ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

9 Months Ended

Sep. 30, 2019

Other Comprehensive Income Loss [Abstract]

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

NOTE 11 – 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, 2019	$	(6,630)	$	(9,124)	$	(15,754)
Other comprehensive income before reclassification, net of tax		12,475		-		12,475
Reclassifications from accumulated other comprehensive income, net of tax		(15)		586		571
Current period change in other comprehensive income, net of tax		12,460		586		13,046
Balance at September 30, 2019	$	5,830	$	(8,538)	$	(2,708)

	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)

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)				2019		2018
Unrealized gains on investments available-for-sale
	Affected line item in the Statements of Income:
	Investment securities gains			$	20	$	145
	Income before taxes				20		145
	Tax expense				(5)		(38)
	Net income			$	15	$	107
Amortization of defined benefit pension plan items
	Affected line item in the Statements of Income:
		Recognized actuarial loss(1)		$	(794)	$	(750)
			Income before taxes		(794)		(750)
			Tax benefit		208		250
			Net loss	$	(586)	$	(500)
(1) This amount is included in the computation of net periodic benefit cost. See Note 9.

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.