OTHER COMPREHENSIVE INCOME (LOSS)

6 Months Ended

Jun. 30, 2014

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, 2014			June 30, 2013			June 30, 2014			June 30, 2013
Unrealized holding gains (losses) on available for sale securities	$	6,913		$	(13,846	)	$	11,456		$	(14,514	)
Reclassification adjustment for losses (gains) realized in income	16			(310		)	1,128			(648		)
Income tax effect	(2,750		)	5,620			(4,994		)	6,019
Net change in unrealized gains (losses) on available for sale securities	4,179			(8,536		)	7,590			(9,143		)
Change in post-retirement obligation	(5		)	81			(12		)	145
Income tax effect	2			(32		)	5			(57		)
Net change in post-retirement obligation	(3		)	49			(7		)	88
Change in fair value of derivatives used for cash flow hedges	(426		)	259			(576		)	287
Reclassification adjustment for gains realized in income	—			—			—			—
Income tax effect	170			(103		)	229			(114		)
Net change in unrealized (losses) gains on cash flow hedge	(256		)	156			(347		)	173
Total	$	3,920		$	(8,331	)	$	7,236		$	(8,882	)

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)	2013			Change			2014
Unrealized (losses) gains on available for sale securities	$	(11,994	)	$	7,590		$	(4,404	)
Unrealized losses on pension benefits	(1,143		)	(7		)	(1,150		)
Unrealized losses on cash flow hedges	(99		)	(347		)	(446		)
Total	$	(13,236	)	$	7,236		$	(6,000	)

The following represents the reclassifications out of accumulated other comprehensive income for the three and six months ended June 30, 2014 and 2013:

	Three Months Ended						Six Months Ended						Affected Line Item
	June 30,			June 30,			June 30,			June 30,			in the Consolidated
(In thousands)	2014			2013			2014			2013			Statements of Income
Unrealized gains (losses) on available for sale securities:
Realized (losses) gains on sale of available for sale securities	$	(16	)	$	310		$	(1,128	)	$	648		Net securities (losses) gains
Income tax effect	6			(123		)	448			(257		)	Income tax expense
Net of income tax	$	(10	)	$	187		$	(680	)	$	391
Amortization of defined benefit pension plan and the defined benefit plan component of the SERP:
Prior service credit (cost)	$	19		$	19		$	39		$	38		Salaries and employee benefits
Transition obligation	(7		)	(7		)	(14		)	(14		)	Salaries and employee benefits
Actuarial losses	(7		)	(85		)	(14		)	(161		)	Salaries and employee benefits
	$	5		$	(73	)	$	11		$	(137	)
Income tax effect	(2		)	29			(4		)	54			Income tax expense
Net of income tax	$	3		$	(44	)	$	7		$	(83	)
Total reclassifications, net of tax	$	(7	)	$	143		$	(673	)	$	308