ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME

6 Months Ended

Jun. 30, 2018

ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME

ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME

13. ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME

The following table summarizes the components of other comprehensive (loss) income and related income tax effects:

	Three Months Ended						Six Months Ended
(In thousands)	June 30, 2018			June 30, 2017			June 30, 2018			June 30, 2017
Unrealized holding (losses) gains on available for sale securities	$	(4,231	)	$	2,595		$	(12,818	)	$	4,211
Reclassification adjustment for losses realized in income		7,921			-			7,921			-
Income tax effect		(1,074	)		(1,062	)		1,425			(1,668	)
Net change in unrealized gains (losses) on available for sale securities		2,616			1,533			(3,472	)		2,543
Reclassification adjustment for amortization realized in income		95			113			190			227
Income tax effect		(27	)		(47	)		(55	)		(64	)
Net change in post-retirement obligation		68			66			135			163
Change in fair value of derivatives used for cash flow hedges		1,020			(1,385	)		3,847			(1,360	)
Reclassification adjustment for (gains) losses realized in income		(344	)		459			(279	)		734
Income tax effect		(197	)		379			(1,038	)		253
Net change in unrealized gain (loss) on cash flow hedges		479			(547	)		2,530			(373	)
Other comprehensive income (loss)	$	3,163		$	1,052		$	(807	)	$	2,333

The following is a summary of the accumulated other comprehensive loss balances, net of income taxes, at the dates indicated:

				Other Comprehensive
(In thousands)	December 31, 2017			Income			June 30, 2018
Unrealized losses on available for sale securities	$	(11,337	)	$	(3,472	)	$	(14,809	)
Unrealized (losses) gain on pension benefits		(5,533	)		135			(5,398	)
Unrealized gains on cash flow hedges		1,931			2,530			4,461
Accumulated other comprehensive loss, net of income taxes	$	(14,939	)	$	(807	)	$	(15,746	)

The following represents the reclassifications out of accumulated other comprehensive (loss) income for the three and six months ended June 30, 2018 and 2017:

	Three Months Ended						Six Months Ended						Affected Line Item
	June 30,			June 30,			June 30,			June 30,			in the Consolidated
(In thousands)	2018			2017			2018			2017			Statements of Income
Realized losses on sale of available for sale securities	$	(7,921	)	$	-		$	(7,921	)	$	-		Net securities losses
Amortization of defined benefit pension plan and defined benefit plan component of the SERP:
Prior service credit		19			19			38			38		Other operating expenses
Transition obligation		(1	)		(7	)		(2	)		(14	)	Other operating expenses
Actuarial losses		(113	)		(125	)		(226	)		(251	)	Other operating expenses
Realized gains (losses) on cash flow hedges		344			(459	)		279			(734	)	Interest expense
Total reclassifications, before income tax	$	(7,672	)	$	(572	)	$	(7,832	)	$	(961	)
Income tax benefit		2,231			234			2,278			393		Income tax expense
Total reclassifications, net of income tax	$	(5,441	)	$	(338	)	$	(5,554	)	$	(568	)