Note 5 - Other Comprehensive Income (Loss)

3 Months Ended

Mar. 31, 2012

Comprehensive Income (Loss) Note [Text Block]

NOTE 5 -- OTHER COMPREHENSIVE INCOME (LOSS)

Other comprehensive income (loss) components and related taxes for the three months ended March 31, 2012 and 2011 were as follows:

(in thousands)	2012			2011
Net unrealized gains (losses) on securities available-for-sale	$	(859	)	$	(2,666	)
Reclassification adjustment for realized gains included in income		(554	)		(1,084	)
Other comprehensive income (loss), before tax effect		(305	)		(1,582	)
Tax expense (benefit)		(60	)		(613	)
Other comprehensive income (loss)	$	(245	)	$	(969	)

The components of accumulated other comprehensive income, included in stockholders’ equity at March 31, 2012 and December 31, 2011, are as follows:

(in thousands)	March 31, 2012			December 31, 2011
Net unrealized gain on securities available-for-sale	$	9,064		$	9,309
Net unrealized benefit obligations		(531	)		(530	)
		8,533			8,779
Change in deferred tax asset valuation allowance		(95	)		-0-
Tax effect		(3,305	)		(3,401	)
Net-of-tax amount	$	5,133		$	5,378