COMPREHENSIVE INCOME (LOSS)

12 Months Ended

Dec. 31, 2011

COMPREHENSIVE INCOME (LOSS) [Abstract]

COMPREHENSIVE INCOME (LOSS)

NOTE 19 – COMPREHENSIVE INCOME (LOSS)

FASB ASC Topic 220, “Comprehensive Income” (“ASC Topic 220”), requires the reporting of all changes in equity during the reporting period except investments from and distributions to shareholders.  Net income (loss) is a component of comprehensive income (loss) with all other components referred to in the aggregate as other comprehensive income.

The components of other comprehensive income (loss) and the related tax effects are as follows:

	For the year ended December 31, 2011
(In thousands)	Before tax amount			Tax expense (benefit)			Net of tax amount
Unrealized gains on investment securities:
Unrealized holding gains arising during period	$	531		$	227		$	304
Adjustment in deferred tax valuation allowance related to preferred and common stock		-			288			(288	)
Less adjustment for impaired investments		(1,796	)		(629	)		(1,167	)
Less reclassification adjustment for gains realized in net loss		1,782			624			1,158
Unrealized gains on investment securities		545			520			25
Unrecognized benefit obligation expense:
Actuarial loss		(2,026	)		(709	)		(1,317	)
Less reclassification adjustment for amortization		(231	)		(81	)		(150	)
		(1,795	)		(628	)		(1,167	)
Other comprehensive loss, net	$	(1,250	)	$	(108	)	$	(1,142	)

	For the year ended December 31, 2010
(In thousands)	Before tax amount			Tax expense (benefit)			Net of tax amount
Unrealized gains on investment securities:
Unrealized holding gains arising during period	$	6,102		$	1,764		$	4,338
Reduction in deferred tax valuation allowance related to preferred and common stock		-			(97	)		97
Non-credit loss portion of other-than-temporary impairments		(87	)		(30	)		(57	)
Less adjustment for impaired investments		(479	)		(168	)		(311	)
Less reclassification adjustment for gains realized in net loss		1,290			452			838
Unrealized gains on investment securities		5,204			1,547			3,851
Unrecognized benefit obligation expense:
Actuarial loss		(538	)		(188	)		(350	)
Less reclassification adjustment for amortization		(143	)		(50	)		(93	)
		(395	)		(138	)		(257	)
Other comprehensive income, net	$	4,809		$	1,409		$	3,594

	For the year ended December 31, 2009
(In thousands)	Before tax amount			Tax expense (benefit)			Net of tax amount
Unrealized gains on investment securities:
Unrealized holding gains arising during period	$	26,597		$	9,269		$	17,328
Reduction in deferred tax valuation allowance related to preferred and common stock		-			(3,022	)		3,022
Non-credit loss portion of other-than-temporary impairments		(2,390	)		(836	)		(1,554	)
Less adjustment for impaired investments		(11,041	)		(3,864	)		(7,177	)
Less reclassification adjustment for gains realized in net loss		1,892			662			1,230
Unrealized gains on investment securities		33,356			14,657			24,743
Unrecognized benefit obligation expense:
Actuarial loss		(562	)		(197	)		(365	)
Less reclassification adjustment for amortization		(117	)		(41	)		(76	)
		(445	)		(156	)		(289	)
Other comprehensive income, net	$	32,911		$	14,501		$	24,454

The other components of accumulated other comprehensive loss included in shareholders' equity at December 31, 2011, 2010, and 2009 are as follows:

	As of December 31,
(In thousands)	2011			2010			2009
Unrecognized benefit obligation	$	(2,734	)	$	(1,567	)	$	(1,478	)
Unrealized gains (losses) on AFS investments		3,534			3,509			(174	)
Accumulated other comprehensive income (loss)	$	800		$	1,942		$	(1,652	)

Refer to “Note 16 – Pension Plans” to the Consolidated Financial Statements for more information.