Components of other comprehensive income |
The components of other comprehensive income for the three-month and nine-month periods ended September 30, 2014 and 2013, were as follows | | Three Months Ended | | | September 30, 2014 | | | Tax (Expense) | (dollar amounts in thousands) | | Pretax | | | Benefit | | | After-tax | | | | | | | | | | Noncredit-related impairment recoveries (losses) on debt securities not expected to be sold | $ | 3,289 | | $ | (1,163) | | $ | 2,126 | Unrealized holding gains (losses) on available-for-sale debt securities arising during the period | | (14,000) | | | 4,908 | | | (9,092) | Less: Reclassification adjustment for net losses (gains) included in net income | | 250 | | | (88) | | | 162 | Net change in unrealized holding gains (losses) on available-for-sale debt securities | | (10,461) | | | 3,657 | | | (6,804) | | | | | | | | | | 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 | | (32,512) | | | 11,379 | | | (21,133) | Less: Reclassification adjustment for net (gains) losses included in net income | | (148) | | | 52 | | | (96) | Net change in unrealized gains (losses) on derivatives used in cash flow hedging relationships | | (32,660) | | | 11,431 | | | (21,229) | | | | | | | | | | | | | | | | | | | Net change in pension and other post-retirement obligations | | 8,818 | | | (3,086) | | | 5,732 | | | | | | | | | | Total other comprehensive income (loss) | $ | (34,285) | | $ | 11,996 | | $ | (22,289) | | | | | | | | | | | | Three Months Ended | | | September 30, 2013 | | | Tax (Expense) | (dollar amounts in thousands) | | Pretax | | | Benefit | | | After-tax | Noncredit-related impairment recoveries (losses) on debt securities not expected to be sold | $ | 2,975 | | $ | (1,041) | | $ | 1,934 | Unrealized holding gains (losses) on available-for-sale debt securities arising during the period | | 4,388 | | | (1,683) | | | 2,705 | Less: Reclassification adjustment for net losses (gains) included in net income | | 3,023 | | | (1,058) | | | 1,965 | Net change in unrealized holding gains (losses) on available-for-sale debt securities | | 10,386 | | | (3,782) | | | 6,604 | | | | | | | | | | Net change in unrealized holding gains (losses) on available-for-sale equity securities | | (121) | | | 45 | | | (76) | | | | | | | | | | Unrealized gains (losses) on derivatives used in cash flow hedging relationships arising during the period | | 26,672 | | | (9,335) | | | 17,337 | Less: Reclassification adjustment for net (gains) losses included in net income | | (3,085) | | | 1,080 | | | (2,005) | Net change in unrealized gains (losses) on derivatives used in cash flow hedging relationships | | 23,587 | | | (8,255) | | | 15,332 | | | | | | | | | | | | | | | | | | | Re-measurement obligation | | 79,532 | | | (27,836) | | | 51,696 | Defined benefit pension items | | (31,672) | | | 11,085 | | | (20,587) | Net change in pension and other post-retirement obligations | | 47,860 | | | (16,751) | | | 31,109 | | | | | | | | | | Total other comprehensive income (loss) | $ | 81,712 | | $ | (28,743) | | $ | 52,969 | | | | | | | | | | | | Nine Months Ended | | | September 30, 2014 | | | | | | Tax (expense) | (dollar amounts in thousands) | | Pretax | | | Benefit | | | After-tax | Noncredit-related impairment recoveries (losses) on debt securities not expected to be sold | $ | 11,949 | | $ | (4,225) | | $ | 7,724 | Unrealized holding gains (losses) on available-for-sale debt securities arising during the period | | 48,682 | | | (17,439) | | | 31,243 | Less: Reclassification adjustment for net losses (gains) included in net income | | (15,409) | | | 5,393 | | | (10,016) | Net change in unrealized holding gains (losses) on available-for-sale debt securities | | 45,222 | | | (16,271) | | | 28,951 | | | | | | | | | | Net change in unrealized holding gains (losses) on available-for-sale equity securities | | 394 | | | (138) | | | 256 | | | | | | | | | | Unrealized