Comprehensive Income

9 Months Ended

Sep. 30, 2012

Shareholders' Equity and Comprehensive Income [Abstract]

Comprehensive Income

Note 24 – Comprehensive Income

Accounting principles generally require 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, are reported as a separate component of the equity section of the balance sheet, such items, along with net income, are components of comprehensive income. The components of other comprehensive income and related tax effects are as follows:

	Three months ended September 30,						Nine months ended September, 30
(in thousands)	2012			2011			2012			2011
Unrealized holding gains (losses) on available-for-sale securities	$	168		$	1,422		$	(304	)	$	3,724
Tax effect		(70	)		(598	)		128			(1,566	)
Unrealized holding gains (losses) on available-for-sale securities, net of tax	$	98		$	824		$	(176	)	$	2,158

The components of accumulated other comprehensive income, included in shareholders’ equity, are as follows:

	September 30, 2012			December 31, 2011
	(In thousands)
Net unrealized gains on available-for-sale securities	$	10,226		$	10,530
Tax effect		(4,299	)		(4,427	)
Unrealized holding gains on available-for-sale securities, net of tax		5,927			6,103
Pension liability		(3,802	)		(3,802	)
Tax effect		1,598			1,598
Pension liability, net of tax		(2,204	)		(2,204	)
Joint beneficiary agreement liability		(152	)		(152	)
Tax effect		64			64
Joint beneficiary agreement liability, net of tax		(88	)		(88	)
Accumulated other comprehensive income (loss)	$	3,635		$	3,811