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COMPREHENSIVE INCOME (LOSS)
 12 Months Ended
Dec. 31, 2011
COMPREHENSIVE INCOME (LOSS) [Abstract]  
COMPREHENSIVE INCOME (LOSS)
(19)           COMPREHENSIVE INCOME (LOSS)

Comprehensive income or loss of the Corporation represents net income plus other comprehensive income or loss, which consists of the net change in unrealized holding gains or losses on securities available for sale and the change in the funded status of the Corporation's defined benefit pension plan and other benefit plans, net of the related tax effect.  Accumulated other comprehensive income or loss represents the net unrealized holding gains or losses on securities available for sale and the change in the funded status of the Corporation's defined benefit pension plan and other benefit plans, as of the consolidated balance sheet dates, net of the related tax effect.

Comprehensive income (loss) for the years ended December 31, 2011, 2010, and 2009 was $8,993,902, $10,770,183, and $10,152,155 respectively.  The following summarizes the components of other comprehensive income (loss) and related tax effects:

Other Comprehensive Income (Loss)
 
2011
 
 
2010
 
 
2009
 
Unrealized holding gains on securities available for sale
 
$
4,769,697
 
 
$
1,875,749
 
 
$
2,044,137
 
Change in unrealized gains on securities available for sale for which a portion of an other-than-temporary-impairment has been recognized in earnings, net of reclassification
 
 
27,725
 
 
 
216,110
 
 
 
862,490
 
Reclassification adjustment net gains realized in net income
 
 
(1,108,091
)
 
 
(450,666
)
 
 
(784,589
)
Net unrealized gains
 
 
3,689,331
 
 
 
1,641,193
 
 
 
2,122,038
 
Tax effect
 
 
(1,363,289
)
 
 
(634,911
)
 
 
(820,932
)
Net of tax amount
 
$
2,326,042
 
 
$
1,006,282
 
 
$
1,301,106
 
Change in funded status of defined benefit pension plan and other benefit plans
 
 
(6,259,634
)
 
 
(551,217
)
 
 
5,901,776
 
Tax effect
 
 
2,389,739
 
 
 
213,245
 
 
 
(2,283,162
)
Net of tax amount
 
 
(3,869,895
)
 
 
(337,972
)
 
 
3,618,614
 
                         
Total other comprehensive (loss) income
 
$
(1,543,853
)
 
$
668,310
 
 
$
4,919,720
 
 
The following is a summary of the accumulated other comprehensive income balances, net of tax:

 
 
Balance at
December 31, 2010
 
 
Current
Period
Change
 
 
Balance at 
December 31, 2011
 
Unrealized gains on securities available for sale
 
$
5,661,013
 
 
 
2,326,042
 
 
$
7,987,055
 
Unrealized loss on pension plans and other benefit plans
 
 
(5,558,538
)
 
 
(3,869,895
)
 
 
(9,428,433
)
Total
 
$
102,475
 
 
$
(1,543,853
)
 
$
(1,441,378
)