Huntington National Bank 2003 Annual Report Download - page 124

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
18. Comprehensive Income
The components of Huntington’s Other Comprehensive Income in each of the three years ended December 31 were as follows:
(in thousands of dollars) 2003 2002 2001
Cumulative effect of change in accounting method for
derivatives used in cash flow hedging relationships:
Unrealized net losses $ — $ — $(14,020)
Related tax benefit — — 4,907
Net — — (9,113)
Minimum pension liability:
Unrealized net loss (1,714) (300) —
Related tax benefit 600 105 —
Net (1,114) (195) —
Unrealized holding gains and losses on securities available
for sale arising during the period:
Unrealized net (losses) gains (67,520) 46,655 84,256
Related tax benefit (expense) 23,511 (16,082) (29,796)
Net (44,009) 30,573 54,460
Unrealized holding gains and losses on derivatives used in
cash flow hedging relationships arising during the period:
Unrealized net (losses) gains (17,048) 14,799 7,895
Related tax benefit (expense) 5,967 (5,179) (2,763)
Net (11,081) 9,620 5,132
Less: Reclassification adjustment for net gains from sales of
securities available for sale realized during the period:
Realized net gains 5,258 4,902 723
Related tax expense (1,840) (1,716) (252)
Net 3,418 3,186 471
Total Other Comprehensive (Loss) Income $(59,622) $ 36,812 $ 50,008
Activity in Accumulated Other Comprehensive Income for the most recent three years is as follows:
(in thousands of dollars)
Minimum
pension liability
Unrealized gains and losses
on securities available for sale
Unrealized gains and losses
on derivative instruments used
in cash flow hedging relationships Total
Balance, January 1, 2001 $ — $(24,520) $ — $(24,520)
Change in accounting method — — (9,113) (9,113)
Current-period change — 53,989 5,132 59,121
Balance, December 31, 2001 — 29,469 (3,981) 25,488
Current-period change (195) 27,387 9,620 36,812
Balance, December 31, 2002 (195) 56,856 5,639 62,300
Current-period change (1,114) (47,427) (11,081) (59,622)
Balance, December 31, 2003 $(1,309) $ 9,429 $ (5,442) $ 2,678
122 HUNTINGTON BANCSHARES INCORPORATED