ACCUMULATED OTHER COMPREHENSIVE INCOME/ (LOSS)

6 Months Ended

Jun. 30, 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	(14,108)		—		(14,108)
Reclassifications from accumulated other comprehensive income, net of tax	(96)		333		237
Current period change in other comprehensive income, net of tax	(14,204)		333		(13,871)
Balance at June 30, 2021	$	13,971	$	(9,137)	$	4,834

(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	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

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)	2021		2020
Unrealized gains on investments available-for-sale:
Affected line item in the Statements of Income:
Investment securities gains	$	129	$	381
Income before taxes	129		381
Tax expense	(33)		(97)
Net income	$	96	$	284
Amortization of defined benefit pension plan items:
Affected line item in the Statements of Income:
Recognized actuarial loss (1)	$	(454)	$	(437)
Loss before taxes	(454)		(437)
Tax benefit	121		111
Net loss	$	(333)	$	(326)

(1)This amount is included in the computation of net periodic benefit cost. See Note 10 for additional information on the pension plan.