OTHER COMPREHENSIVE INCOME (LOSS)

9 Months Ended

Sep. 30, 2015

Other Comprehensive Income Loss [Abstract]

OTHER COMPREHENSIVE INCOME (LOSS)

NOTE 11 – ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

Comprehensive income is defined as net income plus transactions and other occurrences that are the result of non-owner changes in equity. For condensed financial statements presented for the Company, non-owner changes are comprised of unrealized gains or losses on available-for-sale debt securities and any minimum pension liability adjustments. These do not have an impact on the Company’s net income. The following table presents the activity in net accumulated other comprehensive income (loss) and the components of the activity for the periods indicated:

		Unrealized Gains
		(Losses) on
		Investments		Defined Benefit
(In thousands)		Available-for-Sale		Pension Plan		Total
Balance at January 1, 2015		$	8,078	$	(8,901)	$	(823)
	Other comprehensive income before reclassification, net of tax		2,144		-		2,144
	Reclassifications from accumulated other comprehensive income, net of tax		12		468		480
Current period change in other comprehensive income, net of tax			2,156		468		2,624
Balance at September 30, 2015		$	10,234	$	(8,433)	$	1,801

		Unrealized Gains
		(Losses) on
		Investments		Defined Benefit
(In thousands)		Available-for-Sale		Pension Plan		Total
Balance at January 1, 2014		$	358	$	(3,328)	$	(2,970)
	Other comprehensive income before reclassification, net of tax		6,495		-		6,495
	Reclassifications from accumulated other comprehensive income, net of tax		5		102		107
Current period change in other comprehensive income, net of tax			6,500		102		6,602
Balance at September 30, 2014		$	6,858	$	(3,226)	$	3,632

The following table provides the information on the reclassification adjustments out of accumulated other comprehensive income for the periods indicated:

				For the Nine Months Ended September 30,
(In thousands)				2015		2014
Unrealized gains/(losses) on investments available-for-sale
	Affected line item in the Statements of Income:
	Investment securities gains			$	20		$	8
	Income before taxes				20			8
	Tax expense				8			3
	Net income			$	12		$	5
Amortization of defined benefit pension plan items
	Affected line item in the Statements of Income:
		Recognized actuarial loss (1)		$	791		$	183
			Income before taxes		791			183
			Tax expense		323			81
			Net income	$	468		$	102
(1) This amount is included in the computation of net periodic benefit cost, see Note 9