| Components of other comprehensive income |
The components of other comprehensive income for the three-month and nine-month periods ended September 30, 2011 and 2010, were as follows
| |
|
Three Months Ended |
| |
|
September 30, 2011 |
| |
|
Tax (Expense) |
| (dollar amounts in thousands) |
|
Pretax |
|
|
Benefit |
|
|
After-tax |
| Noncredit-related impairment recoveries (losses) on debt securities not expected to be sold |
$ |
(4,362) |
|
$ |
1,527 |
|
$ |
(2,835) |
| Unrealized holding gains (losses) on available-for-sale debt securities arising during the period |
|
42,832 |
|
|
(15,180) |
|
|
27,652 |
| Less: Reclassification adjustment for net losses (gains) included in net income |
|
1,350 |
|
|
(473) |
|
|
877 |
| Net change in unrealized holding gains (losses) on available-for-sale debt securities |
|
39,820 |
|
|
(14,126) |
|
|
25,694 |
| |
|
|
|
|
|
|
|
|
| Net change in unrealized holding gains (losses) on available-for-sale equity securities |
|
(197) |
|
|
69 |
|
|
(128) |
| |
|
|
|
|
|
|
|
|
| Unrealized gains (losses) on derivatives used in cash flow hedging relationships arising during the period |
|
21,494 |
|
|
(7,523) |
|
|
13,971 |
| |
|
|
|
|
|
|
|
|
| Change in pension and post-retirement benefit plan assets and liabilities |
|
4,003 |
|
|
(1,401) |
|
|
2,602 |
| |
|
|
|
|
|
|
|
|
| Total other comprehensive income |
$ |
65,120 |
|
$ |
(22,981) |
|
$ |
42,139 |
| |
|
|
|
|
|
|
|
|
| |
|
Three Months Ended |
| |
|
September 30, 2010 |
| |
|
Tax (Expense) |
| (dollar amounts in thousands) |
|
Pretax |
|
|
Benefit |
|
|
After-tax |
| Noncredit-related impairment recoveries (losses) on debt securities not expected to be sold |
$ |
30,492 |
|
$ |
(10,672) |
|
$ |
19,820 |
| Unrealized holding gains (losses) on available-for-sale debt securities arising during the period |
|
28,767 |
|
|
(10,276) |
|
|
18,491 |
| Less: Reclassification adjustment for net losses (gains) included in net income |
|
296 |
|
|
(104) |
|
|
192 |
| Net change in unrealized holding gains (losses) on available-for-sale debt securities |
|
59,555 |
|
|
(21,052) |
|
|
38,503 |
| |
|
|
|
|
|
|
|
|
| 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 |
|
25,180 |
|
|
(8,813) |
|
|
16,367 |
| |
|
|
|
|
|
|
|
|
| Change in pension and post-retirement benefit plan assets and liabilities |
|
1,794 |
|
|
(628) |
|
|
1,166 |
| |
|
|
|
|
|
|
|
|
| Total other comprehensive income |
$ |
86,476 |
|
$ |
(30,474) |
|
$ |
56,002 |
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| |
|
Nine Months Ended |
| |
|
September 30, 2011 |
| |
|
Tax (expense) |
| (dollar amounts in thousands) |
|
Pretax |
|
|
Benefit |
|
|
After-tax |
| Non credit related impairment recoveries (losses) on debt securities not expected to be sold |
$ |
11,079 |
|
$ |
(3,878) |
|
$ |
7,201 |
| Unrealized holding gains (losses) on available-for-sale debt securities arising during the period |
|
132,575 |
|
|
(46,446) |
|
|
86,129 |
| Less: Reclassification adjustment for net losses (gains) included in net income |
|
(197) |
|
|
69 |
|
|
(128) |
| Net change in unrealized holding gains (losses) on available-for-sale debt securities |
|
143,457 |
|
|
(50,255) |
|
|
93,202 |
| |
|
|
|
|
|
|
|
|
| Net change in unrealized holding gains (losses) on available-for-sale equity securities |
|
(145) |
|
|
50 |
|
|
(95) |
| |
|
|
|
|
|
|
|
|
| Unrealized gains (losses) on derivatives used in cash flow hedging relationships arising during the period |
|
24,897 |
|
|
(8,714) |
|
|
16,183 |
| |
|
|
|
|
|
|
|
|
| Change in pension and post-retirement benefit plan assets and liabilities |
|
12,003 |
|
|
(4,201) |
|
|
7,802 |
| |
|
|
|
|
|
|
|
|
| Total other comprehensive income |
$ |
180,212 |
|
$ |
(63,120) |
|
$ |
117,092 |
| |
|
|
|
|
|
|
|
|
| |
|
Nine Months Ended |
| |
|
September 30, 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) |
| |
|
|
|
|
|
|
|
|
| Non credit related impairment recoveries (losses) on debt securities not expected to be sold |
|
36,570 |
|
|
(12,799) |
|
|
23,771 |
| Unrealized holding gains (losses) on available-for-sale debt securities arising during the period |
|
137,051 |
|
|
(48,578) |
|
|
88,473 |
| Less: Reclassification adjustment for net losses (gains) included in net income |
|
171 |
|
|
(60) |
|
|
111 |
| Net change in unrealized holding gains (losses) on available-for-sale debt securities |
|
173,792 |
|
|
(61,437) |
|
|
112,355 |
| |
|
|
|
|
|
|
|
|
| Net change in unrealized holding gains (losses) on available-for-sale equity securities |
|
(241) |
|
|
85 |
|
|
(156) |
| |
|
|
|
|
|
|
|
|
| Unrealized gains (losses) on derivatives used in cash flow hedging relationships arising during the period |
|
26,371 |
|
|
(9,230) |
|
|
17,141 |
| |
|
|
|
|
|
|
|
|
| Change in pension and post-retirement benefit plan assets and liabilities |
|
5,382 |
|
|
(1,884) |
|
|
3,498 |
| |
|
|
|
|
|
|
|
|
| Total other comprehensive income |
$ |
198,939 |
|
$ |
(70,350) |
|
$ |
128,589 |
| |
|
|
|
|
|
|
|
|
|
| Activity in accumulated other comprehensive income, net of tax |
Activity in accumulated other comprehensive income, net of tax, for the nine-month periods ended September 30, 2011 and 2010, 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, 2009 |
$ |
(103,060) |
|
$ |
(322) |
|
$ |
58,865 |
|
$ |
(112,468) |
|
$ |
(156,985) |
| Cumulative effect of change in accounting principle for consolidation of variable interest entities |
|
(4,249) |
|
|
--- |
|
|
--- |
|
|
--- |
|
|
(4,249) |
| Period change |
|
112,355 |
|
|
(156) |
|
|
17,141 |
|
|
3,498 |
|
|
132,838 |
| Balance, September 30, 2010 |
$ |
5,046 |
|
$ |
(478) |
|
$ |
76,006 |
|
$ |
(108,970) |
|
$ |
(28,396) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Balance, December 31, 2010 |
$ |
(101,290) |
|
$ |
(427) |
|
$ |
35,710 |
|
$ |
(131,489) |
|
$ |
(197,496) |
| Period change |
|
93,202 |
|
|
(95) |
|
|
16,183 |
|
|
7,802 |
|
|
117,092 |
| Balance, September 30, 2011 |
$ |
(8,088) |
|
$ |
(522) |
|
$ |
51,893 |
|
$ |
(123,687) |
|
$ |
(80,404) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1) Amount at September 30, 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. |
|