gains (losses) on derivatives used in cash flow hedging relationships arising during the period | | (2,454) | | | 858 | | | (1,596) | Less: Reclassification adjustment for net (gains) losses included in net income | | (3,853) | | | 1,349 | | | (2,504) | Net change in unrealized gains (losses) on derivatives used in cash flow hedging relationships | | (6,307) | | | 2,207 | | | (4,100) | | | | | | | | | | | | | | | | | | | Net change in pension and other post-retirement obligations | | 10,594 | | | (3,708) | | | 6,886 | | | | | | | | | | Total other comprehensive income (loss) | $ | 49,903 | | $ | (17,910) | | $ | 31,993 | | | | | | | | | | | | Nine Months Ended | | | September 30, 2013 | | | | | | Tax (expense) | (dollar amounts in thousands) | | Pretax | | | Benefit | | | After-tax | | | | | | | | | | Noncredit-related impairment recoveries (losses) on debt securities not expected to be sold | $ | 14,987 | | $ | (5,245) | | $ | 9,742 | Unrealized holding gains (losses) on available-for-sale debt securities arising during the period | | (123,647) | | | 43,413 | | | (80,234) | Less: Reclassification adjustment for net losses (gains) included in net income | | 4,254 | | | (1,489) | | | 2,765 | Net change in unrealized holding gains (losses) on available-for-sale debt securities | | (104,406) | | | 36,679 | | | (67,727) | | | | | | | | | | Net change in unrealized holding gains (losses) on available-for-sale equity securities | | 32 | | | (12) | | | 20 | | | | | | | | | | Unrealized gains (losses) on derivatives used in cash flow hedging relationships arising during the period | | (71,579) | | | 25,053 | | | (46,526) | Less: Reclassification adjustment for net (gains) losses included in net income | | (11,571) | | | 4,049 | | | (7,522) | Net change in unrealized gains (losses) on derivatives used in cash flow hedging relationships | | (83,150) | | | 29,102 | | | (54,048) | | | | | | | | | | | | | | | | | | | Re-measurement obligation | | 79,532 | | | (27,836) | | | 51,696 | Defined benefit pension items | | (15,217) | | | 5,326 | | | (9,891) | Net change in pension and other post-retirement obligations | | 64,315 | | | (22,510) | | | 41,805 | | | | | | | | | | Total other comprehensive income (loss) | $ | (123,209) | | $ | 43,259 | | $ | (79,950) | | | | | | | | | |
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Activity in accumulated other comprehensive income, net of tax |
The following table presents activity in accumulated other comprehensive income (loss), net of tax, for the three-month and nine-month periods ended September 30, 2014 and 2013: (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, 2012 | $ | 38,304 | | $ | 194 | | $ | 47,084 | | $ | (236,399) | | $ | (150,817) | | Other comprehensive income before reclassifications | | (70,492) | | | 20 | | | (46,526) | | | 51,696 | | | (65,302) | | Amounts reclassified from accumulated OCI to earnings | | 2,765 | | | --- | | | (7,522) | | | (9,891) | | | (14,648) | Period change | | (67,727) | | | 20 | | | (54,048) | | | 41,805 | | | (79,950) | Balance, September 30, 2013 | $ | (29,423) | | $ | 214 | | $ | (6,964) | | $ | (194,594) | | $ | (230,767) | | | | | | | | | | | | | | | | | Balance, December 31, 2013 | $ | (39,234) | | $ | 292 | | $ | (18,844) | | $ | (156,223) | | $ | (214,009) | | Other comprehensive income before reclassifications | | 38,967 | | | 256 | | | (1,596) | | | --- | | | 37,627 | | Amounts reclassified from accumulated OCI to earnings | | (10,016) | | | --- | | | (2,504) | | | 6,886 | | | (5,634) | Period change | | 28,951 | | | 256 | | | (4,100) | | | 6,886 | | | 31,993 | Balance, September 30, 2014 | $ | (10,283) | | $ | 548 | | $ | (22,944) | | $ | (149,337) | | $ | (182,016) | | | | | | | | | | | | | | | | | (1) Amounts at September 30, 2014 and December 31, 2013 include $0.6 million and $0.2 million, respectively, of net unrealized losses 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. |
