Comprehensive income

9 Months Ended

Sep. 30, 2012

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 nine months ended September 30, 2012
Unrealized gains (losses) on investment securities:
Available-for-sale (“AFS”) investment securities with other-than-temporary impairment (“OTTI”):
Unrealized holding losses, net	$	(5,251	)	$	2,061		$	(3,190	)
Less: OTTI charges recognized in net income		(27,976	)		10,980			(16,996	)
Net change for AFS investment securities with OTTI		22,725			(8,919	)		13,806
AFS investment securities – all other:
Unrealized holding gains, net		153,908			(60,362	)		93,546
Less: reclassification adjustment for gains realized in net income		9			(4	)		5
Net change for AFS investment securities – all other		153,899			(60,358	)		93,541
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		(1,544	)		606			(938	)
Less: OTTI charges recognized in net income		(5,355	)		2,102			(3,253	)
Net change for HTM investment securities with OTTI		4,051			(1,590	)		2,461
Reclassification to income of unrealized holding losses on investment securities previously transferred from AFS to HTM		3,495			(1,372	)		2,123
Net unrealized gains on investment securities		184,170			(72,239	)		111,931
Reclassification to income for amortization of gains on terminated cash flow hedges		(178	)		66			(112	)
Foreign currency translation adjustment		552			(201	)		351
Defined benefit plans liability adjustment		23,368			(9,172	)		14,196
	$	207,912		$	(81,546	)	$	126,366
For the nine months ended September 30, 2011
Unrealized gains (losses) on investment securities:
AFS investment securities with OTTI:
Unrealized holding losses, net	$	(35,305	)	$	13,952		$	(21,353	)
Less: reclassification adjustment for gains realized in net income		3,814			(1,497	)		2,317
Less: OTTI charges recognized in net income		(41,713	)		16,372			(25,341	)
Net change for AFS investment securities with OTTI		2,594			(923	)		1,671
AFS investment securities — all other:
Unrealized holding gains, net		147,338			(57,629	)		89,709
Less: reclassification adjustment for gains realized in net income		146,115			(57,257	)		88,858
Net change for AFS investment securities – all other		1,223			(372	)		851
HTM investment securities with OTTI:
Unrealized holding losses, net		(8,500	)		3,336			(5,164	)
Less: reclassification to income of unrealized holding losses		(213	)		83			(130	)
Less: OTTI charges recognized in net income		(10,500	)		4,121			(6,379	)
Net change for HTM investment securities with OTTI		2,213			(868	)		1,345
Reclassification to income of unrealized holding losses on investment securities previously transferred from AFS to HTM		5,108			(2,005	)		3,103
Net unrealized gains on investment securities		11,138			(4,168	)		6,970
Reclassification to income for amortization of gains on terminated cash flow hedges		(336	)		125			(211	)
Foreign currency translation adjustment		(779	)		276			(503	)
Defined benefit plans liability adjustment		10,586			(4,155	)		6,431
	$	20,609		$	(7,922	)	$	12,687

Accumulated other comprehensive income (loss), net consisted of unrealized gains (losses) as follows:

									Foreign
						Cash			currency			Defined
	Investment securities					flow			translation			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		16,267			95,664		(112	)		351			14,196			126,366
Balance – September 30, 2012	$	(67,762	)		101,659		—			(452	)		(263,520	)		(230,075	)
Balance – January 1, 2011	$	(87,053	)		2,332		393			—			(120,892	)		(205,220	)
Net gain (loss) during period		3,016			3,954		(211	)		(503	)		6,431			12,687
Balance – September 30, 2011	$	(84,037	)		6,286		182			(503	)		(114,461	)		(192,533	)