ACCUMULATED OTHER COMPREHENSIVE INCOME/ (LOSS)

9 Months Ended

Sep. 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	(20,218)		—		(20,218)
Reclassifications from accumulated other comprehensive income, net of tax	(133)		520		387
Current period change in other comprehensive income, net of tax	(20,351)		520		(19,831)
Balance at September 30, 2021	$	7,824	$	(8,950)	$	(1,126)

(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	21,650		—		21,650
Reclassifications from accumulated other comprehensive income, net of tax	(322)		497		175
Current period change in other comprehensive income, net of tax	21,328		497		21,825
Balance at September 30, 2020	$	25,328	$	(7,835)	$	17,493

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

	Nine Months Ended September 30,
(In thousands)	2021		2020
Unrealized gains on investments available-for-sale:
Affected line item in the Statements of Income:
Investment securities gains	$	178	$	432
Income before taxes	178		432
Tax expense	(45)		(110)
Net income	$	133	$	322
Amortization of defined benefit pension plan items:
Affected line item in the Statements of Income:
Recognized actuarial loss (1)	$	(682)	$	(656)
Loss before taxes	(682)		(656)
Tax benefit	162		159
Net loss	$	(520)	$	(497)

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