OTHER COMPREHENSIVE INCOME

6 Months Ended

Jun. 30, 2017

OTHER COMPREHENSIVE INCOME (LOSS)

OTHER COMPREHENSIVE INCOME

13. OTHER COMPREHENSIVE INCOME

The following table summarizes the components of other comprehensive income and related income tax effects:

	Three Months Ended						Six Months Ended
(In thousands)	June 30, 2017			June 30, 2016			June 30, 2017			June 30, 2016
Unrealized holding gains on available for sale securities	$	2,595		$	2,725		$	4,211		$	12,465
Reclassification adjustment for gains realized in income		-			(383	)		-			(449	)
Income tax effect		(1,062	)		(950	)		(1,668	)		(4,867	)
Net change in unrealized gains on available for sale securities		1,533			1,392			2,543			7,149
Reclassification adjustment for amortization realized in income		113			99			227			193
Income tax effect		(47	)		(41	)		(64	)		(74	)
Net change in post-retirement obligation		66			58			163			119
Change in fair value of derivatives used for cash flow hedges		(1,385	)		(661	)		(1,360	)		(2,684	)
Reclassification adjustment for losses realized in income		459			239			734			489
Income tax effect		379			171			253			891
Net change in unrealized loss on cash flow hedges		(547	)		(251	)		(373	)		(1,304	)
Other comprehensive income	$	1,052		$	1,199		$	2,333		$	5,964

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

				Other Comprehensive
(In thousands)	December 31, 2016			Income			June 30, 2017
Unrealized losses on available for sale securities	$	(8,823	)	$	2,543		$	(6,280	)
Unrealized losses on pension benefits		(4,741	)		163			(4,578	)
Unrealized gains on cash flow hedges		500			(373	)		127
Accumulated other comprehensive loss	$	(13,064	)	$	2,333		$	(10,731	)

The following represents the reclassifications out of accumulated other comprehensive (loss) income for the three and six months ended June 30, 2017 and 2016:

	Three Months Ended						Six Months Ended						Affected Line Item
	June 30,			June 30,			June 30,			June 30,			in the Consolidated
(In thousands)	2017			2016			2017			2016			Statements of Income
Realized gains on sale of available for sale securities	$	-		$	383		$	-		$	449		Net securities gains
Amortization of defined benefit pension plan and defined benefit plan component of the SERP:
Prior service credit		19			19			38			38		Salaries and employee benefits
Transition obligation		(7	)		(7	)		(14	)		(14	)	Salaries and employee benefits
Actuarial losses		(125	)		(111	)		(251	)		(217	)	Salaries and employee benefits
Realized losses on cash flow hedges		(459	)		(239	)		(734	)		(489	)	Interest expense
Total reclassifications, before income tax	$	(572	)	$	45		$	(961	)	$	(233	)
Income tax benefit (expense)		234			(18	)		393			94		Income tax expense
Total reclassifications, net of income tax	$	(338	)	$	27		$	(568	)	$	(139	)