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OTHER COMPREHENSIVE INCOME (LOSS)
 6 Months Ended
Jun. 30, 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     Six Months Ended  
(In thousands)   June 30, 2015     June 30, 2014     June 30, 2015     June 30, 2014  
Unrealized holding (losses) gains on available for sale securities   $ (3,653 )   $ 6,913     $ 1,262     $ 11,456  
Reclassification adjustment for losses realized in income     —       16       10       1,128  
Income tax effect     1,486       (2,750 )     (471 )     (4,994 )
Net change in unrealized (losses) gains on available for sale securities     (2,167 )     4,179       801       7,590  
                                 
Reclassification adjustment for amortization realized in income     90       (5 )     179       (12 )
Income tax effect     18       2       (17 )     5  
Net change in post-retirement obligation     108       (3 )     162       (7 )
                                 
Change in fair value of derivatives used for cash flow hedges     292       (426 )     (389 )     (576 )
Reclassification adjustment for gains realized in income     —       —       —       —  
Income tax effect     (96 )     170       165       229  
Net change in unrealized losses on cash flow hedge     196       (256 )     (224 )     (347 )
                                 
Total   $ (1,863 )   $ 3,920     $ 739     $ 7,236  

 

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)   2014     Change     2015  
Unrealized (losses) gains on available for sale securities   $ (3,307 )   $ 801     $ (2,506 )
Unrealized (losses) gains on pension benefits     (4,491 )     162       (4,329 )
Unrealized gains/(losses) on cash flow hedges     (569 )     (224 )     (793 )
Total   $ (8,367 )   $ 739     $ (7,628 )

 

The following represents the reclassifications out of accumulated other comprehensive income for the three and six months ended June 30, 2015 and 2014:

 

    Three Months Ended     Six Months Ended     Affected Line Item
(In thousands)   June 30,
2015		     June 30,
2014		     June 30,
2015		     June 30,
2014		     in the Consolidated
Statements of Income
Unrealized gains (losses) on available for sale securities:                                    
Realized losses on sale of available for sale securities   $ —     $ (16 )   $ (10 )   $ (1,128 )   Net securities losses
Income tax effect     —       6       4       448     Income tax expense
Net of income tax   $ —     $ (10 )   $ (6 )   $ (680 )    
                                     
Amortization of defined benefit pension plan and the defined benefit plan component of the SERP:                                    
Prior service credit (cost)   $ 19     $ 19     $ 38     $ 39     Salaries and employee benefits
Transition obligation     (7 )     (7 )     (14 )     (14 )   Salaries and employee benefits
Actuarial losses     (102 )     (7 )     (203 )     (14 )   Salaries and employee benefits
    $ (90 )   $ 5     $ (179 )   $ 11      
Income tax effect     (18 )     (2 )     17       (4 )   Income tax expense
Net of income tax   $ (108 )   $ 3     $ (162 )   $ 7      
                                     
Total reclassifications, net of income taxes   $ (108 )   $ (7 )   $ (168 )   $ (673 )