Comprehensive Income

6 Months Ended

Jun. 30, 2011

Notes To Financial Statements Abstract]

Comprehensive Income

6.           Comprehensive Income

Comprehensive income or loss of the Corporation represents net income plus other comprehensive income or loss, which consists of the net change in unrealized holding gains or losses on securities available for sale and the change in the funded status of the Corporation's defined benefit pension plan and other benefit plans, net of the related tax effect.  Accumulated other comprehensive income or loss represents the net unrealized holding gains or losses on securities available for sale and the funded status of the Corporation's defined benefit pension plan and other benefit plans, as of the consolidated balance sheet dates, net of the related tax effect.

Comprehensive income for the three and six-month periods ended June 30, 2011 was $5,141,830 and $7,241,361, respectively.  Comprehensive income for the three and six-month periods ended June 30, 2010 was $3,667,644 and $6,525,784, respectively.  The following summarizes the components of other comprehensive income:

	Six Months Ended June 30,						Three Months Ended June 30,
Other Comprehensive Income	2011			2010			2011			2010
Unrealized holding gains on securities available for sale	$	5,191,291		$	3,173,635		$	4,443,919		$	2,068,572
Change in unrealized gains (losses) on securities available for sale for which a portion of an other-than-temporary impairment has been recognized in earnings, net of reclassification		-			223,100			-			105,435
Reclassification adjustment net gains realized in net income		(679,209	)		(451,094	)		(485,811	)		(451,094	)
Net unrealized gains		4,512,082			2,945,641			3,958,108			1,722,913
Tax effect		1,745,544			1,139,549			1,531,234			666,526
Net of tax amount	$	2,766,538		$	1,806,092		$	2,426,874		$	1,056,387
Change in funded status of defined benefit pension plan and other benefit plans		309,398			353,094			154,699			176,547
Tax effect		119,694			136,598			59,847			68,299
Net of tax amount		189,704			216,496			94,852			108,248
Total other comprehensive income	$	2,956,242		$	2,022,588		$	2,521,726		$	1,164,635

The following is a summary of the accumulated other comprehensive income balance, net of tax:

	Balance at December 31, 2010				Current Period Change		Balance at June 30, 2011
Unrealized gains on securities available for sale		$	5,661,013		$	2,766,538	$	8,427,551
Unrealized loss on pension plans and other benefit plans			(5,558,538	)		189,704		(5,368,834	)
Total		$	102,475		$	2,956,242	$	3,058,717