COMPREHENSIVE INCOME

9 Months Ended

Sep. 30, 2011

COMPREHENSIVE INCOME [Abstract]

COMPREHENSIVE INCOME

NOTE 3 – COMPREHENSIVE INCOME

Comprehensive income as defined by current accounting standards for the three months and nine months ended September 30, 2011 and 2010 is as follows:

	Three months ended						Nine months ended
	September 30,						September 30,
(dollars in thousands – unaudited)	2011			2010			2011			2010
Net income	$	1,394		$	1,331		$	3,905		$	3,420
Unrealized gain (loss) on securities available for sale, net of tax		(23	)		879			261			1,098
Reclassification adjustment for security loss included in net income, net of tax		–			–			–			12
Amortization of unrealized gain on securities available for sale transferred to securities held to maturity included in net income, net of tax		(112	)		–			(275	)		–
Unrealized loss on interest rate swap, net of tax		(283	)		(222	)		(412	)		(222	)
Reclassification of interest rate swap settlements included in earnings, net of tax		29			–			84			–
Comprehensive income	$	1,005		$	1,988		$	3,563		$	4,308