ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

6 Months Ended

Jun. 30, 2020

Accumulated Other Comprehensive Income (Loss) [Abstract]

Accumulated Other Comprehensive Income (Loss)

NOTE 13 – ACCUMULATED OTHER COMPREHENSIVE INCOME/ (LOSS)

Comprehensive income/ (loss) is defined as net income/ (loss) plus transactions and other occurrences that are the result of non-owner changes in equity. For Condensed Consolidated 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
	on Investments		Defined Benefit
(In thousands)	Available-for-Sale		Pension Plan		Total
Balance at January 1, 2020	$	4,000	$	(8,332)	$	(4,332)
Other comprehensive income before reclassification, net of tax		19,114		-		19,114
Reclassifications from accumulated other comprehensive income, net of tax		(284)		326		42
Current period change in other comprehensive income, net of tax		18,830		326		19,156
Balance at June 30, 2020	$	22,830	$	(8,006)	$	14,824

	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		11,802		-		11,802
Reclassifications from accumulated other comprehensive income, net of tax		(4)		391		387
Current period change in other comprehensive income, net of tax		11,798		391		12,189
Balance at June 30, 2019	$	5,168	$	(8,733)	$	(3,565)

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

				Six Months Ended June 30,
(In thousands)				2020		2019
Unrealized gains on investments available-for-sale:
	Affected line item in the Statements of Income/ (Loss):
	Investment securities gains			$	381	$	5
	Income before taxes				381		5
	Tax expense				(97)		(1)
	Net income			$	284	$	4
Amortization of defined benefit pension plan items:
	Affected line item in the Statements of Income/ (Loss):
		Recognized actuarial loss(1)		$	(437)	$	(530)
			Loss before taxes		(437)		(530)
			Tax benefit		111		139
			Net loss	$	(326)	$	(391)
(1) This amount is included in the computation of net periodic benefit cost. See Note 11.