Note 8 - Comprehensive Income

6 Months Ended

Jun. 30, 2011

Comprehensive Income (Loss) Note [Text Block]

8.  COMPREHENSIVE INCOME

Comprehensive income is the total of reported net income and all other revenues, expenses, gains, and losses that are not included in reported net income under GAAP. The Company includes the following items, net of tax, in other comprehensive income in the Consolidated Statements of Changes in Stockholders’ Equity: changes in unrealized gains or losses on securities available-for-sale, changes in the fair value of derivatives designated under cash flow hedges (when applicable), and changes in the funded status of the Company’s pension plan.

Components of Other Comprehensive Income

(Dollar amounts in thousands)

	Six Months Ended June 30, 2011						Six Months Ended June 30, 2010
	Before Tax		Tax Effect		Net of Tax		Before Tax		Tax Effect		Net of Tax
Securities available-for-sale:
Unrealized holding gains	$	22,386	$	8,762	$	13,624	$	13,763	$	5,351	$	8,412
Less: Reclassification of net gains included in net income		2,071		847		1,224		4,178		1,629		2,549
Net unrealized holding gains		20,315		7,915		12,400		9,585		3,722		5,863
Total other comprehensive income	$	20,315	$	7,915	$	12,400	$	9,585	$	3,722	$	5,863

Activity in Accumulated Other Comprehensive Loss

(Dollar amounts in thousands)

	Accumulated Unrealized Loss on Securities Available-for-Sale			Unrecognized Net Pension Costs			Total Accumulated Other Comprehensive Loss
Balance at January 1, 2010	$	(13,015	)	$	(5,651	)	$	(18,666	)
Other comprehensive income		5,863			-			5,863
Balance at June 30, 2010	$	(7,152	)	$	(5,651	)	$	(12,803	)
Balance at January 1, 2011	$	(19,806	)	$	(7,933	)	$	(27,739	)
Other comprehensive income		12,400			-			12,400
Balance at June 30, 2011	$	(7,406	)	$	(7,933	)	$	(15,339	)