OTHER COMPREHENSIVE INCOME

12 Months Ended

Dec. 31, 2012

OTHER COMPREHENSIVE INCOME

OTHER COMPREHENSIVE INCOME (Note 17)

The following table presents the tax effects allocated to each component of other comprehensive income (loss) for the years ended December 31, 2012, 2011, and 2010. Components of other comprehensive income (loss) include changes in net unrealized gains (losses) on securities available for sale (including the non-credit portion of other-than-temporary impairment charges relating to certain securities during the period); unrealized gains (losses) on derivatives used in cash flow hedging relationships; and the pension benefit adjustment for unfunded portion of various employee, officer and director pension plans.

	2012									2011									2010
	Before			Tax			After			Before			Tax			After			Before			Tax			After
	Tax			Effect			Tax			Tax			Effect			Tax			Tax			Effect			Tax
	(in thousands)
Unrealized gains on available for sale (AFS) securities
Net gains arising during the period	$	9,993		$	(4,311	)	$	5,682		$	2,438		$	(925	)	$	1,513		$	20,376		$	(7,739	)	$	12,637
Less reclassification adjustment for net gains included in net income		(2,587	)		1,042			(1,545	)		(32,068	)		12,394			(19,674	)		(11,598	)		4,268			(7,330	)
Net change		7,406			(3,269	)		4,137			(29,630	)		11,469			(18,161	)		8,778			(3,471	)		5,307
Non-credit impairment losses on securities available for sale and held to maturity
Net change in non-credit impairment losses on securities		15,032			(5,090	)		9,942			(42,531	)		15,875			(26,656	)		5,301			(1,973	)		3,328
Less reclassification adjustment for credit impairment losses included in net income		4,220			(1,771	)		2,449			18,570			(6,937	)		11,633			4,381			(1,640	)		2,741
Net change		19,252			(6,861	)		12,391			(23,961	)		8,938			(15,023	)		9,682			(3,613	)		6,069
Unrealized gains and losses on derivatives (cash flow hedges)
Net (losses) gains arising during the period		(5,773	)		2,422			(3,351	)		(24,393	)		10,236			(14,157	)		1,493			(627	)		866
Less reclassification adjustment for losses included in net income		6,478			(2,718	)		3,760			3,067			(1,287	)		1,780			1,967			(825	)		1,142
Net change		705			(296	)		409			(21,326	)		8,949			(12,377	)		3,460			(1,452	)		2,008
Defined benefit pension plan
Amortization of prior service cost		105			(67	)		38			593			(245	)		348			885			(367	)		518
Amortization of net loss		(9,346	)		3,903			(5,443	)		(19,812	)		8,303			(11,509	)		340			(145	)		195
Net change		(9,241	)		3,836			(5,405	)		(19,219	)		8,058			(11,161	)		1,225			(512	)		713
Total other comprehensive income (loss)	$	18,122		$	(6,590	)	$	11,532		$	(94,136	)	$	37,414		$	(56,722	)	$	23,145		$	(9,048	)	$	14,097

The following table presents the after-tax changes in the balances of each component of accumulated other comprehensive loss for the years ended December 31, 2012, 2011, and 2010:

	Components of Accumulated Other Comprehensive Loss												Total
				Non-credit						Defined			Accumulated
	Unrealized Gains			Impairment			Unrealized Gains			Benefit			Other
	and Losses on			Losses on			and Losses on			Pension			Comprehensive
	AFS Securities			Securities			Derivatives			Plan			Loss
	(in thousands)
Balance—December 31, 2009	$	9,623		$	(7,612	)	$	(2,716	)	$	(19,111	)	$	(19,816	)
Net change		5,307			6,069			2,008			713			14,097
Balance—December 31, 2010		14,930			(1,543	)		(708	)		(18,398	)		(5,719	)
Net change		(18,161	)		(15,023	)		(12,377	)		(11,161	)		(56,722	)
Balance—December 31, 2011		(3,231	)		(16,566	)		(13,085	)		(29,559	)		(62,441	)
Net change		4,137			12,391			409			(5,405	)		11,532
Balance—December 31, 2012	$	906		$	(4,175	)	$	(12,676	)	$	(34,964	)	$	(50,909	)