NOTE 16 – COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE INCOME

Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net income. Although certain changes in assets and liabilities, such as unrealized gains and losses on available for sale securities, are reported as a separate component of the equity section of the balance sheet, such items, along with net income, are components of comprehensive income.

The components of accumulated other comprehensive (loss) income, net of tax, are as follows:


	Year Ended December 31, 2019								Year Ended December 31, 2018
(Dollars in thousands)	Unrealized gains (losses) on available for sale securities		Unrealized gains (losses) on derivatives		Retirement benefit plan		Total		Unrealized gains (losses) on available for sale securities		Unrealized gains (losses) on derivatives		Retirement benefit plan		Total

Beginning balance, net of tax	$	(1,150)	$	975	$	8	$	(167)	$	329	$	1,058	$	—	$	1,387
Other comprehensive (loss) income before reclassification, net of tax		3,267		(3,216)		—		51		(1,454)		(97)		8		(1,543)
Amounts reclassified from accumulated other comprehensive income (loss), net of tax		(1,437)		43		—		(1,394)		(25)		14		—		(11)
Net current period other comprehensive income, net of tax		1,830		(3,173)		—		(1,343)		(1,479)		(83)		8		(1,554)
Ending balance, net of tax	$	680	$	(2,198)	$	8	$	(1,510)	$	(1,150)	$	975	$	8	$	(167)

Reclassification adjustments for gains (loss) on securities transactions of $2.1 million and $(36) thousand for the years ended December 31, 2019 and 2018, respectively, are presented in the income statement within the line item for net gain on securities transactions.

The other components of accumulated other comprehensive (loss) income included in stockholders` equity at December 31, 2019 and 2018 are as follows:


(Dollars in thousands)	2019		2018
Unrealized gain (loss) on available for sale investments	$	665	$	(1,152)
Unrealized (loss) gain on derivative instruments		(2,182)		977
Unrealized gain on retirement benefits		7		8
Accumulated other comprehensive (loss)	$	(1,510)	$	(167)