OTHER COMPREHENSIVE INCOME (LOSS)

12 Months Ended

Dec. 31, 2014

Other Comprehensive Income Loss [Abstract]

OTHER COMPREHENSIVE INCOME (LOSS)

NOTE 17 – ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

Comprehensive income (loss) is defined as net income plus transactions and other occurrences that are the result of non-owner changes in equity. For financial statements presented for the Company, non-equity changes 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) for the periods indicated:

		Unrealized Gains
		(Losses) on
		Investments		Defined Benefit
(In thousands)		Available-for-Sale		Pension Plan		Total
Balance at January 1, 2012		$	20,006	$	(6,758)	$	13,248
	Period change, net of tax		252		(2,188)		(1,936)
Balance at December 31, 2012			20,258		(8,946)		11,312
	Period change, net of tax		(19,900)		5,618		(14,282)
Balance at December 31, 2013			358		(3,328)		(2,970)
	Period change, net of tax		7,720		(5,573)		2,147
Balance at December 31, 2014		$	8,078	$	(8,901)	$	(823)

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

				Year Ended December 31,
(In thousands)					2014		2013		2012
Unrealized gains/(losses) on investments available-for-sale
	Affected line item in the Statements of Income:
	Investment securities gains				$	5	$	115	$	459
	Income before taxes					5		115		459
	Tax expense					2		46		183
	Net income				$	3	$	69	$	276
Amortization of defined benefit pension plan items
	Affected line item in the Statements of Income:
		Recognized actuarial loss (1)			$	(9,235)	$	9,340	$	(3,639)
			Income before taxes			(9,235)		9,340		(3,639)
			Tax expense			(3,662)		3,722		(1,451)
			Net income		$	(5,573)	$	5,618	$	(2,188)
(1)	This amount is included in the computation of net periodic benefit cost, see Note 13