Huntington National Bank 2006 Annual Report Download - page 109

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS HUNTINGTON BANCSHARES INCORPORATED
16. OTHER COMPREHENSIVE INCOME
The components of Huntington’s other comprehensive income in each of the three years ended December 31 were as follows:
Year Ended December 31,
(in thousands of dollars) 2006 2005 2004
Unrealized losses on investment securities arising during the year:
Unrealized net losses $ 1,448 $ (41,014) $(18,555)
Related tax benefit (752) 14,445 6,689
Net 696 (26,569) (11,866)
Less: Reclassification of net realized losses (gains) from sales of investment securities during the year:
Realized net losses (gains) 73,191 8,055 (15,763)
Related tax (benefit) expense (25,617) (2,819) 5,517
Net 47,574 5,236 (10,246)
Total unrealized losses on investment securities arising during the year, net of reclassification of net realized
losses (gains) 48,270 (21,333) (22,112)
Unrealized gains on cash flow hedging derivatives arising during the year:
Unrealized net gains 2,772 16,852 14,914
Related tax expense (970) (5,898) (5,220)
Net 1,802 10,954 9,694
Defined benefit pension plans:
Cumulative effect of change in accounting for funded status of pension plans (128,175) ——
Minimum pension liability adjustment 414 (1,248) (1,789)
Related tax benefit 44,716 437 626
Net (83,045) (811) (1,163)
Total other comprehensive loss $ (32,973) $ (11,190) $(13,581)
Activity in accumulated other comprehensive income for the three years ended December 31, 2006 was as follows:
Unrealized gains
Unrealized gains and losses on
and losses on cash flow hedging Defined benefit
(in thousands of dollars) investment securities derivatives pension plans Total
Balance, January 1, 2004 $ 9,429 $ (5,442) $ (1,309) $ 2,678
Current period change (22,112) 9,694 (1,163) (13,581)
Balance, December 31, 2004 (12,683) 4,252 (2,472) (10,903)
Current period change (21,333) 10,954 (811) (11,190)
Balance, December 31, 2005 (34,016) 15,206 (3,283) (22,093)
Current period change 48,270 1,802 (83,045) (32,973)
Balance, December 31, 2006 $ 14,254 $17,008 $ (86,328) $(55,066)
17. SHAREHOLDERS’ EQUITY
On October 18, 2005, the Company announced that the board of directors authorized a new program for the repurchase of up to
15 million shares (the 2005 Repurchase Program). A repurchase program authorized in 2004, with 3.1 million shares remaining,
was cancelled and replaced by the 2005 Repurchase Program.
On April 20, 2006, the Company announced that the board of directors authorized a new program for the repurchase of up to
15.0 million shares (the 2006 Repurchase Program). The 2006 Repurchase Program does not have an expiration date. The 2005
Repurchase Program, with 5.0 million shares remaining, was canceled and replaced by the 2006 Repurchase Program. The
Company announced its expectation to repurchase the shares from time to time in the open market or through privately
negotiated transactions depending on market conditions.
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