ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

9 Months Ended

Sep. 30, 2018

Other Comprehensive Income Loss [Abstract]

NOTE 12 – ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

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 in equity are comprised of unrealized gains or losses on available-for-sale debt securities and any minimum pension liability adjustments. 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, 2018	$	687	$	(7,544)	$	(6,857)
Other comprehensive income before reclassification, net of tax		(16,479)		-		(16,479)
Reclassifications from accumulated other comprehensive income, net of tax		(107)		500		393
Current period change in other comprehensive income, net of tax		(16,586)		500		(16,086)
Reclassification of tax effects from accumulated other comprehensive income		148		(1,625)		(1,477)
Balance at September 30, 2018	$	(15,751)	$	(8,669)	$	(24,420)

	Unrealized Gains
	(Losses) on
	Investments		Defined Benefit
(In thousands)	Available-for-Sale		Pension Plan		Total
Balance at January 1, 2017	$	1,642	$	(8,256)	$	(6,614)
Other comprehensive income before reclassification, net of tax		3,382		-		3,382
Reclassifications from accumulated other comprehensive income, net of tax		(767)		522		(245)
Current period change in other comprehensive income, net of tax		2,615		522		3,137
Balance at September 30, 2017	$	4,257	$	(7,734)	$	(3,477)

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

				Nine Months Ended September 30,
(In thousands)				2018		2017
Unrealized gains on investments available-for-sale
	Affected line item in the Statements of Income:
	Investment securities gains			$	145	$	1,275
	Income before taxes				145		1,275
	Tax expense				(38)		(508)
	Net income			$	107	$	767

Amortization of defined benefit pension plan items
	Affected line item in the Statements of Income:
		Recognized actuarial loss⁽¹⁾		$	(750)	$	(886)
			Income before taxes		(750)		(886)
			Tax benefit		250		364
			Net loss	$	(500)	$	(522)
(1) This amount is included in the computation of net periodic benefit cost, see Note 10

In the first quarter of 2018, the Company elected to make a one-time reclassification from accumulated other comprehensive income to retained earnings for the effects of re-measuring the deferred tax assets and liabilities originally recorded in other comprehensive income as a result of the change in the federal tax rate by the Tax Cuts and Jobs Act.