Comprehensive Income/(Loss)

6 Months Ended

Jun. 30, 2011

Comprehensive Income (Loss) [Abstract]

COMPREHENSIVE INCOME/(LOSS)

NOTE 9 — COMPREHENSIVE INCOME/(LOSS)

     Information on the Company’s comprehensive income/(loss), presented net of taxes, is set forth below for the three and six months ended June 30, 2011 and 2010:

	Three Months Ended June 30, 2011									Six Months Ended June 30, 2011
	Pre Tax			Tax Expense			After Tax			Pre Tax			Tax Expense			After Tax
	Amount			(Benefit)			Amount			Amount			(Benefit)			Amount
	(Dollars in Thousands)									(Dollars in Thousands)
Change in Fair Value of Securities Available for Sale	$	(2,343	)	$	907		$	1,436		$	(1,292	)	$	520		$	772
Net Security Losses Reclassified into Earnings		587	(1)		(230	)		(357	)		547	(1)		(214	)		(333	)
Net Change in Fair Value of Securities Available for Sale		(1,756	)		677			1,079			(745	)		306			439
Change in Fair Value of Cash Flow Hedges		4,583	(2)		(1,872	)		(2,711	)		4,069	(2)		(1,662	)		(2,407	)
Net Cash Flow Hedge Gains Reclassified into Earnings		(1,365	)		558			807			(2,597	)		1,100			1,497
Net Change in Fair Value of Cash Flow Hedges		3,218			(1,314	)		(1,904	)		1,472			(562	)		(910	)
Amortization of Certain Costs Included in Net Periodic Retirement Costs		(154	)		63			91			(341	)		89			252
Total Other Comprehensive Income	$	1,308		$	(574	)	$	(734	)	$	386		$	(167	)	$	(219	)

	Three Months Ended June 30, 2010									Six Months Ended June 30, 2010
	Pre Tax			Tax Expense			After Tax			Pre Tax			Tax Expense			After Tax
	Amount			(Benefit)			Amount			Amount			(Benefit)			Amount
	(Dollars in Thousands)									(Dollars in Thousands)
Change in Fair Value of Securities Available for Sale	$	5,207		$	2,014		$	3,193		$	7,530		$	2,918		$	4,612
Net Security Losses Reclassified into Earnings		(397	)(1)		(138	)		(259	)		(219	) (1)		(65	)		(154	)
Net Change in Fair Value of Securities Available for Sale		(4,810	)		1,876			2,934			7,311			2,853			4,458
Change in Fair Value of Cash Flow Hedges		(7,968	)(2)		(3,255	)		(4,713	)		(11,738	) (2)		(4,795	)		(6,943	)
Net Cash Flow Hedge Gains Reclassified into Earnings		1,101			450			651			1,978			819			1,159
Net Change in Fair Value of Cash Flow Hedges		6,867			(2,805	)		(4,062	)		(9,760	)		(3,976	)		(5,784	)
Amortization of Certain Costs Included in Net Periodic Retirement Costs		39			16			23			78			32			46
Total Other Comprehensive Loss	$	(2,018	)	$	(913	)	$	(1,105	)	$	(2,371	)	$	(1,091	)	$	(1,280	)

(1)

Net security losses represent pre-tax OTTI credit related losses of $136,000 and $84,000 for the three months ended June 30, 2011 and 2010, respectively and gains on sales of securities of $723,000 and $481,000 for the three months ended June 30, 2011 and 2010, respectively. For the six months ended June 30, 2011 and 2010, net security losses represent pre-tax OTTI credit related losses of $176,000 and $262,000 and gains on sales of securities of $723,000 and $481,000, respectively.

(2)

Includes the remaining balance of a realized but unrecognized gain, net of tax , from the termination of interest rate swaps in June 2009. The original gain of $1.3 million, net of tax will be recognized in earnings through December 2018, the original maturity date of the swap. The balance of this gain had amortized to $1.1 million and $1.2 million at June 30, 2011 and 2010, respectively.

Accumulated Other Comprehensive Income (Loss), net of tax, is comprised of the following components:

	At June 30,
	2011			2010
Unrealized gain on securities available for sale	$	6,744		$	8,851
Net actuarial loss and prior service cost for pension and other post retirement benefit plans		(842	)		(1,166	)
Unrealized loss on cash flow hedge		(7,963	)		(7,432	)
Deferred gain on hedge accounting transactions		1,076			1,220
Total	$	(985	)	$	1,473