ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) |
13. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
The following table presents the changes in AOCI for the three and six months ended June 30, 2013 and 2012, by component:
|
|
Before Tax |
|
Tax Effect |
|
Net of Tax |
|
|
|
(Dollars in thousands) |
|
Three Months Ended June 30, 2013 |
|
|
|
|
|
|
|
Net unrealized gain/loss on investment securities: |
|
|
|
|
|
|
|
Net unrealized loss arising during the period |
|
$ |
(39,577 |
) |
$ |
(16,477 |
) |
$ |
(23,100 |
) |
Change in net unrealized gain/loss on investment securities |
|
(39,577 |
) |
(16,477 |
) |
(23,100 |
) |
|
|
|
|
|
|
|
|
Defined benefit plans: |
|
|
|
|
|
|
|
Amortization of accumulated benefit plan losses |
|
618 |
|
248 |
|
370 |
|
Amortization of unrecognized transition obligations |
|
4 |
|
2 |
|
2 |
|
Amortization of prior service cost |
|
5 |
|
2 |
|
3 |
|
Change in defined benefit plans |
|
627 |
|
252 |
|
375 |
|
|
|
|
|
|
|
|
|
Change in accumulated other comprehensive income |
|
$ |
(38,950 |
) |
$ |
(16,225 |
) |
$ |
(22,725 |
) |
|
|
|
|
|
|
|
|
Three Months Ended June 30, 2012 |
|
|
|
|
|
|
|
Net unrealized gain/loss on investment securities: |
|
|
|
|
|
|
|
Net unrealized gain arising during the period |
|
$ |
1,696 |
|
$ |
— |
|
$ |
1,696 |
|
Change in net unrealized gain/loss on investment securities |
|
1,696 |
|
— |
|
1,696 |
|
|
|
|
|
|
|
|
|
Net unrealized gain/loss on derivatives: |
|
|
|
|
|
|
|
Reclassification adjustment for gain/loss realized in net income |
|
(359 |
) |
— |
|
(359 |
) |
Change in net unrealized gain/loss on derivatives |
|
(359 |
) |
— |
|
(359 |
) |
|
|
|
|
|
|
|
|
Defined benefit plans: |
|
|
|
|
|
|
|
Amortization of accumulated benefit plan losses |
|
580 |
|
— |
|
580 |
|
Amortization of unrecognized transition obligations |
|
4 |
|
— |
|
4 |
|
Amortization of prior service cost |
|
4 |
|
— |
|
4 |
|
Change in defined benefit plans |
|
588 |
|
— |
|
588 |
|
|
|
|
|
|
|
|
|
Change in accumulated other comprehensive income |
|
$ |
1,925 |
|
$ |
— |
|
$ |
1,925 |
|
|
|
Before Tax |
|
Tax Effect |
|
Net of Tax |
|
|
|
(Dollars in thousands) |
|
Six Months Ended June 30, 2013 |
|
|
|
|
|
|
|
Net unrealized gain/loss on investment securities: |
|
|
|
|
|
|
|
Net unrealized loss arising during the period |
|
$ |
(44,400 |
) |
$ |
(16,477 |
) |
$ |
(27,923 |
) |
Change in net unrealized gain/loss on investment securities |
|
(44,400 |
) |
(16,477 |
) |
(27,923 |
) |
|
|
|
|
|
|
|
|
Net unrealized gain/loss on derivatives: |
|
|
|
|
|
|
|
Reclassification adjustment for gain/loss realized in net income |
|
394 |
|
(10,599 |
) |
10,993 |
|
Change in net unrealized gain/loss on derivatives |
|
394 |
|
(10,599 |
) |
10,993 |
|
|
|
|
|
|
|
|
|
Defined benefit plans: |
|
|
|
|
|
|
|
Amortization of accumulated benefit plan losses |
|
1,234 |
|
248 |
|
986 |
|
Amortization of unrecognized transition obligations |
|
8 |
|
2 |
|
6 |
|
Amortization of prior service cost |
|
10 |
|
2 |
|
8 |
|
Change in defined benefit plans |
|
1,252 |
|
252 |
|
1,000 |
|
|
|
|
|
|
|
|
|
Change in accumulated other comprehensive income |
|
$ |
(42,754 |
) |
$ |
(26,824 |
) |
$ |
(15,930 |
) |
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2012 |
|
|
|
|
|
|
|
Net unrealized gain/loss on investment securities: |
|
|
|
|
|
|
|
Net unrealized loss arising during the period |
|
$ |
(1,784 |
) |
$ |
— |
|
$ |
(1,784 |
) |
Change in net unrealized gain/loss on investment securities |
|
(1,784 |
) |
— |
|
(1,784 |
) |
|
|
|
|
|
|
|
|
