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Stockholders' Equity and Earnings per Common Share
 12 Months Ended
Dec. 31, 2013
Stockholders' Equity and Earnings Per Common Share [Abstract]  
Stockholders' Equity and Earnings Per Common Share
NOTE 10, Stockholders' Equity and Earnings per Common Share

STOCKHOLDERS' EQUITY -- OTHER COMPREHENSIVE INCOME (LOSS)
The following table presents information on amounts reclassified out of accumulated other comprehensive loss, by category, during the periods indicated:


 
Twelve Months Ended
 
 
 
December 31,
 
Affected Line Item on
 Consolidated Statement of Income
 
2013
 
2012
 
 
 
   
Available-for-sale securities
 
  
 
      
Realized gains (losses) on sales of securities
 
$
(26
)
 
$
2,313
 
  Gain (loss) on sale of available-for-sale securities, net
Tax effect
  
(9
)
  
786
 
  Income tax (benefit) expense
 
 
$
(17
)
 
$
1,527
 
 

Defined-benefit pension plan
 
  
 
     
Amortization of actuarial loss (1)
 
$
(303
)
 
$
(262
)
  Salaries and employee benefits
Tax effect
  
(103
)
  
(89
)
  Income tax expense
 
 
$
(200
)
 
$
(173
)
 
 
        
      
Total reclassifications for the period
 
$
(217
)
 
$
1,354
 
 

(1) This accumulated other comprehensive loss component is included in the computation of net periodic pension cost (see NOTE 13. Pension Plan for additional details).

The following table presents the changes in accumulated other comprehensive loss, by category, net of tax, for the periods indicated:

 
 
Unrealized Gains (Losses) on Securities
  
Unrealized Losses on Securities Transferred to Held-to-Maturity
  
Defined Benefit Pension Plans
  
Accumulated Other Comprehensive Loss
 
 
 
(in thousands)
 
 
 
  
  
  
 
Balance at December 31, 2011
 
$
1,526
  
$
0
  
$
(1,875
)
 
$
(349
)
Net change for the year ended December 31, 2012
  
466
   
0
   
(309
)
  
157
 
Balance at December 31, 2012
  
1,992
   
0
   
(2,184
)
  
(192
)
 
                
Net change for the year ended December 31, 2013
  
(7,309
)
  
(3,937
)
  
636
   
(10,610
)
Balance at December 31, 2013
 
$
(5,317
)
 
$
(3,937
)
 
$
(1,548
)
 
$
(10,802
)

The following table presents the change in each component of other comprehensive loss on a pre-tax and after-tax basis for the periods indicated.

 
 
Twelve Months Ended December 31, 2013
 
 
 
  
Tax Expense
  
 
 
 
Pretax
  
(Benefit)
  
Net-of-Tax
 
 
 
(in thousands)
 
Unrealized losses on available-for-sale securities
 
  
  
 
Unrealized holding losses arising during the period
 
$
(11,102
)
 
$
(3,776
)
 
$
(7,326
)
Less reclassification adjustment for losses recognized in income
  
(26
)
  
(9
)
  
(17
)
Net unrealized losses on securities
  
(11,076
)
  
(3,767
)
  
(7,309
)
 
            
Market adjustment on securities transferred to held-to-maturity
            
Unrealized loss transferred
  
(6,232
)
  
(2,119
)
  
(4,113
)
Amortization
  
267
   
91
   
176
 
Net effect of market adjustment on securities transferred to held-to-maturity
  
(5,965
)
  
(2,028
)
  
(3,937
)
 
            
Defined benefit pension plans
            
Net actuarial gain/(loss) for the period
  
661
   
225
   
436
 
Settlement gain/(loss) due to early retirement program
  
0
   
0
   
0
 
Amortization of actuarial (gain)/loss from prior period
  
303
   
103
   
200
 
Total effect of defined benefit pension plans
  
964
   
328
   
636
 
 
            
Total change in other comprehensive loss
 
$
(16,077
)
 
$
(5,467
)
 
$
(10,610
)

 
 
Twelve Months Ended December 31, 2012
 
 
 
  
Tax Expense
  
 
 
 
Pretax
  
(Benefit)
  
Net-of-Tax
 
 
 
(in thousands)
 
Unrealized gains on available-for-sale securities
 
  
  
 
Unrealized holding gains arising during the period
 
$
$ 3,019
  
$
$ 1,026
  
$
$ 1,993
 
Less reclassification adjustment for gains recognized in income
  
2,313
   
786
   
1,527
 
Net unrealized gains on securities
  
706
   
240
   
466
 
 
            
Defined benefit pension plans
            
Net actuarial gain/(loss) for the period
  
(1,022
)
  
(347
)
  
(675
)
Settlement gain/(loss) due to early retirement program
  
292
   
99
   
193
 
Amortization of actuarial (gain)/loss from prior period
  
262
   
89
   
173
 
Total effect of defined benefit pension plans
  
(468
)
  
(159
)
  
(309
)
 
            
Total change in other comprehensive loss
 
$
$ 238
  
$
$ 81
  
$
$ 157
 

EARNINGS PER COMMON SHARE
Earnings per common share has been computed based on the following:

 
 
Years Ended December 31,
 
 
 
2013
  
2012
 
 
 
(in thousands)
 
Net Income applicable to common stock
 
$
3,163
  
$
$ 4,187
 
 
        
Average number of common shares outstanding
  
4,959
   
4,959,000
 
Effect of dilutive options
  
0
   
0
 
Average number of common shares outstanding used to
        
calculate diluted earnings per common share
  
4,959
   
4,959,000
 

The Company did not include an average of 154 thousand and 161 thousand potential common shares attributable to outstanding stock options in the diluted earnings per share calculation for 2013 and 2012, respectively, because they were antidilutive.