COMPREHENSIVE INCOME

12 Months Ended

Dec. 31, 2016

Equity [Abstract]

COMPREHENSIVE INCOME

NOTE 18 - 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)		2016			2015			2014
Net income	$	6,685		$	8,457		$	2,521
Other comprehensive (loss) income
Net unrealized (losses) gains on securities available-for-sale		(399	)		(1,297	)		2,534
Reclassification of net realized gains in net income(1)		(584	)		(192	)		—
Unrealized (losses) gains on securities available-for-sale		(983	)		(1,489	)		2,534
Income tax benefit (expense)		335			506			(862	)
Unrealized (losses) gains on securities available-for-sale, net of tax		(648	)		(983	)		1,672
Pension plan expense (see Note 14)		—			—			(924	)
Income tax benefit		—			—			314
Pension plan expense, net of tax		—			—			(610	)
Other comprehensive (loss) income, net of tax		(648	)		(983	)		1,062
Comprehensive income	$	6,037		$	7,474		$	3,583

^{(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 gains on securities, net; the tax effect is included in the income tax provision; and the after tax amount is included in net income. The income tax expense related to reclassification of net realized gains was $199,000, $67,000, and $0 in 2016, 2015 and 2014, respectively.}

The components of accumulated other comprehensive income is as follows:

December 31, (in thousands)		2016		2015
Unrealized gains on securities available-for-sale, net of tax	$	477	$	1,125
Accumulated other comprehensive income	$	477	$	1,125