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Other Comprehensive Income (Tables)
12 Months Ended
Dec. 31, 2013
Equity [Abstract]  
Schedule of Comprehensive Income

 Components of other comprehensive income (loss) include changes in net unrealized gains (losses) on securities available for sale (including the non-credit portion of other-than-temporary impairment charges relating to certain securities during the period); unrealized gains (losses) on derivatives used in cash flow hedging relationships; and the pension benefit adjustment for unfunded portion of various employee, officer and director pension plans.

 

    2013     2012     2011  
    Before     Tax     After     Before     Tax     After     Before     Tax     After  
    Tax     Effect     Tax     Tax     Effect     Tax     Tax     Effect     Tax  
    (in thousands)  

Unrealized gains on available for sale (AFS) securities

                 

Net (losses) gains arising during the period

  $ (22,679   $ 9,440      $ (13,239   $ 9,993      $ (4,311   $ 5,682      $ 2,438      $ (925   $ 1,513   

Less reclassification adjustment for net gains included in net income

    (14,678     6,156        (8,522     (2,587     1,042        (1,545     (32,068     12,394        (19,674
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net change

    (37,357     15,596        (21,761     7,406        (3,269     4,137        (29,630     11,469        (18,161
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Non-credit impairment losses on securities available for sale and held to maturity

                 

Net change in non-credit impairment losses on securities

    6,266        (2,629     3,637        15,032        (5,090     9,942        (42,531     15,875        (26,656

Less reclassification adjustment for credit impairment losses included in net income

    (461     193        (268     4,220        (1,771     2,449        18,570        (6,937     11,633   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net change

    5,805        (2,436     3,369        19,252        (6,861     12,391        (23,961     8,938        (15,023
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Unrealized gains and losses on derivatives (cash flow hedges)

                 

Net gains (losses) arising during the period

    4,255        (1,855     2,400        (5,773     2,422        (3,351     (24,393     10,236        (14,157

Less reclassification adjustment for losses included in net income

    6,898        (2,893     4,005        6,478        (2,718     3,760        3,067        (1,287     1,780   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net change

    11,153        (4,748     6,405        705        (296     409        (21,326     8,949        (12,377
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Defined benefit pension plan

                 

Net gains (losses) arising during the period

    37,204        (15,627     21,577        (11,747     4,908        (6,839     (21,351     8,947        (12,404

Amortization of prior service cost

    2,440        (986     1,454        105        (67     38        592        (244     348   

Amortization of net loss

    1,970        (825     1,145        2,401        (1,005     1,396        1,540        (645     895   

Recognition of loss due to curtailment

    750        (282     468        —          —          —          —          —          —     
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net change

    42,364        (17,720     24,644        (9,241     3,836        (5,405     (19,219     8,058        (11,161
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total other comprehensive income (loss)

  $ 21,965      $ (9,308   $ 12,657      $ 18,122      $ (6,590   $ 11,532      $ (94,136   $ 37,414      $ (56,722
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

Schedule of Changes in Accumulated Other Comprehensive Loss after Tax

The following table presents the after-tax changes in the balances of each component of accumulated other comprehensive loss for the years ended December 31, 2013, 2012, and 2011:

 

    Components of Accumulated Other Comprehensive Loss     Total
Accumulated
Other
Comprehensive 
Loss
 
    Unrealized Gains
and Losses on
AFS Securities
    Non-credit
Impairment
Losses on
Securities
    Unrealized Gains
and Losses on
Derivatives
    Defined
Benefit
Pension
Plan
   
    (in thousands)  

Balance—December 31, 2010

  $ 14,930      $ (1,543   $ (708   $ (18,398   $ (5,719

Other comprehensive income (loss) before reclassifications

    1,513        (26,656     (14,157     (12,404     (51,704

Amounts reclassified from other comprehensive income (loss)

    (19,674     11,633        1,780        1,243        (5,018
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Other comprehensive loss, net

    (18,161     (15,023     (12,377     (11,161     (56,722
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Balance—December 31, 2011

    (3,231     (16,566     (13,085     (29,559     (62,441
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Other comprehensive income (loss) before reclassifications

    5,682        9,942        (3,351     (6,839     5,434   

Amounts reclassified from other comprehensive income (loss)

    (1,545     2,449        3,760        1,434        6,098   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Other comprehensive income (loss), net

    4,137        12,391        409        (5,405     11,532   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Balance—December 31, 2012

    906        (4,175     (12,676     (34,964     (50,909
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Other comprehensive income (loss) before reclassifications

    (13,239     3,637        2,400        21,577        14,375   

Amounts reclassified from other comprehensive income (loss)

    (8,522     (268     4,005        3,067       
 
—  
(1,718
  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Other comprehensive income (loss), net

    (21,761     3,369        6,405        24,644        12,657   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Balance—December 31, 2013

  $ (20,855   $ (806   $ (6,271   $ (10,320   $ (38,252
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
Schedule of Accumulated Other Comprehensive Loss

The following table presents amounts reclassified from each component of accumulated other comprehensive loss on a gross and net of tax basis for the year ended December 31, 2013.

 

Components of Accumulated

Other Comprehensive Loss

  Amounts Reclassified
from Accumulated Other
Comprehensive Loss
   

Income Statement

Line Item

    (in thousands)      

Unrealized gains on AFS securities before tax

  $ 14,678      Gains on securities transactions, net

Tax effect

    (6,156  
 

 

 

   

Total net of tax

    8,522     
 

 

 

   

Non-credit impairment losses on AFS securities before tax:

   

Accretion of credit impairment loss due to an increase in expected cash flows

    461      Interest and dividends on investment

Tax effect

    (193  

securities (taxable)

 

 

 

   

Total net of tax

    268     
 

 

 

   

Unrealized losses on derivatives (cash flow hedges) before tax

    (6,898   Interest expense

Tax effect

    2,893     
 

 

 

   

Total net of tax

    (4,005  
 

 

 

   

Defined benefit pension plan:

   

Amortization of prior service cost

    (2,440   *

Amortization of net actuarial loss

    (1,970   *

Recognition of loss due to curtailment

    (750   *
 

 

 

   

Total before tax

    (5,160  

Tax effect

    2,093     
 

 

 

   

Total net of tax

    (3,067  
 

 

 

   

Total reclassifications, net of tax

  $ 1,718     
 

 

 

   

 

* These accumulated other comprehensive loss components are included in the computation of net periodic pension cost. See Note 12 for details.