Other Comprehensive Income (Loss)

9 Months Ended

Sep. 30, 2011

Other Comprehensive Income (Loss) [Abstract]

OTHER COMPREHENSIVE INCOME (LOSS)

14. OTHER COMPREHENSIVE INCOME (LOSS)

Other comprehensive income (loss) included in the Consolidated Statements of Shareholders’ Equity consists of unrealized gains and losses on available for sale securities and changes in unrealized gains and losses on postretirement liability. The change includes reclassification of gains on sales of securities of $3.5 million and impairment charges of $73,000 at September 30, 2011, and gains on sales of securities of $7.3 million and impairment charges of $44,000 at September 30, 2010.

Other comprehensive income (loss) components and related tax effects for the three month periods are as follows:

	Three months ended
	September 30,			September 30,
	2011			2010
	(Dollars in thousands)
Unrealized holding gain (loss) on securities available for sale	$	10,141		$	(1,677	)
Reclassification adjustment for net gains realized in income		(1,923	)		(737	)
Net unrealized gain/(loss)		8,218			(2,414	)
Tax effect		—			845
Net of tax amount	$	8,218		$	(1,569	)

Other comprehensive income (loss) components and related tax effects for the nine month periods are as follows:

	Nine months ended
	September 30,			September 30,
	2011			2010
	(Dollars in thousands)
Unrealized holding gain on securities available for sale	$	17,346		$	4,962
Reclassification adjustment for net gains realized in income		(3,427	)		(7,251	)
Net unrealized gains/(loss)		13,919			(2,289	)
Tax effect		—			801
Net of tax amount	$	13,919		$	(1,488	)

The following is a summary of accumulated other comprehensive income (loss) balances, net of tax:

				Current		Balance at
	Balance at			Period		September 30,
	December 31, 2010			Change		2011
Unrealized gains (losses) on securities available for sale	$	(5,673	)	$	13,919	$	8,246
Unrealized gains on post-retirement benefits		895			—		895
Total	$	(4,778	)	$	13,919	$	9,141