OTHER COMPREHENSIVE INCOME (LOSS)

6 Months Ended

Jun. 30, 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-owner 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		(100)		-		(100)
	Reclassifications from accumulated other comprehensive income, net of tax		-		331		331
Current period change in other comprehensive income, net of tax			(100)		331		231
Balance at June 30, 2015		$	7,978	$	(8,570)	$	(592)

		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		8,148		-		8,148
	Reclassifications from accumulated other comprehensive income, net of tax		-		55		55
Current period change in other comprehensive income, net of tax			8,148		55		8,203
Balance at June 30, 2014		$	8,506	$	(3,273)	$	5,233

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

				For the Six Months Ended June 30,
(In thousands)				2015		2014
Unrealized gains/(losses) on investments available-for-sale
	Affected line item in the Statements of Income:
	Investment securities gains			$	19		$	-
	Income before taxes				19			-
	Tax expense				8			-
	Net income			$	11		$	-
Amortization of defined benefit pension plan items
	Affected line item in the Statements of Income:
		Recognized actuarial loss (1)		$	551		$	116
			Income before taxes		551			116
			Tax expense		220			61
			Net income	$	331		$	55
(1) This amount is included in the computation of net periodic benefit cost, see Note 9