Comprehensive income

6 Months Ended

Jun. 30, 2012

Comprehensive Income [Abstract]

Comprehensive income

9. Comprehensive income

The following table displays the components of other comprehensive income (loss):

	Before-tax amount			Income taxes			Net
	(in thousands)
For the six months ended June 30, 2012
Unrealized gains (losses) on investment securities:
Available-for-sale (“AFS”) investment securities with other-than-temporary impairment (“OTTI”):
Unrealized holding losses, net	$	(8,024	)	$	3,149		$	(4,875	)
Less: OTTI charges recognized in net income		(22,304	)		8,754			(13,550	)
Net change for AFS investment securities with OTTI		14,280			(5,605	)		8,675
AFS investment securities – all other:
Unrealized holding gains, net		93,177			(36,535	)		56,642
Less: reclassification adjustment for losses realized in net income		(363	)		145			(218	)
Net change for AFS investment securities – all other		93,540			(36,680	)		56,860
Held-to-maturity (“HTM”) investment securities with OTTI:
Unrealized holding losses, net		(2,848	)		1,118			(1,730	)
Less: reclassification to income of unrealized holding losses		(1,497	)		587			(910	)
Less: OTTI charges recognized in net income		(5,355	)		2,102			(3,253	)
Net change for HTM investment securities with OTTI		4,004			(1,571	)		2,433
Reclassification to income of unrealized holding losses on investment securities previously transferred from AFS to HTM		2,310			(907	)		1,403
Net unrealized gains on investment securities		114,134			(44,763	)		69,371
Reclassification to income for amortization of gains on terminated cash flow hedges		(178	)		66			(112	)
Foreign currency translation adjustment		(208	)		77			(131	)
Defined benefit plans liability adjustment		15,579			(6,115	)		9,464
	$	129,327		$	(50,735	)	$	78,592
For the six months ended June 30, 2011
Unrealized gains (losses) on investment securities:
AFS investment securities with OTTI:
Unrealized holding losses, net	$	(11,227	)	$	4,501		$	(6,726	)
Less: reclassification adjustment for gains realized in net income		3,814			(1,497	)		2,317
Less: OTTI charges recognized in net income		(32,071	)		12,587			(19,484	)
Net change for AFS investment securities with OTTI		17,030			(6,589	)		10,441
AFS investment securities – all other:
Unrealized holding gains, net		77,869			(30,368	)		47,501
Less: reclassification adjustment for gains realized in net income		146,115			(57,257	)		88,858
Net change for AFS investment securities – all other		(68,246	)		26,889			(41,357	)
HTM investment securities with OTTI:
Unrealized holding losses, net		(8,500	)		3,336			(5,164	)
Less: reclassification to income of unrealized holding losses		(12	)		5			(7	)
Less: OTTI charges recognized in net income		(10,500	)		4,121			(6,379	)
Net change for HTM investment securities with OTTI		2,012			(790	)		1,222
Reclassification to income of unrealized holding losses on investment securities previously transferred from AFS to HTM		2,967			(1,165	)		1,802
Net unrealized gains on investment securities		(46,237	)		18,345			(27,892	)
Reclassification to income for amortization of gains on terminated cash flow hedges		(224	)		83			(141	)
Foreign currency translation adjustment		313			(117	)		196
Defined benefit plans liability adjustment		7,058			(2,770	)		4,288
	$	(39,090	)	$	15,541		$	(23,549	)

	Investment securities						Cash flow			Foreign currency translation			Defined benefit
	With OTTI			All other			hedges			adjustment			plans			Total
	(in thousands)
Balance – January 1, 2012	$	(84,029	)		5,995			112			(803	)		(277,716	)		(356,441	)
Net gain (loss) during period		11,108			58,263			(112	)		(131	)		9,464			78,592
Balance – June 30, 2012	$	(72,921	)		64,258			—			(934	)		(268,252	)		(277,849	)
Balance – January 1, 2011	$	(87,053	)		2,332			393			—			(120,892	)		(205,220	)
Net gain (loss) during period		11,663			(39,555	)		(141	)		196			4,288			(23,549	)
Balance – June 30, 2011	$	(75,390	)		(37,223	)		252			196			(116,604	)		(228,769	)