Net unrealized gain/loss on derivatives: |
|
|
|
|
|
|
|
Reclassification adjustment for gain/loss realized in net income |
|
(931 |
) |
— |
|
(931 |
) |
Change in net unrealized gain/loss on derivatives |
|
(931 |
) |
— |
|
(931 |
) |
|
|
|
|
|
|
|
|
Defined benefit plans: |
|
|
|
|
|
|
|
Amortization of accumulated benefit plan losses |
|
1,160 |
|
— |
|
1,160 |
|
Amortization of unrecognized transition obligations |
|
8 |
|
— |
|
8 |
|
Amortization of prior service cost |
|
9 |
|
— |
|
9 |
|
Change in defined benefit plans |
|
1,177 |
|
— |
|
1,177 |
|
|
|
|
|
|
|
|
|
Change in accumulated other comprehensive income |
|
$ |
(1,538 |
) |
$ |
— |
|
$ |
(1,538 |
) |
The following table presents the changes in each component of AOCI, net of tax, for the three and six months ended June 30, 2013:
|
|
Net |
|
|
|
|
|
|
|
|
|
Unrealized |
|
Net |
|
|
|
|
|
|
|
Gain (Loss) |
|
Unrealized |
|
Defined |
|
|
|
|
|
on Investment |
|
Gain (Loss) |
|
Benefit |
|
|
|
|
|
Securities |
|
on Derivatives |
|
Plans |
|
Total |
|
|
|
(Dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
Balance at March 31, 2013 |
|
$ |
17,917 |
|
$ |
— |
|
$ |
(11,952 |
) |
$ |
5,965 |
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive loss before reclassifications |
|
(23,100 |
) |
— |
|
— |
|
(23,100 |
) |
Amounts reclassified from AOCI |
|
— |
|
— |
|
375 |
|
375 |
|
Net current-period other comprehensive income (loss) |
|
(23,100 |
) |
— |
|
375 |
|
(22,725 |
) |
|
|
|
|
|
|
|
|
|
|
Balance at June 30, 2013 |
|
$ |
(5,183 |
) |
$ |
— |
|
$ |
(11,577 |
) |
$ |
(16,760 |
) |
|
|
|
|
|
|
|
|
|
|
Balance at December 31, 2012 |
|
$ |
22,740 |
|
$ |
(10,993 |
) |
$ |
(12,577 |
) |
$ |
(830 |
) |
|
|
|
|
|
|
|
|
|
|
Other comprehensive loss before reclassifications |
|
(27,923 |
) |
— |
|
— |
|
(27,923 |
) |
Amounts reclassified from AOCI |
|
— |
|
10,993 |
|
1,000 |
|
11,993 |
|
Net current-period other comprehensive income (loss) |
|
(27,923 |
) |
10,993 |
|
1,000 |
|
(15,930 |
) |
|
|
|
|
|
|
|
|
|
|
Balance at June 30, 2013 |
|
$ |
(5,183 |
) |
$ |
— |
|
$ |
(11,577 |
) |
$ |
(16,760 |
) |
The following table presents the amounts reclassified out of each component of AOCI for the three and six months ended June 30, 2013:
|
|
Amount |
|
Affected Line Item in the |
|
Details about AOCI Components |
|
Reclassified |
|
Statement Where Net |
|
(Dollars in thousands) |
|
from AOCI |
|
Income is Presented |
|
Three months ended June 30, 2013 |
|
|
|
|
|
Amortization of defined benefit plan items |
|
|
|
|
|
Net actuarial losses |
|
$ |
618 |
|
(1) |
|
Transition obligations |
|
4 |
|
(1) |
|
Prior service cost |
|
5 |
|
(1) |
|
|
|
627 |
|
Total before income tax |
|
|
|
(252 |
) |
Income tax expense |
|
|
|
$ |
375 |
|
Net of income tax |
|
|
|
|
|
|
|
Total reclassifications for the period |
|
$ |
375 |
|
Net of income tax |
|
|
|
|
|
|
|
Six months ended June 30, 2013 |
|
|
|
|
|
Unrealized gain/loss on derivatives |
|
|
|
|
|
|
|
$ |
394 |
|
Interest income |
|
|
|
10,599 |
|
Income tax benefit |
|
|
|
$ |
10,993 |
|
Net of income tax |
|
|
|
|
|
|
|
Amortization of defined benefit plan items |
|
|
|
|
|
Net actuarial losses |
|
$ |
1,234 |
|
(1) |
|
Transition obligations |
|
8 |
|
(1) |
|
Prior service cost |
|
10 |
|
(1) |
|
|
|
1,252 |
|
Total before income tax |
|
|
|
(252 |
) |
Income tax expense |
|
|
|
$ |
1,000 |
|
Net of income tax |
|
|
|
|
|
|
|
Total reclassifications for the period |
|
$ |
11,993 |
|
Net of income tax |
|
(1) These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 14 for additional details).
|