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18. Accumulated Other Comprehensive Income (Loss)
<br />Comprehensive income is defined as the change in equity from all transactions other than those with
<br />stockholders, and is comprised of net income and other comprehensive income. Accumulated other
<br />comprehensive income (loss) for the periods ended December 31, 2011 and December 31, 2010 is
<br />presented below:
<br />Pretax Income Tax After-tax
<br />(dollars in thousands) Amount (Expense) Benefit Amount"
<br />Accumulated other comprehensive loss, December 31, 2009 $(395,779) $ 161,195 $(234,584)
<br />Pension (11,739) 4,345 (7,394)
<br />Securities available for sale:
<br />Unrealized net gains on securities available for sale arising during the year 27,959 (11,351) 16,608
<br />Reclassification of losses on previously credit -impaired securities included in
<br />net income 65,131 (26,443) 38,688
<br />Reclassification of net realized losses on securities available for sale included
<br />in net income 35,951 (14,596) 21,355
<br />Net change in unrealized gains on securities available for sale 129,041 (52,390) 76,651
<br />Cash flow hedges:
<br />Unrealized net losses on cash flow derivative hedges arising during the year (4,939) 2,005 (2,934)
<br />Reclassification of net realized losses on cash flow derivative hedges included
<br />in net income 16,727 (6,791) 9,936
<br />Net change in unrealized losses on cash flow derivative hedges 11,788 (4,786) 7,002
<br />Other comprehensive income 129,090 (52,831) 76,259
<br />Accumulated other comprehensive loss, December 31, 2010 $(266,689) $ 108,364 $(158,325)
<br />Pension (44,536) 18,502 (26,034)
<br />Securities available for sale:
<br />Unrealized net gains on securities available for sale arising during the year 317,311 (128,828) 188,483
<br />Reclassification of losses on previously credit -impaired securities included in
<br />net income 912 (370) 542
<br />Reclassification of net realized gains on securities available for sale included in
<br />net income (34,099) 13,844 (20,255)
<br />Net change in unrealized gains on securities available for sale 284,124 (115,354) 168,770
<br />Cash flow hedges:
<br />Unrealized net losses on cash flow derivative hedges arising during the year (56) 23 (33)
<br />Reclassification of net realized losses on cash flow derivative hedges included
<br />in net income 8,346 (3,388) 4,958
<br />Net change in unrealized gains on cash flow derivative hedges 8,290 (3,365) 4,925
<br />Other comprehensive income 247,878 (100,217) 147,661
<br />Accumulated other comprehensive loss, December 31, 2011 S (18,811) $ 8,147 $ (10,664)
<br />°' Accumulated other comprehensive loss, net of tax, consisted of net unrealized losses on securities with OTTI available for sale
<br />related to factors other than credit of nil and $(542) at December 31, 2011 and 2010, respectively; net unrealized gains (losses)
<br />on securities available for sale of $81,474 and $(86,754) at December 31, 2011 and 2010, respectively; net unrealized gains
<br />(losses) on cash flow derivative hedges of $83 and $(4,842) at December 31, 2011 and 2010, respectively; and pension
<br />adjustments of $(92,221) and $(66,187) at December 31, 2011 and 2010, respectively.
<br />19. Benefit Plans
<br />The Bank has the following pension and other postretirement benefit plans:
<br />Pension Benefits:
<br />Funded Pension Plans
<br />The Bank had previously offered the Employees' Retirement Plan ("ERP") of BancWest Corporation
<br />to its employees, which is a noncontributory defined benefit pension plan. The ERP was created from the
<br />merger of two separate plans: the First Hawaiian Bank Employee Plan and the Bank of the West Employee
<br />Plan. The Bank of the West Employee Plan was a cash balance pension plan that was frozen on January 1,
<br />2010. At the freeze date, the plan stopped accruing benefits and was closed to new participants. However,
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<br />2011 Bank of the West Annual Report
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