| OTHER COMPREHENSIVE INCOME |
8. OTHER COMPREHENSIVE INCOME
The components of other comprehensive income for the three-month and six-month periods ended June 30, 2012 and 2011, were as follows:
| |
|
Three Months Ended |
| |
|
June 30, 2012 |
| |
|
Tax (Expense) |
| (dollar amounts in thousands) |
|
Pretax |
|
|
Benefit |
|
|
After-tax |
| Noncredit-related impairment recoveries (losses) on debt securities not expected to be sold |
$ |
(713) |
|
$ |
250 |
|
$ |
(463) |
| Unrealized holding gains (losses) on available-for-sale debt securities arising during the period |
|
4,575 |
|
|
(1,661) |
|
|
2,914 |
| Less: Reclassification adjustment for net losses (gains) included in net income |
|
(350) |
|
|
123 |
|
|
(227) |
| Net change in unrealized holding gains (losses) on available-for-sale debt securities |
|
3,512 |
|
|
(1,288) |
|
|
2,224 |
| |
|
|
|
|
|
|
|
|
| Net change in unrealized holding gains (losses) on available-for-sale equity securities |
|
44 |
|
|
(15) |
|
|
29 |
| |
|
|
|
|
|
|
|
|
| Unrealized gains (losses) on derivatives used in cash flow hedging relationships arising during the period |
|
23,211 |
|
|
(8,117) |
|
|
15,094 |
| Less: Reclassification adjustment for net losses (gains) losses included in net income |
|
1,932 |
|
|
(683) |
|
|
1,249 |
| Net change in unrealized gains (losses) on derivatives used in cash flow hedging relationships |
|
25,143 |
|
|
(8,800) |
|
|
16,343 |
| |
|
|
|
|
|
|
|
|
| Change in pension and post-retirement benefit plan assets and liabilities |
|
4,990 |
|
|
(1,747) |
|
|
3,243 |
| |
|
|
|
|
|
|
|
|
| Total other comprehensive income |
$ |
33,689 |
|
$ |
(11,850) |
|
$ |
21,839 |
| |
|
|
|
|
|
|
|
|
| |
|
Three Months Ended |
| |
|
June 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 |
$ |
1,400 |
|
$ |
(490) |
|
$ |
910 |
| Unrealized holding gains (losses) on available-for-sale debt securities arising during the period |
|
95,468 |
|
|
(33,242) |
|
|
62,226 |
| Less: Reclassification adjustment for net losses (gains) included in net income |
|
(1,507) |
|
|
527 |
|
|
(980) |
| Net change in unrealized holding gains (losses) on available-for-sale debt securities |
|
95,361 |
|
|
(33,205) |
|
|
62,156 |
| |
|
|
|
|
|
|
|
|
| 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 |
|
34,460 |
|
|
(12,060) |
|
|
22,400 |
| Less: Reclassification adjustment for net losses (gains) losses included in net income |
|
(8,869) |
|
|
3,103 |
|
|
(5,766) |
| Net change in unrealized gains (losses) on derivatives used in cash flow hedging relationships |
|
25,591 |
|
|
(8,957) |
|
|
16,634 |
| |
|
|
|
|
|
|
|
|
| Change in pension and post-retirement benefit plan assets and liabilities |
|
4,000 |
|
|
(1,400) |
|
|
2,600 |
| |
|
|
|
|
|
|
|
|
| Total other comprehensive income |
$ |
124,934 |
|
$ |
(43,556) |
|
$ |
81,378 |
| |
|
|
|
|
|
|
|
|
| |
|
Six Months Ended |
| |
|
June 30, 2012 |
| |
|
|
| |
|
Tax (expense) |
| (dollar amounts in thousands) |
|
Pretax |
|
|
Benefit |
|
|
After-tax |
| Noncredit-related impairment recoveries (losses) on debt securities not expected to be sold |
$ |
6,252 |
|
$ |
(2,188) |
|
$ |
4,064 |
| Unrealized holding gains (losses) on available-for-sale debt securities arising during the period |
|
31,362 |
|
|
(11,223) |
|
|
20,139 |
