COMPREHENSIVE INCOME

12 Months Ended

Dec. 31, 2013

Equity [Abstract]

COMPREHENSIVE INCOME

NOTE 16 - COMPREHENSIVE INCOME

Comprehensive income includes net income and any changes in equity from non-owner sources that are not recorded in the income statement (such as changes in net unrealized gains (losses) on securities). The purpose of reporting comprehensive income is to report a measure of all changes in equity of an enterprise that result from recognized transactions and other economic events of the period other than transactions with owners in their capacity as owners.

The components of comprehensive income are as follows:

Years ended December 31, (in thousands)		2013			2012			2011
Net income	$	4,083		$	4,077		$	4,112
Other comprehensive (loss) income
Net unrealized (losses) gains on securities available-for-sale		(3,743	)		2,632			5,973
Reclassification of net realized gains in net income		—			(279	)		(11	)
Unrealized (losses) gains on securities available-for-sale		(3,743	)		2,353			5,962
Income tax benefit (expense)		1,273			(800	)		(2,027	)
Unrealized (losses) gains on securities available-for-sale, net of tax		(2,470	)		1,553			3,935
Pension plan income (loss) (see Note 13)		1,635			2,407			(1,319	)
Income tax (expense) benefit		(556	)		(818	)		448
Pension plan income (loss), net of tax		1,079			1,589			(871	)
Other comprehensive (loss) income, net of tax		(1,391	)		3,142			3,064
Comprehensive income	$	2,692		$	7,219		$	7,176

The components of accumulated other comprehensive income are as follows:

Years ended December 31, (in thousands)		2013		2012
Unrealized gains on securities available-for-sale, net of tax	$	436	$	2,906
Unrecognized pension plan income (expense), net of tax		610		(469	)
Accumulated other comprehensive income, net	$	1,046	$	2,437