Other Comprehensive Income (Loss)

9 Months Ended

Jun. 30, 2013

Other comprehensive (loss)

Other Comprehensive Income (Loss)

Note 3 – Other Comprehensive Income (Loss)

Other comprehensive income (loss) (or “OCI”) is comprised of unrealized gains or losses on securities available for sale as required by FASB ASC 320 and pension liability adjustments as required by FASB ASC 715. There was a drop in the discount rate from 5% to 4% in 2012 which caused the pension liability to increase. The discount rate impact was partially offset by changes in assumptions in the increase rate of compensation which decreased 3% to 2% in 2011 and remained at 2% through 2012. The quarterly accruals for estimated annual pension liability partially and the unrealized loss on securities available for sale for the current quarter resulted in an OCI loss of $133,444 for the three months ended June 30, 2013 and $316,216 for the nine months ended June 30, 2013. The Company has a regulatory “tracker” relative to pension expense and has therefore studied establishing a regulatory asset to match the pension liability. These financials do not include such a regulatory asset.

	June 30,			September 30,
	2013			2012
Pension adjustment	($	3,581,784	)	($	3,299,397	)
Net unrealized gain on securities available for sale		19,093			52,922
Accumulated other comprehensive loss	($	3,562,691	)	($	3,246,475	)