| Less: Reclassification adjustment for net losses (gains) included in net income |
|
263 |
|
|
(92) |
|
|
171 |
| Net change in unrealized holding gains (losses) on available-for-sale debt securities |
|
37,877 |
|
|
(13,503) |
|
|
24,374 |
| |
|
|
|
|
|
|
|
|
| Net change in unrealized holding gains (losses) on available-for-sale equity securities |
|
387 |
|
|
(135) |
|
|
252 |
| |
|
|
|
|
|
|
|
|
| Unrealized gains (losses) on derivatives used in cash flow hedging relationships arising during the period |
|
(16,457) |
|
|
5,759 |
|
|
(10,698) |
| Less: Reclassification adjustment for net losses (gains) losses included in net income |
|
26,725 |
|
|
(9,353) |
|
|
17,372 |
| Net change in unrealized gains (losses) on derivatives used in cash flow hedging relationships |
|
10,268 |
|
|
(3,594) |
|
|
6,674 |
| |
|
|
|
|
|
|
|
|
| Change in pension and post-retirement benefit plan assets and liabilities |
|
9,979 |
|
|
(3,493) |
|
|
6,486 |
| |
|
|
|
|
|
|
|
|
| Total other comprehensive income |
$ |
58,511 |
|
$ |
(20,725) |
|
$ |
37,786 |
| |
|
|
|
|
|
|
|
|
| |
|
Six Months Ended |
| |
|
June 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 |
|
15,441 |
|
|
(5,404) |
|
|
10,037 |
| Unrealized holding gains (losses) on available-for-sale debt securities arising during the period |
|
89,743 |
|
|
(31,266) |
|
|
58,477 |
| Less: Reclassification adjustment for net losses (gains) included in net income |
|
(1,547) |
|
|
541 |
|
|
(1,006) |
| Net change in unrealized holding gains (losses) on available-for-sale debt securities |
|
103,637 |
|
|
(36,129) |
|
|
67,508 |
| |
|
|
|
|
|
|
|
|
| Net change in unrealized holding gains (losses) on available-for-sale equity securities |
|
52 |
|
|
(19) |
|
|
33 |
| |
|
|
|
|
|
|
|
|
| Unrealized gains (losses) on derivatives used in cash flow hedging relationships arising during the period |
|
(4,236) |
|
|
1,494 |
|
|
(2,742) |
| Less: Reclassification adjustment for net losses (gains) losses included in net income |
|
7,640 |
|
|
(2,686) |
|
|
4,954 |
| Net change in unrealized gains (losses) on derivatives used in cash flow hedging relationships |
|
3,404 |
|
|
(1,192) |
|
|
2,212 |
| |
|
|
|
|
|
|
|
|
| Change in pension and post-retirement benefit plan assets and liabilities |
|
8,000 |
|
|
(2,800) |
|
|
5,200 |
| |
|
|
|
|
|
|
|
|
| Total other comprehensive income |
$ |
115,093 |
|
$ |
(40,140) |
|
$ |
74,953 |
| |
|
|
|
|
|
|
|
|
Activity in accumulated other comprehensive income (loss), net of tax, for the six-month periods ended June 30, 2012 and 2011, 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, 2010 |
$ |
(101,290) |
|
$ |
(427) |
|
$ |
35,710 |
|
$ |
(131,489) |
|
$ |
(197,496) |
| Period change |
|
67,508 |
|
|
33 |
|
|
2,212 |
|
|
5,200 |
|
|
74,953 |
| Balance, June 30, 2011 |
$ |
(33,782) |
|
$ |
(394) |
|
$ |
37,922 |
|
$ |
(126,289) |
|
$ |
(122,543) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Balance, December 31, 2011 |
$ |
(29,267) |
|
$ |
(30) |
|
$ |
40,898 |
|
$ |
(185,364) |
|
$ |
(173,763) |
| Period change |
|
24,374 |
|
|
252 |
|
|
6,674 |
|
|
6,486 |
|
|
37,786 |
| Balance, June 30, 2012 |
$ |
(4,893) |
|
$ |
222 |
|
$ |
47,572 |
|
$ |
(178,878) |
|
$ |
(135,977) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1) Amount at June 30, 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. |
|