ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) |
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
The changes in accumulated other comprehensive income (loss) by component shown, net of tax and parenthesis indicating debits to net income, as of December 31, 2018, 2017, and 2016 were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Twelve Months Ended December 31, 2018 | | Twelve Months Ended December 31, 2017 | | Twelve Months Ended December 31, 2016 | (In Thousands) | | Net Unrealized Gain (Loss) on Available for Sale Securities* | | Defined Benefit Plan* | | Total* | | Net Unrealized Gain (Loss) on Available for Sale Securities* | | Defined Benefit Plan* | | Total* | | Net Unrealized Gain (Loss) on Available for Sale Securities* | | Defined Benefit Plan* | | Total* | Beginning balance | | $ | (54 | ) | | $ | (4,920 | ) | | $ | (4,974 | ) | | $ | (639 | ) | | $ | (4,289 | ) | | $ | (4,928 | ) | | $ | 258 |
| | $ | (4,057 | ) | | $ | (3,799 | ) | Other comprehensive income (loss) before reclassifications | | (806 | ) | | (486 | ) | | (1,292 | ) | | 990 |
| | 63 |
| | 1,053 |
| | 167 |
| | (333 | ) | | (166 | ) | Amounts reclassified from accumulated other comprehensive (loss) income | | 37 |
| | 130 |
| | 167 |
| | (396 | ) | | 115 |
| | (281 | ) | | (1,064 | ) | | 101 |
| | (963 | ) | Net current-period other comprehensive income (loss) | | (769 | ) | | (356 | ) | | (1,125 | ) | | 594 |
| | 178 |
| | 772 |
| | (897 | ) | | (232 | ) | | (1,129 | ) | Reclassification of certain income tax effects from accumulated other comprehensive loss | | — |
| | — |
| | — |
| | (9 | ) | | (809 | ) | | (818 | ) | | — |
| | — |
| | — |
| Reclassification from adoption of 2016-01 | | (537 | ) | | — |
| | (537 | ) | | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| Ending balance | | $ | (1,360 | ) | | $ | (5,276 | ) | | $ | (6,636 | ) | | $ | (54 | ) | | $ | (4,920 | ) | | $ | (4,974 | ) | | $ | (639 | ) | | $ | (4,289 | ) | | $ | (4,928 | ) |
* Amounts net of 34% tax rate for 2016 and 21% for 2018 and 2017
The adoption of ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities requires equity securities to run through the income statement and therefore the reclassification of prior accumulated losses are reflected above.
The preceding table includes current guidance issued related to Income Statement- Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income ("ASU 2018-02"). The Corporation has elected to reclassify the portion in accumulated other comprehensive income (AOCI) that would have been otherwise stranded. Amounts were reclassified for both components included in AOCI and their ending balance as of December 31, 2018 and 2017 is net of tax at the 21% corporate tax rate, and at 34% corporate tax rate as of December 31, 2016. The reclassifications out of accumulated other comprehensive income shown, net of tax and parenthesis indicating debits to net income, as of December 31, 2018, 2017, and 2016 were as follows: | | | | | | | | | | | | | | | | (In Thousands) | | Amount Reclassified from Accumulated Other Comprehensive Income | | | Details about Accumulated Other Comprehensive Income Components | | Twelve Months Ended | | Affected Line Item in the Consolidated Statement of Income | | December 31, 2018 | | December 31, 2017 | | December 31, 2016 | | Net realized (loss) gain on available for sale securities | | $ | (47 | ) | | $ | 600 |
| | $ | 1,611 |
| | Securities gains (losses), net | Income tax effect | | 10 |
| | (204 | ) | | (547 | ) | | Income tax provision | | | $ | (37 | ) | | $ | 396 |
| | $ | 1,064 |
| | | | | | | | | | | | Net unrecognized pension income (expense) | | $ | (165 | ) | | $ | (174 | ) | | $ | (153 | ) | | Salaries and employee benefits | Income tax effect | | 35 |
| | 59 |
| | 52 |
| | Income tax provision | | | $ | (130 | ) | | $ | (115 | ) | | $ | (101 | ) | | |
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