OTHER COMPREHENSIVE INCOME (LOSS)

6 Months Ended

Jun. 30, 2013

OTHER COMPREHENSIVE INCOME (LOSS)

OTHER COMPREHENSIVE INCOME (LOSS)

13. OTHER COMPREHENSIVE INCOME (LOSS)

Other comprehensive income (loss) components and related income tax effects were as follows:

	Three Months Ended						Six Months Ended
(In thousands)	June 30, 2013			June 30, 2012			June 30, 2013			June 30, 2012
Unrealized holding losses on available for sale securities	$	(13,846	)	$	(206	)	$	(14,514	)	$	(640	)
Reclassification adjustment for gains realized in income	(310		)	(1,721		)	(648		)	(1,993		)
Income tax effect	5,620			765			6,019			1,045
Net change in unrealized (loss) gain on available for sale securities	(8,536		)	(1,162		)	(9,143		)	(1,588		)
Change in post-retirement obligation	81			71			145			144
Income tax effect	(32		)	(28		)	(57		)	(57		)
Net change in post-retirement obligation	49			43			88			87
Change in fair value of derivatives used for cash flow hedges	259			(33		)	287			(33		)
Reclassification adjustment for gains realized in income	—			—			—			—
Income tax effect	(103		)	13			(114		)	13
Net change in unrealized loss on cash flow hedge	156			(20		)	173			(20		)
Total	$	(8,331	)	$	(1,139	)	$	(8,882	)	$	(1,521	)

The following is a summary of the accumulated other comprehensive income balances, net of income tax:

	Balance as of						Balance as of
	December 31,			Current Period			June 30,
(In thousands)	2012			Change			2013
Unrealized gains (losses) on available for sale securities	$	2,738		$	(9,143	)	$	(6,405	)
Unrealized (losses) gains on pension benefits	(3,050		)	88			(2,962		)
Unrealized (losses) gains on cash flow hedges	(106		)	173			67
Total	$	(418	)	$	(8,882	)	$	(9,300	)

The following represents the reclassifications out of accumulated other comprehensive income for the three and six months ended June 30, 2013 and 2012:

													Affected Line Item
	Three Months Ended						Six Months Ended						in the Consolidated
(In thousands)	June 30, 2013			June 30, 2012			June 30, 2013			June 30, 2012			Statements of Income
Unrealized gains (losses) on available for sale securities:
Realized gain on sale of available for sale securities	$	310		$	1,721		$	648		$	1,993		Net securities gains
Income tax expense	(123		)	(683		)	(257		)	(791		)	Income tax expense
Net of tax	$	187		$	1,038		$	391		$	1,202
Amortization of defined benefit pension plan and the defined benefit plan component of the SERP:
Prior service credit (cost)	$	19		$	(3	)	$	38		$	(5	)	Salaries and employee benefits
Transition obligation	(7		)	(7		)	(14		)	(14		)	Salaries and employee benefits
Actuarial losses	(85		)	(62		)	(161		)	(124		)	Salaries and employee benefits
	$	(73	)	$	(72	)	$	(137	)	$	(143	)
Income tax benefit	29			29			54			57			Income tax expense
Net of tax	$	(44	)	$	(43	)	$	(83	)	$	(86	)
Total reclassifications, net of tax	$	143		$	995		$	308		$	1,116