OTHER COMPREHENSIVE INCOME (LOSS)

3 Months Ended

Mar. 31, 2015

Other Comprehensive Income Loss [Abstract]

OTHER COMPREHENSIVE INCOME (LOSS)

NOTE 11 – OTHER COMPREHENSIVE INCOME

Comprehensive income is defined as net income plus transactions and other occurrences that are the result of non-owner changes in equity. For condensed 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) and the components of the activity for the periods indicated:

		Unrealized Gains
		(Losses) on
		Investments		Defined Benefit
(In thousands)		Available-for-Sale		Pension Plan		Total
Balance at January 1, 2015		$	8,078	$	(8,901)	$	(823)
	Other comprehensive income before reclassification, net of tax		2,793		-		2,793
	Reclassifications from accumulated other comprehensive income, net of tax		-		176		176
Current period change in other comprehensive income, net of tax			2,793		176		2,969
Balance at March 31, 2015		$	10,871	$	(8,725)	$	2,146

		Unrealized Gains
		(Losses) on
		Investments		Defined Benefit
(In thousands)		Available-for-Sale		Pension Plan		Total
Balance at January 1, 2014		$	358	$	(3,328)	$	(2,970)
	Other comprehensive income before reclassification, net of tax		4,309		-		4,309
	Reclassifications from accumulated other comprehensive income, net of tax		-		11		11
Current period change in other comprehensive income, net of tax			4,309		11		4,320
Balance at March 31, 2014		$	4,667	$	(3,317)	$	1,350

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

				For the three months ended March 31,
(In thousands)				2015		2014
Unrealized gains/(losses) on investments available-for-sale
	Affected line item in the Statements of Income:
	Investment securities gains			$	-		$	-
	Income before taxes				-			-
	Tax expense				-			-
	Net income			$	-		$	-
Amortization of defined benefit pension plan items
	Affected line item in the Statements of Income:
		Recognized actuarial loss (1)		$	292		$	48
			Income before taxes		292			48
			Tax expense		116			37
			Net income	$	176		$	11
(1) This amount is included in the computation of net periodic benefit cost, see Note 9