OTHER COMPREHENSIVE INCOME (LOSS)

3 Months Ended

Mar. 31, 2015

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
(In thousands)	March 31, 2015			March 31, 2014
Unrealized holding gains on available for sale securities	$	4,915		$	4,543
Reclassification adjustment for losses realized in income	10			1,112
Income tax effect	(1,959		)	(2,244		)
Net change in unrealized gains on available for sale securities	2,966			3,411
Reclassification adjustment for amortization realized in income	88			(7		)
Income tax effect	(34		)	3
Net change in post-retirement obligation	54			(4		)
Change in fair value of derivatives used for cash flow hedges	(681		)	(150		)
Reclassification adjustment for gains realized in income	—			—
Income tax effect	261			59
Net change in unrealized losses on cash flow hedge	(420		)	(91		)
Total	$	2,600		$	3,316

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			March 31,
(In thousands)	2014			Change			2015
Unrealized (losses) gains on available for sale securities	$	(3,307	)	$	2,966		$	(341	)
Unrealized (losses) gains on pension benefits	(4,491		)	54			(4,437		)
Unrealized losses on cash flow hedges	(569		)	(420		)	(989		)
Total	$	(8,367	)	$	2,600		$	(5,767	)

The following represents the reclassifications out of accumulated other comprehensive income for the three months ended March 31, 2015 and 2014:

							Affected Line Item
	Three Months Ended						in the Consolidated
(In thousands)	March 31, 2015			March 31, 2014			Statements of Income
Unrealized (losses) on available for sale securities:
Realized losses on sale of available for sale securities	$	(10	)	$	(1,112	)	Net securities losses
Income tax effect	4			441			Income tax expense
Net of income tax	$	(6	)	$	(671	)
Amortization of defined benefit pension plan and the defined benefit plan component of the SERP:
Prior service credit	$	20		$	20		Salaries and employee benefits
Transition obligation	(7		)	(7		)	Salaries and employee benefits
Actuarial losses	(101		)	(7		)	Salaries and employee benefits
	$	(88	)	$	6
Income tax effect	34			(2		)	Income tax expense
Net of income tax	$	(54	)	$	4
Total reclassifications, net of income taxes	$	(60	)	$	(667	)