 
$
(22,289
)
 
Nine Months Ended
September 30, 2015
 
Tax (expense)
(dollar amounts in thousands)
Pretax
 
Benefit
 
After-tax
Noncredit-related impairment recoveries (losses) on debt securities not expected to be sold
$
18,866

 
$
(6,671
)
 
$
12,195

Unrealized holding gains (losses) on available-for-sale debt securities arising during the period
73,782

 
(26,240
)
 
47,542

Less: Reclassification adjustment for net losses (gains) included in net income
(3,973
)
 
1,391

 
(2,582
)
Net change in unrealized holding gains (losses) on available-for-sale debt securities
88,675

 
(31,520
)
 
57,155

Net change in unrealized holding gains (losses) on available-for-sale equity securities
(152
)
 
53

 
(99
)
Unrealized gains (losses) on derivatives used in cash flow hedging relationships arising during the period
40,088

 
(14,031
)
 
26,057

Less: Reclassification adjustment for net (gains) losses included in net income
(334
)
 
117

 
(217
)
Net change in unrealized gains (losses) on derivatives used in cash flow hedging relationships
39,754

 
(13,914
)
 
25,840

Net change in pension and other post-retirement obligations
(527
)
 
184

 
(343
)
Total other comprehensive income (loss)
$
127,750

 
$
(45,197
)
 
$
82,553

 
Nine Months Ended
September 30, 2014
 
Tax (expense)
(dollar amounts in thousands)
Pretax
 
Benefit
 
After-tax
Noncredit-related impairment recoveries (losses) on debt securities not expected to be sold
$
11,949

 
$
(4,225
)
 
$
7,724

Unrealized holding gains (losses) on available-for-sale debt securities arising during the period
48,682

 
(17,439
)
 
31,243

Less: Reclassification adjustment for net losses (gains) included in net income
(15,409
)
 
5,393

 
(10,016
)
Net change in unrealized holding gains (losses) on available-for-sale debt securities
45,222

 
(16,271
)
 
28,951

Net change in unrealized holding gains (losses) on available-for-sale equity securities
394

 
(138
)
 
256

Unrealized gains (losses) on derivatives used in cash flow hedging relationships arising during the period
(2,454
)
 
858

 
(1,596
)
Less: Reclassification adjustment for net (gains) losses included in net income
(3,853
)
 
1,349

 
(2,504
)
Net change in unrealized gains (losses) on derivatives used in cash flow hedging relationships
(6,307
)
 
2,207

 
(4,100
)
Net change in pension and other post-retirement obligations
10,594

 
(3,708
)
 
6,886

Total other comprehensive income (loss)
$
49,903

 
$
(17,910
)
 
$
31,993

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 periods ended September 30, 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
December 31, 2013
$
(39,234
)
 
$
292

 
$
(18,844
)
 
$
(156,223
)
 
$
(214,009
)
Other comprehensive income before reclassifications
38,967

 
256

 
(1,596
)
 

 
37,627

Amounts reclassified from accumulated OCI to earnings
(10,016
)
 

 
(2,504
)
 
6,886

 
(5,634
)
Period change
28,951

 
256

 
(4,100
)
 
6,886

 
31,993

September 30, 2014
$
(10,283
)
 
$
548

 
$
(22,944
)
 
$
(149,337
)
 
$
(182,016
)
December 31, 2014
$
15,137

 
$
484

 
$
(12,233
)
 
$
(225,680
)
 
$
(222,292
)
Other comprehensive income before reclassifications
59,737

 
(99
)
 
26,057

 

 
85,695

Amounts reclassified from accumulated OCI to earnings
(2,582
)
 

 
(217
)
 
(343
)
 
(3,142
)
Period change
57,155

 
(99
)
 
25,840

 
(343
)
 
82,553

September 30, 2015
$
72,292

 
$
385

 
$
13,607

 
$
(226,023
)
 
$
(139,739
)
(1)
Amounts at September 30, 2015 and December 31, 2014 include $1.0 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
The following table presents the reclassification adjustments out of accumulated OCI included in net income and the impacted line items as listed on the Unaudited Condensed Consolidated Statements of Income for the three and nine month periods ended September 30, 2015 and 2014:
 
Reclassifications out of accumulated OCI

Accumulated OCI components
Amounts reclassified from accumulated OCI
 
Location of net gain (loss) reclassified from accumulated OCI into earnings
 
Three Months Ended
 
 
(dollar amounts in thousands)
September 30, 2015
 
September 30, 2014
 
 
Gains (losses) on debt securities:
 
 
 
 
 
Amortization of unrealized gains (losses)
$
69

 
$
138

 
Interest income - held-to-maturity securities - taxable
Realized gain (loss) on sale of securities
6,103

 
(388
)
 
Noninterest income - net gains (losses) on sale of securities
OTTI recorded
(2,440
)
 

 
Noninterest income - net gains (losses) on sale of securities
 
3,732

 
(250
)
 
Total before tax
 
(1,306
)
 
88

 
Tax (expense) benefit
 
$
2,426

 
$
(162
)
 
Net of tax
Gains (losses) on cash flow hedging relationships:
 
 
 
 
 
Interest rate contracts
$
73

 
$
148

 
Interest income - loans and leases
Interest rate contracts

 

 
Noninterest income - other income
 
73

 
148

 
Total before tax
 
(26
)
 
(52
)
 
Tax (expense) benefit
 
$
47

 
$
96

 
Net of tax
Amortization of defined benefit pension and post-retirement items:
 
 
 
 
 
Actuarial gains (losses)
$
3,305

 
$
(8,818
)
 
Noninterest expense - personnel costs
 
3,305

 
(8,818
)
 
Total before tax
 
(1,157
)
 
3,086

 
Tax (expense) benefit
 
$
2,148

 
$
(5,732
)
 
Net of tax
 
Reclassifications out of accumulated OCI

Accumulated OCI components
Amounts reclassified from accumulated OCI
 
Location of net gain (loss) reclassified from accumulated OCI into earnings
 
Nine Months Ended
 
 
(dollar amounts in thousands)
September 30, 2015
 
September 30, 2014
 
 
Gains (losses) on debt securities:
 
 
 
 
 
Amortization of unrealized gains (losses)
$
269

 
$
476

 
Interest income - held-to-maturity securities - taxable
Realized gain (loss) on sale of securities
6,144

 
14,933

 
Noninterest income - net gains (losses) on sale of securities
OTTI recorded
(2,440
)
 

 
Noninterest income - net gains (losses) on sale of securities
 
3,973

 
15,409

 
Total before tax
 
(1,391
)
 
(5,393
)
 
Tax (expense) benefit
 
$
2,582

 
$
10,016

 
Net of tax
Gains (losses) on cash flow hedging relationships:
 
 
 
 
 
Interest rate contracts
$
323

 
$
3,935

 
Interest income - loans and leases
Interest rate contracts
11

 
(82
)
 
Noninterest income - other income
 
334

 
3,853

 
Total before tax
 
(117
)
 
(1,349
)
 
Tax (expense) benefit
 
$
217

 
$
2,504

 
Net of tax
Amortization of defined benefit pension and post-retirement items:
 
 
 
 
 
Actuarial gains (losses)
$
527

 
$
(10,594
)
 
Noninterest expense - personnel costs
 
527

 
(10,594
)
 
Total before tax
 
(184
)
 
3,708

 
Tax (expense) benefit
 
$
343

 
$
(6,886
)
 
Net of tax