Huntington National Bank 2011 Annual Report Download - page 183

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2009
Pretax
Tax
(expense)
Benefit After-tax
(dollar amounts in thousands)
Cumulative effect of change in accounting principle for
OTTI debt securities $ (5,448) $ 1,907 $ (3,541)
Noncredit-related impairment losses on debt securities not
expected to be sold ................................. (124,408) 43,543 (80,865)
Unrealized holding (losses) gains on available-for-sale debt
securities arising during the period ..................... 280,789 (98,678) 182,111
Less: Reclassification adjustment for net losses (gains)
included in net income ............................... 10,249 (3,587) 6,662
Net change in unrealized holding (losses) gains on
available-for-sale debt securities ....................... 166,630 (58,722) 107,908
Net change in unrealized holding (losses) gains on
available-for-sale equity securities ..................... 10 (3) 7
Net unrealized gains and losses on derivatives used in cash
flow hedging relationships arising during the period ....... 21,888 (7,661) 14,227
Change in pension and post-retirement benefit plan assets and
liabilities ......................................... 78,626 (27,519) 51,107
Total other comprehensive (loss) income ................ $ 261,706 $(91,998) $169,708
Activity in OCI for the three years ended December 31, were as follows:
Unrealized
gains and
(losses) on debt
securities(1)
Unrealized
gains and
(losses) on
equity securities
Unrealized
gains and
(losses) on
cash flow
hedging
derivatives
Unrealized
gains (losses)
for pension
and other
post-retirement
obligations Total
(dollar amounts in thousands)
Balance, January 1, 2009 ............. $(207,427) $(329) $ 44,638 $(163,575) $(326,693)
Cumulative effect of change in
accounting principle for OTTI debt
securities, net of tax ............... (3,541) — — — (3,541)
Period change ...................... 107,908 7 14,227 51,107 173,249
Balance, December 31, 2009 ......... (103,060) (322) 58,865 (112,468) (156,985)
Cumulative effect of change in
accounting principle for consolidation
of variable interest entities, net of
tax............................. (4,249) — — — (4,249)
Period change ...................... 6,019 (105) (23,155) (19,021) (36,262)
Balance, December 31, 2010 ......... (101,290) (427) 35,710 (131,489) (197,496)
Period change ...................... 72,023 397 5,188 (53,875) 23,733
Balance, December 31, 2011 ......... $ (29,267) $ (30) $ 40,898 $(185,364) $(173,763)
(1) Amount at December 31, 2011 includes $0.4 million of net unrealized gains on securities transferred from
the available-for-sale securities portfolio to the held-to-maturity securities portfolio. The net unrealized
gains will be recognized in earnings over the remaining life of the security using the effective interest
method.
169