OTHER COMPREHENSIVE INCOME (Note 18)

The following table presents the tax effects allocated to each component of other comprehensive income (loss) for the years ended December 31, 2013, 2012, and 2011. 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.


	2013									2012									2011
	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 (losses) gains arising during the period	$	(22,679	)	$	9,440		$	(13,239	)	$	9,993		$	(4,311	)	$	5,682		$	2,438		$	(925	)	$	1,513
Less reclassification adjustment for net gains included in net income		(14,678	)		6,156			(8,522	)		(2,587	)		1,042			(1,545	)		(32,068	)		12,394			(19,674	)

Net change		(37,357	)		15,596			(21,761	)		7,406			(3,269	)		4,137			(29,630	)		11,469			(18,161	)

Non-credit impairment losses on securities available for sale and held to maturity
Net change in non-credit impairment losses on securities		6,266			(2,629	)		3,637			15,032			(5,090	)		9,942			(42,531	)		15,875			(26,656	)
Less reclassification adjustment for credit impairment losses included in net income		(461	)		193			(268	)		4,220			(1,771	)		2,449			18,570			(6,937	)		11,633

Net change		5,805			(2,436	)		3,369			19,252			(6,861	)		12,391			(23,961	)		8,938			(15,023	)

Unrealized gains and losses on derivatives (cash flow hedges)
Net gains (losses) arising during the period		4,255			(1,855	)		2,400			(5,773	)		2,422			(3,351	)		(24,393	)		10,236			(14,157	)
Less reclassification adjustment for losses included in net income		6,898			(2,893	)		4,005			6,478			(2,718	)		3,760			3,067			(1,287	)		1,780

Net change		11,153			(4,748	)		6,405			705			(296	)		409			(21,326	)		8,949			(12,377	)

Defined benefit pension plan
Net gains (losses) arising during the period		37,204			(15,627	)		21,577			(11,747	)		4,908			(6,839	)		(21,351	)		8,947			(12,404	)
Amortization of prior service cost		2,440			(986	)		1,454			105			(67	)		38			592			(244	)		348
Amortization of net loss		1,970			(825	)		1,145			2,401			(1,005	)		1,396			1,540			(645	)		895
Recognition of loss due to curtailment		750			(282	)		468			—			—			—			—			—			—

Net change		42,364			(17,720	)		24,644			(9,241	)		3,836			(5,405	)		(19,219	)		8,058			(11,161	)

Total other comprehensive income (loss)	$	21,965		$	(9,308	)	$	12,657		$	18,122		$	(6,590	)	$	11,532		$	(94,136	)	$	37,414		$	(56,722	)

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, 2013, 2012, and 2011:


	Components of Accumulated Other Comprehensive Loss												Total Accumulated Other Comprehensive Loss
	Unrealized Gains and Losses on AFS Securities			Non-credit Impairment Losses on Securities			Unrealized Gains and Losses on Derivatives			Defined Benefit Pension Plan			Total Accumulated Other Comprehensive Loss
	(in thousands)
Balance—December 31, 2010	$	14,930		$	(1,543	)	$	(708	)	$	(18,398	)	$	(5,719	)
Other comprehensive income (loss) before reclassifications		1,513			(26,656	)		(14,157	)		(12,404	)		(51,704	)
Amounts reclassified from other comprehensive income (loss)		(19,674	)		11,633			1,780			1,243			(5,018	)

Other comprehensive loss, net		(18,161	)		(15,023	)		(12,377	)		(11,161	)		(56,722	)

Balance—December 31, 2011		(3,231	)		(16,566	)		(13,085	)		(29,559	)		(62,441	)

Other comprehensive income (loss) before reclassifications		5,682			9,942			(3,351	)		(6,839	)		5,434
Amounts reclassified from other comprehensive income (loss)		(1,545	)		2,449			3,760			1,434			6,098

Other comprehensive income (loss), net		4,137			12,391			409			(5,405	)		11,532

Balance—December 31, 2012		906			(4,175	)		(12,676	)		(34,964	)		(50,909	)

Other comprehensive income (loss) before reclassifications		(13,239	)		3,637			2,400			21,577			14,375
Amounts reclassified from other comprehensive income (loss)		(8,522	)		(268	)		4,005			3,067			— (1,718	)

Other comprehensive income (loss), net		(21,761	)		3,369			6,405			24,644			12,657

Balance—December 31, 2013	$	(20,855	)	$	(806	)	$	(6,271	)	$	(10,320	)	$	(38,252	)

The following table presents amounts reclassified from each component of accumulated other comprehensive loss on a gross and net of tax basis for the year ended December 31, 2013.


Components of Accumulated Other Comprehensive Loss	Amounts Reclassified from Accumulated Other Comprehensive Loss			Income Statement Line Item
	(in thousands)
Unrealized gains on AFS securities before tax	$	14,678		Gains on securities transactions, net
Tax effect		(6,156	)

Total net of tax		8,522

Non-credit impairment losses on AFS securities before tax:
Accretion of credit impairment loss due to an increase in expected cash flows		461		Interest and dividends on investment
Tax effect		(193	)	securities (taxable)

Total net of tax		268

Unrealized losses on derivatives (cash flow hedges) before tax		(6,898	)	Interest expense
Tax effect		2,893

Total net of tax		(4,005	)

Defined benefit pension plan:
Amortization of prior service cost		(2,440	)	*
Amortization of net actuarial loss		(1,970	)	*
Recognition of loss due to curtailment		(750	)	*

Total before tax		(5,160	)
Tax effect		2,093

Total net of tax		(3,067	)

Total reclassifications, net of tax	$	1,718

*	These accumulated other comprehensive loss components are included in the computation of net periodic pension cost. See Note 12 for details.