OTHER COMPREHENSIVE INCOME

6 Months Ended

Jun. 30, 2011

OTHER COMPREHENSIVE INCOME [Abstract]

OTHER COMPREHENSIVE INCOME

4.           OTHER COMPREHENSIVE INCOME

Credit-related losses on debt securities with other than temporary impairment (OTTI) are recorded in current earnings, while the noncredit-related portion of the reduction in fair value is recorded in other comprehensive income.  The Company's component of other comprehensive income consists of the unrealized holding gains and losses on available for sale investment securities which are considered temporary in nature.

The components of other comprehensive income, presented net of taxes for the six months ended June 30, 2011 and 2010, are as follows:

	Six Months Ended June 30,
	2011			2010
Other comprehensive income:
Securities for which a portion of an other-than-temporary impairment has been recorded in
earnings:
Unrealized holding gain arising during the period	$	-		$	851
(Gain) recognized in earnings		-			(7,652	)
Net unrealized gain on securities with other-than-temporary impairment before tax expense		-			(6,801	)
Tax expense		-			-
Net unrealized (losses) on securities with other-than-temporary impairment, net of tax in other
comprehensive income (loss)		-			(6,801	)
Other securities:
Unrealized holding gains arising during the period		1,071,284			175,095
Realized net (gains) recognized into net income		(30,041	)		-
Net unrealized gains on other securities before tax (expense)		1,041,243			175,095
Tax (expense)		(388,384	)		(65,310	)
Net unrealized gains on other securities, net of tax in other comprehensive income		652,859			109,785
Total other comprehensive income	$	652,859		$	102,984