Dead code warning in Eclipse - is this a bug in Eclipse? Or me overlooking something obvious?

With this (simplified) code example Eclipse (Kepler SR2) gives a warning for the innermost if-statement (if (con != null)), dead code.

public class DbManager {
    public String getSingleString(String query) throws SQLException {
        DbManager dbmgr = new DbManager();
        Connection con = null;
        try {
            con = dbmgr.getConnection("user", "pwd", URL);
        } catch (ClassNotFoundException e) {
            e.printStackTrace();
        } catch (SQLException e) {
            e.printStackTrace();
            if (con != null) {
                PreparedStatement pstmt = null;
                ResultSet rset = null;
                pstmt = con.prepareStatement(query.toString());
                rset = pstmt.executeQuery();
                if (rset != null && rset.next()) {
                    return (rset.getString(1));
                }
            }
        }
        return null;
    }
}

Typically the database connection defined on the line after the try will create a connection and then the offending if-statement will be true. Is the warning about dead code really correct?

If the connection is successfully created, then that catch statement will never be called so it is dead code, try rearranging it to:

try {
    con = dbmgr.getConnection("user", "pwd", URL);
    //if (con != null) { <-- not required because of the try and catch
    PreparedStatement pstmt = null;
    ResultSet rset = null;
    pstmt = con.prepareStatement(query.toString());
    rset = pstmt.executeQuery();
    if (rset != null && rset.next()) {
        return (rset.getString(1));
    }
} catch (ClassNotFoundException e) {
    e.printStackTrace();
} catch (SQLException e) {
    e.printStackTrace();
}