OTHER COMPREHENSIVE INCOME (LOSS)

3 Months Ended

Mar. 31, 2017

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 in equity 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, 2017		$	1,642	$	(8,256)	$	(6,614)
	Other comprehensive income before reclassification, net of tax		904		-		904
	Reclassifications from accumulated other comprehensive income, net of tax		(2)		178		176
Current period change in other comprehensive income, net of tax			902		178		1,080
Balance at March 31, 2017		$	2,544	$	(8,078)	$	(5,534)

		Unrealized Gains
		(Losses) on
		Investments		Defined Benefit
(In thousands)		Available-for-Sale		Pension Plan		Total
Balance at January 1, 2016		$	6,566	$	(7,863)	$	(1,297)
	Other comprehensive income before reclassification, net of tax		6,423		-		6,423
	Reclassifications from accumulated other comprehensive income, net of tax		(1,064)		171		(893)
Current period change in other comprehensive income, net of tax			5,359		171		5,530
Balance at March 31, 2016		$	11,925	$	(7,692)	$	4,233

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

				Three Months Ended March 31,
(In thousands)				2017		2016
Unrealized gains/(losses) on investments available-for-sale
	Affected line item in the Statements of Income:
	Investment securities gains			$	2		$	1,769
	Income before taxes				2			1,769
	Tax expense				-			705
	Net income			$	2		$	1,064
Amortization of defined benefit pension plan items
	Affected line item in the Statements of Income:
		Recognized actuarial loss(1)		$	(295)		$	(284)
			Income before taxes		(295)			(284)
			Tax benefit		(117)			(113)
			Net income/(loss)	$	(178)		$	(171)
(1) This amount is included in the computation of net periodic benefit cost, see Note 9