| COMPREHENSIVE INCOME |
NOTE 12 – COMPREHENSIVE INCOME
The following table reflects the changes in comprehensive income (in thousands):
| | | Three Months Ended | | | | | | | | | | Net income (loss) | | $ | 563 | | | $ | (1,192 | ) | | | | | | | | | | | Other comprehensive income (loss): | | | | | | | | | Unrealized gains on investment securities available-for-sale, net of tax of $616 and $(634) | | | 985 | | | | 1,013 | | Less: reclassification for realized losses, net of tax of $0 and $564 | | | − | | | | 906 | | | | | | 985 | | | | 1,919 | | Minimum pension liability adjustment, net of tax of $0 and $0 | | | − | | | | − | | Less: reclassification for realized losses, net of tax of $36 and $32 | | | 47 | | | | 43 | | Unrealized gains on hedging contracts, net of tax of $100 and $41 | | | 126 | | | | 58 | | Less: reclassification for realized foreign currency translation losses | | | − | | | | 368 | | Comprehensive income | | | 1,721 | | | | 1,196 | | Add: Comprehensive (income) loss attributable to noncontrolling interests | | | (427 | ) | | | 613 | | Comprehensive income attributable to common shareholders | | $ | 1,294 | | | $ | 1,809 | |
The following are changes in accumulated other comprehensive loss by category (in thousands):
| | | Investment Securities Available-for-Sale | | | | | | | | | | | Balance, beginning of year, net of tax of $(7,147), $(202), and $(2,271) | | $ | (11,421 | ) | | $ | (222 | ) | | $ | (2,970 | ) | | $ | (14,613 | ) | Current period changes | | | 985 | | | | 77 | | | | 47 | | | | 1,109 | | Balance, end of period, net of tax of $(6,531), $(101) and $(2,235) | | $ | (10,436 | ) | | $ | (145 | ) | | $ | (2,923 | ) | | $ | (13,504 | ) |
(1) | Included in accumulated other comprehensive loss as of December 31 and September 30, 2011 is a net unrealized loss of $30,000 (net of tax benefit of $21,000) and a net unrealized loss of $41,000 (net of tax benefit of $28,000), respectively, related to hedging instruments held by investment funds sponsored by LEAF Financial, in which the Company owns an equity interest. In addition, at September 30, 2011, the Company had a net unrealized loss of $181,000 (net of tax benefit and noncontrolling interests of $223,000) included in accumulated other comprehensive loss for hedging activity of LEAF. As of December 31, 2011, due to the November 2011 deconsolidation of LEAF, the Company owns an equity interest in LEAF and has included in accumulated other comprehensive loss its percentage of LEAF's hedging activity of $115,000 (net of tax benefit of $80,000). The Company has no other hedging activity as of December 31, 2011. |
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