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Reclassification Out Of Accumulated OCI |
Reclassifications out of accumulated OCI | | | | | | | | | | | | | Amounts | | Location of net gain (loss) | | | | reclassified from | | reclassified from accumulated | Accumulated OCI components | accumulated OCI | OCI into earnings | | | | Three | | | Three | | | | | Months Ended | Months Ended | | (dollar amounts in thousands) | September 30, 2014 | September 30, 2013 | | | | | | | | | | | Gains (losses) on debt securities: | | | | | | | | | Amortization of unrealized gains (losses) | $ | 138 | | $ | 187 | | Interest income - held-to-maturity securities - taxable | | Realized gain (loss) on sale of securities | | (388) | | | (3,125) | | Noninterest income - net gains (losses) on sale of securities | | OTTI recorded | | --- | | | (85) | | Noninterest income - net gains (losses) on sale of securities | | | | (250) | | | (3,023) | | Total before tax | | | | 88 | | | 1,058 | | Tax (expense) benefit | | | $ | (162) | | $ | (1,965) | | Net of tax | | | | | | | | | | Gains (losses) on cash flow hedging relationships: | | | | | | | Interest rate contracts | $ | 148 | | $ | 3,078 | | Interest income - loans and leases | | Interest rate contracts | | --- | | | 7 | | Noninterest income - other income | | | | 148 | | | 3,085 | | Total before tax | | | | (52) | | | (1,080) | | Tax (expense) benefit | | | $ | 96 | | $ | 2,005 | | Net of tax | | | | | | | | | | Amortization of defined benefit pension and post-retirement items: | | | | Actuarial gains (losses) | $ | (8,818) | | $ | (1,192) | | Noninterest expense - personnel costs | | Prior service costs | | --- | | | --- | | Noninterest expense - personnel costs | | Curtailment | | --- | | | 32,864 | | Noninterest expense - personnel costs | | | | (8,818) | | | 31,672 | | Total before tax | | | | 3,086 | | | (11,085) | | Tax (expense) benefit | | | $ | (5,732) | | $ | 20,587 | | Net of tax |
Reclassifications out of accumulated OCI | | | | | | | | | | | | | Amounts | | Location of net gain (loss) | | | | reclassified from | | reclassified from accumulated | Accumulated OCI components | accumulated OCI | OCI into earnings | | | | Nine | | | Nine | | | | | Months Ended | Months Ended | | (dollar amounts in thousands) | September 30, 2014 | September 30, 2013 | | | | | | | | | | | Gains (losses) on debt securities: | | | | | | | | | Amortization of unrealized gains (losses) | $ | 476 | | $ | 303 | | Interest income - held-to-maturity securities - taxable | | Realized gain (loss) on sale of securities | | 14,933 | | | (2,754) | | Noninterest income - net gains (losses) on sale of securities | | OTTI recorded | | --- | | | (1,803) | | Noninterest income - net gains (losses) on sale of securities | | | | 15,409 | | | (4,254) | | Total before tax | | | | (5,393) | | | 1,489 | | Tax (expense) benefit | | | $ | 10,016 | | $ | (2,765) | | Net of tax | | | | | | | | | | Gains (losses) on cash flow hedging relationships: | | | | | | | Interest rate contracts | $ | 3,935 | | $ | 11,367 | | Interest income - loans and leases | | Interest rate contracts | | (82) | | | 204 | | Noninterest income - other income | | | | 3,853 | | | 11,571 | | Total before tax | | | | (1,349) | | | (4,049) | | Tax (expense) benefit | | | $ | 2,504 | | $ | 7,522 | | Net of tax | | | | | | | | | | Amortization of defined benefit pension and post-retirement items: | | | | Actuarial gains (losses) | $ | (10,594) | | $ | (21,101) | | Noninterest expense - personnel costs | | Prior service costs | | --- | | | 3,454 | | Noninterest expense - personnel costs | | Curtailment | | --- | | | 32,864 | | Noninterest expense - personnel costs | | | | (10,594) | | | 15,217 | | Total before tax | | | | 3,708 | | | (5,326) | | Tax (expense) benefit | | | $ | (6,886) | | $ | 9,891 | | Net of tax |
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