Annual report pursuant to Section 13 and 15(d)

COMPREHENSIVE INCOME

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COMPREHENSIVE INCOME
 12 Months Ended
Dec. 31, 2011
Comprehensive Income:  
COMPREHENSIVE INCOME

Note 21

COMPREHENSIVE INCOME

 

FASB Topic ASC 220, “Comprehensive Income” (Formerly SFAS No. 130) requires that certain transactions and other economic events that bypass the income statement be displayed as other comprehensive income. Total comprehensive income is reported in the consolidated statements of changes in shareowners’ equity.  Information related to net comprehensive income (loss) is as follows:

 

 (Dollars in Thousands)   2011     2010     2009  
Other Comprehensive Income (Loss):                  
       Securities available for sale:                  
             Change in net unrealized gain, net of tax expense of $203 and $41 and a net of tax benefit of $460   $ 397     $ 79     $ (888 )
       Retirement plans:                        

Change in funded status of defined benefit pension plan and SERP, net of tax

benefit of $5,135, $627, and a net of tax expense $4,441

     (8,175 )      (1,000 )     7,072  
       Net Other Comprehensive (Loss) Gain    $ (7,778 )    $ (921 )   $ 6,184  
                         
The components of accumulated other comprehensive loss, net of tax, as of year-end were as follows:                        
                         
       Net unrealized gain on securities available for sale   $ 1,064     $ 667     $ 588  
       Net unfunded liability for defined benefit pension plan and SERP     (24,593 )     (16,418 )     (15,418 )
    $ (23,529 )   $ (15,751 )   $ (14,830 )