Other Comprehensive Income (Loss)

9 Months Ended

Sep. 30, 2011

Other Comprehensive Income (Loss) [Abstract]

Other Comprehensive Income (Loss)

Note 17 – Other Comprehensive Income (Loss)

Other comprehensive income (loss) components and related taxes are shown in the following table for the three and nine month periods ended September 30, 2011 and 2010:

Nine months ended September 30, (in thousands)	Before-tax amount			Tax expense (benefit)			Net-of-tax amount
2011:
Unrealized gains on available-for-sale securities	$	26,451		$	9,257		$	17,194
Reclassification adjustment for gains realized in net income		(25,462	)		(8,912	)		(16,550	)
Unrealized net holding gain on cash flow hedge		535			187			348
Other comprehensive income	$	1,524		$	532		$	992
2010:
Unrealized gains on available-for-sale securities	$	7,158		$	2,506		$	4,652
Reclassification adjustment for gains realized in net income		(11,819	)		(4,137	)		(7,682	)
Unrealized net holding loss on cash flow hedge		(426	)		(149	)		(277	)
Other comprehensive loss	$	(5,087	)	$	(1,780	)	$	(3,307	)

Three months ended September 30, (in thousands)	Before-tax amount			Tax expense (benefit)			Net-of-tax amount
2011:
Unrealized gains on available-for-sale securities	$	17,532		$	6,136		$	11,396
Reclassification adjustment for gains realized in net income		(3,465	)		(1,213	)		(2,252	)
Unrealized net holding gain on cash flow hedge		238			83			155
Other comprehensive income	$	14,305		$	5,006		$	9,299
2010:
Unrealized losses on available-for-sale securities	$	(5,321	)	$	(1,862	)	$	(3,459	)
Unrealized net holding loss on cash flow hedge		(102	)		(36	)		(66	)
Other comprehensive loss	$	(5,423	)	$	(1,898	)	$	(3,525	)

For the three and nine months ended September 30, 2011, total comprehensive income was $27.6 million and $61.0 million, respectively.  For the three and nine months ended September 30, 2010, total comprehensive income was $16.1 million and $58.2 million, respectively.

The ending balance of each component of accumulated other comprehensive income (loss) was as follows:

(in thousands)	Before-tax amount			Tax expense (benefit)			Net-of-tax amount
September 30, 2011:
Changes in pension plan assets and benefit obligations	$	(24,503	)	$	(8,576	)	$	(15,927	)
Unrealized gains on available-for-sale securities		24,253			8,488			15,765
Unrealized net holding loss on cash flow hedge		(1,099	)		(385	)		(714	)
Total accumulated other comprehensive loss	$	(1,349	)	$	(473	)	$	(876	)
December 31, 2010:
Changes in pension plan assets and benefit obligations	$	(24,503	)	$	(8,576	)	$	(15,927	)
Unrealized gains on available-for-sale securities		23,264			8,143			15,121
Unrealized net holding loss on cash flow hedge		(1,634	)		(572	)		(1,062	)
Total accumulated other comprehensive loss	$	(2,873	)	$	(1,005	)	$	(1,868	)
September 30, 2010:
Changes in pension plan assets and benefit obligations	$	(20,769	)	$	(7,269	)	$	(13,500	)
Unrealized gains on available-for-sale securities		41,685			14,590			27,095
Unrealized net holding loss on cash flow hedge		(1,909	)		(668	)		(1,241	)
Total accumulated other comprehensive income	$	19,007		$	6,653		$	12,354