ACCUMULATED OTHER COMPREHENSIVE INCOME/ (LOSS)

3 Months Ended

Mar. 31, 2021

Equity [Abstract]

ACCUMULATED OTHER COMPREHENSIVE INCOME/ (LOSS)

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 investments available-for-sale 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:

(In thousands)	Unrealized Gains on Investments Available-for-Sale		Defined Benefit Pension Plan		Total
Balance at January 1, 2021	$	28,175	$	(9,470)	$	18,705
Other comprehensive loss before reclassification, net of tax	(21,478)		—		(21,478)
Reclassifications from accumulated other comprehensive income, net of tax	(43)		164		121
Current period change in other comprehensive income, net of tax	(21,521)		164		(21,357)
Balance at March 31, 2021	$	6,654	$	(9,306)	$	(2,652)

(In thousands)	Unrealized Gains/ (Losses) on Investments Available-for-Sale		Defined Benefit Pension Plan		Total
Balance at January 1, 2020	$	4,000	$	(8,332)	$	(4,332)
Other comprehensive income before reclassification, net of tax	10,639		—		10,639
Reclassifications from accumulated other comprehensive income, net of tax	(127)		164		37
Current period change in other comprehensive income, net of tax	10,512		164		10,676
Balance at March 31, 2020	$	14,512	$	(8,168)	$	6,344

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

	Three Months Ended March 31,
(In thousands)	2021		2020
Unrealized gains on investments available-for-sale:
Affected line item in the Statements of Income:
Investment securities gains	$	58	$	169
Income before taxes	58		169
Tax expense	(15)		(42)
Net income	$	43	$	127
Amortization of defined benefit pension plan items:
Affected line item in the Statements of Income:
Recognized actuarial loss (1)	$	(227)	$	(219)
Loss before taxes	(227)		(219)
Tax benefit	63		55
Net loss	$	(164)	$	(164)

(1)This amount is included in the computation of net periodic benefit cost. See Note 11 for additional information on the pension plan.