COMPREHENSIVE INCOME

12 Months Ended

Dec. 31, 2015

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)		2015			2014			2013
Net income	$	8,457		$	2,521		$	4,083
Other comprehensive (loss) income
Net unrealized (losses) gains on securities available-for-sale		(1,297	)		2,534			(3,743	)
Reclassification of net realized gains in net income(1)		(192	)		—			—
Unrealized (losses) gains  on securities available-for-sale		(1,489	)		2,534			(3,743	)
Income tax benefit (expense)		506			(862	)		1,273
Unrealized (losses) gains on securities available-for-sale, net of tax		(983	)		1,672			(2,470	)
Pension plan (expense) income (see Note 14)		—			(924	)		1,635
Income tax benefit (expense)		—			314			(556	)
Pension plan (expense) income, net of tax		—			(610	)		1,079
Other comprehensive (loss) income, net of tax		(983	)		1,062			(1,391	)
Comprehensive income	$	7,474		$	3,583		$	2,692

^{(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 is as follows:

December 31, (in thousands)		2015		2014
Unrealized gains on securities available-for-sale, net of tax	$	1,125	$	2,108
Accumulated other comprehensive income	$	1,125	$	2,108