OTHER COMPREHENSIVE INCOME

3 Months Ended

Mar. 31, 2017

OTHER COMPREHENSIVE INCOME (LOSS)

OTHER COMPREHENSIVE INCOME

13. OTHER COMPREHENSIVE INCOME

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

	Three Months Ended
(In thousands)	March 31, 2017			March 31, 2016
Unrealized holding gains on available for sale securities	$	1,616		$	9,740
Reclassification adjustment for gains realized in income		-			(66	)
Income tax effect		(606	)		(3,917	)
Net change in unrealized gains on available for sale securities		1,010			5,757
Reclassification adjustment for amortization realized in income		114			94
Income tax effect		(17	)		(33	)
Net change in post-retirement obligation		97			61
Change in fair value of derivatives used for cash flow hedges		25			(2,023	)
Reclassification adjustment for losses realized in income		275			250
Income tax effect		(126	)		720
Net change in unrealized gain (loss) on cash flow hedges		174			(1,053	)
Other comprehensive income	$	1,281		$	4,765

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

				Other Comprehensive
(In thousands)	December 31, 2016			Income		March 31, 2017
Unrealized losses on available for sale securities	$	(8,823	)	$	1,010	$	(7,813	)
Unrealized losses on pension benefits		(4,741	)		97		(4,644	)
Unrealized gains on cash flow hedges		500			174		674
Accumulated other comprehensive loss	$	(13,064	)	$	1,281	$	(11,783	)

The following represents the reclassifications out of accumulated other comprehensive (loss) income for the three months ended March 31, 2017 and 2016:

	Three Months Ended						Affected Line Item in the
(In thousands)	March 31, 2017			March 31, 2016			Consolidated Statements of Income
Realized gains on sale of available  for sale securities	$	-		$	66		Net securities gains
Amortization of defined benefit pension plan and defined benefit plan component of the SERP:
Prior service credit		19			19		Salaries and employee benefits
Transition obligation		(7	)		(7	)	Salaries and employee benefits
Actuarial losses		(126	)		(106	)	Salaries and employee benefits
Realized losses on cash flow hedges		(275	)		(250	)	Interest expense
Total reclassifications, before income tax	$	(389	)	$	(278	)
Income tax benefit		159			112		Income tax expense
Total reclassifications, net of income tax	$	(230	)	$	(166	)