OTHER COMPREHENSIVE INCOME (LOSS)

3 Months Ended

Mar. 31, 2016

OTHER COMPREHENSIVE INCOME (LOSS)

OTHER COMPREHENSIVE INCOME (LOSS)

13. OTHER COMPREHENSIVE INCOME (LOSS)

Other comprehensive income (loss) components and related income tax effects were as follows:

	Three Months Ended
(In thousands)	March 31, 2016			March 31, 2015
Unrealized holding gains on available for sale securities	$	9,740		$	4,915
Reclassification adjustment for (gains) losses realized in income		(66	)		10
Income tax effect		(3,917	)		(1,959	)
Net change in unrealized gains on available for sale securities		5,757			2,966
Reclassification adjustment for amortization realized in income		94			88
Income tax effect		(33	)		(34	)
Net change in post-retirement obligation		61			54
Change in fair value of derivatives used for cash flow hedges		(2,023	)		(815	)
Reclassification adjustment for losses realized in income		250			134
Income tax effect		720			261
Net change in unrealized loss on cash flow hedges		(1,053	)		(420	)
Total	$	4,765		$	2,600

The following is a summary of the accumulated other comprehensive income balances, net of income tax:

	Balance as of						Balance as of
	December 31,			Current Period			March 31,
(In thousands)	2015			Change			2016
Unrealized (losses) gains on available for sale securities	$	(4,741	)	$	5,757		$	1,016
Unrealized (losses) gains on pension benefits		(4,111	)		61			(4,050	)
Unrealized losses on cash flow hedges		(770	)		(1,053	)		(1,823	)
Total	$	(9,622	)	$	4,765		$	(4,857	)

The following represents the reclassifications out of accumulated other comprehensive income for the three months ended March 31, 2016 and 2015:

							Affected Line Item
	Three Months Ended						in the Consolidated
(In thousands)	March 31, 2016			March 31, 2015			Statements of Income
Realized gains (losses) on sale of available for sale securities	$	66		$	(10	)	Net securities losses
Income tax (expense) benefit		(27	)		4		Income tax expense
Net of income tax	$	39		$	(6	)
Amortization of defined benefit pension plan and the defined benefit plan component of the SERP:
Prior service credit (cost)	$	19		$	20		Salaries and employee benefits
Transition obligation		(7	)		(7	)	Salaries and employee benefits
Actuarial losses		(106	)		(101	)	Salaries and employee benefits
	$	(94	)	$	(88	)
Income tax benefit		38			34		Income tax expense
Net of income tax	$	(56	)	$	(54	)
Realized losses on cash flow hedges	$	(250	)	$	(134	)	Interest expense
Income tax benefit		101			52		Income tax expense
Net of income tax	$	(149	)	$	(82	)
Total reclassifications, net of income tax	$	(166	)	$	(142	)