OTHER COMPREHENSIVE INCOME

9 Months Ended

Sep. 30, 2014

Other Comprehensive Income [Abstract]

OTHER COMPREHENSIVE INCOME

NOTE 11 – 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, 2014	$	358	$	(3,328)	$	(2,970)
Other comprehensive income before reclassification, net of tax		6,495		-		6,495
Reclassifications from accumulated other comprehensive income, net of tax		5		102		107
Current period change in other comprehensive income, net of tax		6,500		102		6,602
Balance at September 30, 2014	$	6,858	$	(3,226)	$	3,632
(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		(14,990)		-		(14,990)
Reclassifications from accumulated other comprehensive income, net of tax		71		715		786
Current period change in other comprehensive income, net of tax		(14,919)		715		(14,204)
Balance at September 30, 2013	$	5,339	$	(8,231)	$	(2,892)

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

		Nine Months Ended September 30,
(In thousands)		2014		2013
Unrealized gains/(losses) on investments available-for-sale
Affected line item in the Statements of Income:
Investment securities gains	$	8	$	118
Income before taxes		8		118
Tax expense		3		47
Net income	$	5	$	71
Amortization of defined benefit pension plan items
Affected line item in the Statements of Income:
Recognized actuarial loss  1	$	183	$	1,176
Income before taxes		183		1,176
Tax expense		81		461
Net income	$	102	$	715
1  This amount is included in the computation of net periodic pension cost, see Note 9