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Comprehensive Income
6 Months Ended
Jun. 30, 2013
Equity [Abstract]  
Comprehensive Income
9. Comprehensive income

The following tables display the components of other comprehensive income (loss) and amounts reclassified from accumulated other comprehensive income (loss) to net income:

 

     Investment Securities     Defined           Total              
     With
OTTI
    All
other
    benefit
plans
    Other     amount
before tax
    Income
tax
    Net  
     (in thousands)  

Balance – January 1, 2013

   $ (91,835     152,199        (455,590     (431   $ (395,657     155,393      $ (240,264

Other comprehensive income before reclassifications:

              

Unrealized holding gains (losses), net

     55,473        (95,167     —          —          (39,694     15,557        (24,137

Foreign currency translation adjustment

     —          —          —          (1,644     (1,644     598        (1,046
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total other comprehensive income before reclassifications

     55,473        (95,167     —          (1,644     (41,338     16,155        (25,183
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Amounts reclassified from accumulated other comprehensive income that (increase) decrease net income:

              

Accretion of unrealized holding losses on held-to-maturity (“HTM”) securities

     109        2,262        —          —          2,371  (a)      (931     1,440   

OTTI charges recognized in net income

     9,800        —          —          —          9,800  (b)      (3,847     5,953   

Losses (gains) realized in net income

     41,217        (8,129     —          —          33,088  (c)      (12,987     20,101   

Amortization of prior service credit

     —          —          (3,957     —          (3,957 ) (e)      1,553        (2,404

Amortization of actuarial losses

     —          —          20,718        —          20,718  (e)      (8,132     12,586   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total reclassifications

     51,126        (5,867     16,761        —          62,020        (24,344     37,676   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total gain (loss) during the period

     106,599        (101,034     16,761        (1,644     20,682        (8,189     12,493   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Balance – June 30, 2013

   $ 14,764        51,165        (438,829     (2,075   $ (374,975     147,204      $ (227,771
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

 

     Investment Securities      Defined           Total              
     With
OTTI
    All other      benefit
plan
    Other     amount
before tax
    Income
tax
    Net  
     (in thousands)  

Balance – January 1, 2012

   $ (138,319     9,757         (457,145     (1,062   $ (586,769     230,328      $ (356,441

Other comprehensive income before reclassifications:

               

Unrealized holding gains (losses), net

     (10,872     93,177         —          —          82,305        (32,268     50,037   

Foreign currency translation adjustment

     —          —           —          (208     (208     77        (131
  

 

 

   

 

 

    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total other comprehensive income before reclassifications

     (10,872     93,177         —          (208     82,097        (32,191     49,906   
  

 

 

   

 

 

    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Amounts reclassified from accumulated other comprehensive income that (increase) decrease net income:

               

Accretion of unrealized holding losses on HTM securities

     1,497        2,310         —          —          3,807  (a)      (1,494     2,313   

OTTI charges recognized in net income

     27,659        —           —          —          27,659  (b)      (10,856     16,803   

Losses realized in net income

     —          363         —          —          363  (c)      (145     218   

Amortization of gains on terminated cash flow hedges

     —          —           —          (178     (178 ) (d)      66        (112

Amortization of prior service credit

     —          —           (3,269     —          (3,269 ) (e)      1,283        (1,986

Amortization of actuarial losses

     —          —           18,848        —          18,848  (e)      (7,398     11,450   
  

 

 

   

 

 

    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total reclassifications

     29,156        2,673         15,579        (178     47,230        (18,544     28,686   
  

 

 

   

 

 

    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total gain (loss) during the period

     18,284        95,850         15,579        (386     129,327        (50,735     78,592   
  

 

 

   

 

 

    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Balance – June 30, 2012

   $ (120,035     105,607         (441,566     (1,448   $ (457,442     179,593      $ (277,849
  

 

 

   

 

 

    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

(a) Included in interest income
(b) Included in OTTI losses recognized in earnings
(c) Included in gain (loss) on bank investment securities
(d) Included in interest expense
(e) Included in salaries and employee benefits expense

Accumulated other comprehensive income (loss), net consisted of the following:

 

                 Defined              
     Investment securities     benefit              
     With OTTI     All other     plans     Other     Total  

Balance – December 31, 2012

   $ (55,790     92,581        (276,771     (284   $ (240,264

Net gain (loss) during period

     64,759        (61,402     10,182        (1,046     12,493   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Balance – June 30, 2013

   $ 8,969        31,179        (266,589     (1,330   $ (227,771