Note 8. Comprehensive Income

Total comprehensive income includes all changes in equity during a period from transactions and other events and circumstances from nonowner sources. The Company’s other comprehensive income (loss) is comprised of unrealized holding gains and losses on securities available-for-sale, obligations for defined benefit pension plan and an adjustment to reflect the curtailment of the Company’s defined benefit pension plan, net of taxes.

The following table represents the reclassification out of accumulated other comprehensive (loss) income for the periods presented:

													Affected Line item in the
Details about Accumulated Other	Amounts Reclassified from Accumulated												Statement Where Net Income is
Comprehensive Income Components	Other Comprehensive Income												Presented

	Three Months Ended						Nine Months Ended
	September 30						September 30
	2018			2017			2018			2017
Sale of investment securities available-for-sale	$	-		$	-		$	-		$	1,596		Net gains on sales of securities available-for-sale Income tax expense
		-			-			-			(579	)
	$	-		$	-		$	-		$	1,017

Amortization of pension plan net actuarial losses	$	91		$	(103	)	$	274		$	(309	)	Other components of net periodic pension expense Income tax expense
		(26	)		42			(77	)		126
	$	65		$	(61	)	$	197		$	(183	)

Total reclassification	$	65		$	(61	)	$	197		$	834

Accumulated other comprehensive loss at September 30, 2018 and December 31, 2017 consisted of the following:

	September 30,			December 31,
	2018			2017
	(dollars in thousands)
Investment securities available-for-sale, net of tax	$	(8,208	)	$	(902	)
Cash flow hedge, net of tax		1,370			472
Defined benefit pension and post-retirement plans, net of tax		(3,846	)		(3,589	)
Total	$	(10,684	)	$	(4,019	)

Effective January 1, 2018, the Company implemented ASU 2018-02, “Income Statement – Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income.” Under ASU 2018-02, the FASB amended existing guidance to allow a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act (“Tax Act”). In order to comply with this new ASU, the Company recorded an adjustment to the balance sheet on January 1, 2018 of approximately $709 thousand that increased retained earnings and increased accumulated other comprehensive loss.

Effective January 1, 2018, the Company implemented ASU 2016-01, “Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities.” Under ASU 2016-01, equity securities, with certain exceptions, are to be measured at fair value with changes in fair value recognized in net income. In order to comply with this new ASU, the Company recorded a cumulative-effect adjustment to the balance sheet of approximately $55 thousand. As of September 30, 2018, the Company’s equity securities had readily determinable fair values.