Other Comprehensive Income

3 Months Ended

Mar. 31, 2013

Other Comprehensive Income Loss [Abstract]

Other Comprehensive Income

NOTE 12 – OTHER COMPREHENSIVE INCOME

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-equity changes are comprised of unrealized gains or losses on available-for-sale debt securities and any minimum pension liability adjustments. These do not have an impact on the Company’s net income. 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 (Losses) on Investments Available-for-Sale			Defined Benefit Pension Plan			Total
Balance at January 1, 2013	$	20,258		$	(8,946	)	$	11,312
Other comprehensive income before reclassification, net of tax		(1,831	)		-			(1,831	)
Reclassifications from accumulated other comprehensive income, net of tax		33			218			251
Current period change in other comprehensive income, net of tax		(1,798	)		218			(1,580	)
Balance at March 31, 2013	$	18,460		$	(8,728	)	$	9,732

(In thousands)	Unrealized Gains (Losses) on Investments Available-for-Sale			Defined Benefit Pension Plan			Total
Balance at January 1, 2012	$	20,006		$	(6,758	)	$	13,248
Other comprehensive income before reclassification, net of tax		(664	)		-			(664	)
Reclassifications from accumulated other comprehensive income, net of tax		44			210			254
Current period change in other comprehensive income, net of tax		(620	)		210			(410	)
Balance at March 31, 2012	$	19,386		$	(6,548	)	$	12,838

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

	For the three months ended March 31,
(In thousands)	2013		2012
Unrealized gains/(losses) on investments available-for-sale
Affected line item in the Statements of Income:
Investment securities gains	$	56	$	73
Income before taxes		56		73
Tax expense		23		29
Net income	$	33	$	44
Amortization of defined benefit pension plan items
Affected line item in the Statements of Income:
Recognized actuarial loss 1	$	364	$	350
Income before taxes		364		350
Tax expense		146		140
Net income	$	218	$	210

1 This amount is included in the computation of net periodic pension cost, see Note 10