COMPREHENSIVE INCOME

12 Months Ended

Dec. 31, 2011

Comprehensive Income

COMPREHENSIVE INCOME

NOTE 16 - COMPREHENSIVE INCOME

Comprehensive income (loss) includes net income and any changes in equity from non-owner sources that are not recorded in the income statement (such as changes in net unrealized gains (losses) on securities). The purpose of reporting comprehensive income is to report a measure of all changes in equity of an enterprise that result from recognized transactions and other economic events of the period other than transactions with owners in their capacity as owners.

The components of comprehensive income are as follows:

Years ended December 31, (in thousands)	2011			2010			2009
Net income	$	4,112		$	3,660		$	2,467
Other comprehensive income
Net unrealized gains on securities available-for-sale		5,973			1,908			4,098
Reclassification of net realized (gains) losses in net income		(11	)		(16	)		655
Unrealized gains on securities available-for-sale		5,962			1,892			4,753
Income tax expense		(2,027	)		(643	)		(1,617	)
Unrealized gains on securities available-for-sale, net of tax		3,935			1,249			3,136
Pension plan (loss) income		(1,319	)		91			1,046
Income tax benefit (expense)		448			(31	)		(355	)
Pension plan (loss) income, net of tax		(871	)		60			691
Other comprehensive income, net of tax		3,064			1,309			3,827
Comprehensive income	$	7,176		$	4,969		$	6,294

The components of accumulated other comprehensive loss is as follows:

Years ended December 31, (in thousands)	2011			2010
Unrealized gains (losses) on securities available-for-sale, net of tax	$	1,353		$	(2,582	)
Unrecognized pension plan expense, net of tax		(2,058	)		(1,187	)
Accumulated other comprehensive loss, net	$	(705	)	$	(3,769	)