Comprehensive Income

6 Months Ended

Jun. 30, 2014

Equity [Abstract]

Comprehensive Income

16. COMPREHENSIVE INCOME

The components of total comprehensive income for the three and six months ended June 30, 2014 and 2013 are as follows:

	Three Months Ended						Six Months Ended
	June 30						June 30
	2014			2013			2014			2013
Net Income	$	33,247		$	22,219		$	63,371		$	43,798
Available for sale (“AFS”) securities:
AFS securities with OTTI charges during the period		(421	)		(137	)		(1,060	)		(1,172	)
Related income tax effect		147			48			371			410
Less : OTTI charges recognized in net income		421			137			1,060			971
Related income tax benefit		(147	)		(48	)		(371	)		(340	)
Reclassification of previous noncredit OTTI to credit OTTI		421			0			2,106			1,458
Related income tax benefit		(147	)		0			(737	)		(510	)
Net unrealized (losses) gains on AFS securities with OTTI		274			0			1,369			817
AFS securities – all other:
Change in net unrealized gain on AFS securities arising during the period		12,526			(3,642	)		24,581			(3,600	)
Related income tax effect		(4,385	)		1,275			(8,604	)		1,260
Net reclassification adjustment for (gains) losses included in net income		(1	)		(235	)		(825	)		(375	)
Related income tax expense (benefit)		1			82			289			131
		8,141			(2,520	)		15,441			(2,584	)
Net effect of AFS securities on other comprehensive income		8,415			(2,520	)		16,810			(1,767	)
Held to maturity (“HTM”) securities:
Accretion on the unrealized loss for securities transferred from AFS to the HTM investment portfolio prior to call or maturity		3			2			4			4
Related income tax expense		(2	)		(1	)		(2	)		(2	)
Net effect of HTM securities on other comprehensive income		1			1			2			2
Pension plan:
Recognized net actuarial loss		486			1,172			967			2,331
Related income tax benefit		(176	)		(430	)		(348	)		(848	)
Net effect of change in pension plan asset on other comprehensive income		310			742			619			1,483
Total change in other comprehensive income		8,726			(1,777	)		17,431			(282	)
Total Comprehensive Income	$	41,973		$	20,442		$	80,802		$	43,516

The components of accumulated other comprehensive income for the six months ended June 30, 2014 are as follows:

Changes in Accumulated Other Comprehensive Income (AOCI) by Component ^(a)

For the Six Months Ended June 30, 2014

(Dollars in thousands)	Unrealized Gains/Losses on AFS Securities			Accretion on the unrealized loss for securities transferred from AFS to the HTM			Defined Benefit Pension Items			Total
Balance at January 1, 2014	($	23,235	)	($	67	)	($	19,745	)	($	43,047	)
Other comprehensive income before reclassification		15,977			2			0			15,979
Amounts reclassified from accumulated other comprehensive income		833			0			619			1,452

Changes in Accumulated Other Comprehensive Income (AOCI) by Component ^(a)

For the Six Months Ended June 30, 2014

(Dollars in thousands)	Unrealized Gains/Losses on AFS Securities			Accretion on the unrealized loss for securities transferred from AFS to the HTM			Defined Benefit Pension Items			Total
Net current-period other comprehensive income, net of tax		16,810			2			619			17,431
Balance at June 30, 2014	($	6,425	)	($	65	)	($	19,126	)	($	25,616	)

(a) All amounts are net-of-tax.

Reclassifications out of Accumulated Other Comprehensive Income (AOCI)

For the Six Months Ended June 30, 2014

(Dollars in thousands) Details about AOCI Components	Amount Reclassified from AOCI			Affected Line Item in the Statement Where Net Income is Presented
Available for sale (“AFS”) securities:
Reclassification of previous noncredit OTTI to credit OTTI	$	2,106		Total other-than-temporary impairment losses
Net reclassification adjustment for losses (gains) included in net income		(825	)	Net gains on sales/calls of investment securities
		1,281		Total before tax
Related income tax effect		(448	)	Tax expense
		833		Net of tax
Pension plan:
Recognized net actuarial loss		967	(a)
		967		Total before tax
Related income tax effect		(348	)	Tax expense
		619		Net of tax
Total reclassifications for the period	$	1,452

(a) This AOCI component is included in the computation of net periodic pension cost (see Note 14, Employee Benefit Plans)