| Components of Comprehensive Income, Net of Related Tax |
The components of comprehensive income, net of related tax, are as
follows:
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Three Months
Ended |
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Nine Months
Ended |
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September 30, |
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September 30, |
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2014 |
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2013 |
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2014 |
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2013 |
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Net income
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$ |
35,391 |
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$ |
31,634 |
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$ |
104,746 |
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$ |
89,365 |
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Other comprehensive (loss) income:
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Securities available for sale:
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Unrealized (losses) gains arising during the period, net of tax
(benefit) expense of $(1,551), $(2,635), $7,065 and $(8,835)
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(2,881 |
) |
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(4,894 |
) |
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13,120 |
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(16,408 |
) |
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Reversal of non-credit related losses on debt securities not
expected to be sold, net of tax expense of $3,335
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— |
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— |
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6,192 |
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— |
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Reclassification adjustment for gains included in net income, net
of tax expense of $412, $2, $3,995 and $260
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(766 |
) |
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(3 |
) |
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(7,420 |
) |
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(483 |
) |
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Derivative instruments:
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Unrealized (losses) gains arising during the period, net of tax
(benefit) expense of $(253), $239, $2,112 and $(2,215)
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(469 |
) |
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443 |
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3,922 |
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(4,113 |
) |
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Pension and postretirement benefit obligations:
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Unrealized gains arising during the period, net of tax expense of
$121, $194, $355 and $569
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224 |
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360 |
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|
659 |
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1,057 |
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Other comprehensive (loss) income
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(3,892 |
) |
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(4,094 |
) |
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16,473 |
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(19,947 |
) |
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Comprehensive income
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$ |
31,499 |
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$ |
27,540 |
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$ |
121,219 |
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$ |
69,418 |
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| Changes in Accumulated Other Comprehensive Income, Net of Tax, by Component |
The following table presents changes in accumulated other
comprehensive income, net of tax, by component:
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Unrealized
Net Gains
(Losses) on
Securities
Available
for Sale |
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Non-Credit
Related Loss
on Debt
Securities not
Expected to
be Sold |
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Unrealized
Losses on
Derivative
Instruments |
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Unrecognized
Pension and
Postretirement
Obligations |
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Total |
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Nine Months Ended September 30, 2014
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Balance at beginning of period
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$ |
(11,874 |
) |
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$ |
(6,192 |
) |
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$ |
(6,586 |
) |
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$ |
(32,272 |
) |
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$ |
(56,924 |
) |
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Other comprehensive income (loss) before reclassifications
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13,120 |
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6,192 |
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3,922 |
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|
659 |
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23,893 |
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Amounts reclassified from accumulated other comprehensive
income
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(7,420 |
) |
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— |
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— |
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— |
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(7,420 |
) |
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Net current period other comprehensive income (loss)
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5,700 |
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6,192 |
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3,922 |
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659 |
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16,473 |
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Balance at end of period
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$ |
(6,174 |
) |
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$ |
— |
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$ |
(2,664 |
) |
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$ |
(31,613 |
) |
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$ |
(40,451 |
) |
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| Summary of Reclassifications Out of Accumulated Other Comprehensive Income |
The following table presents a summary of the reclassifications out
of accumulated other comprehensive income:
Nine Months Ended September 30, 2014
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Details About Accumulated Other
Comprehensive Income Component
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Amount
Reclassified from
Other
Comprehensive
Income |
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Affected Line Item
in the Statement
where Net Income
is Presented |
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Unrealized net gains on securities available for sale (1)
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$ |
(11,415 |
) |
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Net securities gains |
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|
(3,995 |
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Tax expense |
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$ |
(7,420 |
) |
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| (1) |
For additional detail related to
unrealized net gains on securities available for sale and related
amounts reclassified from accumulated other comprehensive income
see the “Securities” note in this Report. |
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