Comprehensive Income

9 Months Ended

Sep. 30, 2011

Comprehensive Income

Comprehensive Income

NOTE 3 — Comprehensive Income

U.S. GAAP requires that recognized revenue, expenses, gains, and losses be included in net income. Although certain changes in assets and liabilities, such as unrealized gains and losses on available for sale securities and the liability associated with defined benefit plans, are reported as a separate component of the equity section of the consolidated statements of financial condition, such items, along with net income, are components of comprehensive income.

The components of comprehensive income and related tax effects are as follows (in thousands):

	Three Months Ended September 30, 2011						Three Months Ended September 30, 2010
	Before						Before			Tax Expense
	Tax		Tax		Net-of-Tax		Tax			or			Net-of-Tax
	Amount		Expense		Amount		Amount			(Benefit)			Amount
Net income	$	1,627	$	413	$	1,214	$	1,727		$	442		$	1,285
Other comprehensive income:
Unrealized gains (losses) on available for sale securities:
Unrealized gains (losses) arising during the period		147		50		97		(25	)		(9	)		(16	)
Unrealized gains from unconsolidated subsidiary		1		—		1		1			—			1
Less reclassification adjustment for:
gains included in net income		—		—		—		(4	)		(1	)		(3	)
securities impairment charge		—		—		—		40			14			26
Change in pension liability		40		14		26		32			11			21
Other comprehensive income		188		64		124		44			15			29
Total comprehensive income	$	1,815	$	477	$	1,338	$	1,771		$	457		$	1,314

	Nine Months Ended September 30, 2011									Nine Ended September 30, 2010
	Before			Tax Expense						Before			Tax Expense
	Tax			or			Net-of-Tax			Tax			or			Net-of-Tax
	Amount			(Benefit)			Amount			Amount			(Benefit)			Amount
Net income	$	4,718		$	1,174		$	3,544		$	4,808		$	1,197		$	3,611
Other comprehensive income:
Unrealized gains on available for sale securities:
Unrealized gains arising during the period		556			189			367			239			81			158
Unrealized gains from unconsolidated subsidiary		6			—			6			14			—			14
Less reclassification adjustment for:
gains included in net income		(6	)		(2	)		(4	)		(31	)		(11	)		(20	)
securities impairment charge		—			—			—			40			14			26
Change in pension liability		118			40			78			96			33			63
Other comprehensive income		674			227			447			358			117			241
Total comprehensive income	$	5,392		$	1,401		$	3,991		$	5,166		$	1,314		$	3,852

Components of accumulated other comprehensive loss, net of tax consist of the following (in thousands):

	9/30/2011			12/31/2010
Unrealized gains on available for sale securities	$	768		$	399
Unrecognized expense for defined benefit pension		(1,786	)		(1,864	)
Accumulated other comprehensive loss	$	(1,018	)	$	(1,465	)