COMPREHENSIVE INCOME

12 Months Ended

Dec. 31, 2014

Equity [Abstract]

COMPREHENSIVE INCOME

NOTE 17 - 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 shareholders’ equity 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)		2014			2013			2012
Net income	$	2,521		$	4,083		$	4,077
Other comprehensive income (loss)
Net unrealized gains (losses) on securities available-for-sale		2,534			(3,743	)		2,632
Reclassification of net realized gains in net income(1)		—			—			(279	)
Unrealized gains (losses) on securities available-for-sale		2,534			(3,743	)		2,353
Income tax (expense) benefit		(862	)		1,273			(800	)
Unrealized gains (losses) on securities available-for-sale, net of tax		1,672			(2,470	)		1,553
Pension plan (expense) income (see Note 14)		(924	)		1,635			2,407
Income tax benefit (expense)		314			(556	)		(818	)
Pension plan (expense) income, net of tax		(610	)		1,079			1,589
Other comprehensive income (loss), net of tax		1,062			(1,391	)		3,142
Comprehensive income	$	3,583		$	2,692		$	7,219

^{(1) Reclassification adjustments include realized security gains and losses. The gains and losses have been reclassified out of other comprehensive income (loss) and have affected certain lines in the consolidated statements of income as follows: the pretax amount is reflected as gain on securities, net; the tax effect is included in the income tax provision; and the after tax amount is included in net income.}

The components of accumulated other comprehensive income are as follows:

December 31, (in thousands)		2014		2013
Unrealized gains on securities available-for-sale, net of tax	$	2,108	$	436
Unrecognized pension plan income, net of tax		—		610
Accumulated other comprehensive income	$	2,108	$	1,046