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OTHER COMPREHENSIVE INCOME (LOSS)
 6 Months Ended
Jun. 30, 2016
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, 2016  June 30, 2015  June 30, 2016  June 30, 2015 
Unrealized holding gains (losses) on available for sale securities $2,725  $(3,653) $12,465  $1,262 
Reclassification adjustment for (gains) losses realized in income  (383)  -   (449)  10 
Income tax effect  (950)  1,486   (4,867)  (471)
Net change in unrealized gains (losses) on available for sale securities  1,392   (2,167)  7,149   801 
                 
Reclassification adjustment for amortization realized in income  99   90   193   179 
Income tax effect  (41)  18   (74)  (17)
Net change in post-retirement obligation  58   108   119   162 
                 
Change in fair value of derivatives used for cash flow hedges  (661)  117   (2,684)  (698)
Reclassification adjustment for losses realized in income  239   176   489   310 
Income tax effect  171   (97)  891   164 
Net change in unrealized (loss) gain on cash flow hedges  (251)  196   (1,304)  (224)
                 
Total $1,199  $(1,863) $5,964  $739 

 

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

 

     Current Period    
(In thousands) December 31, 2015  Change  June 30, 2016 
Unrealized (losses) gains on available for sale securities $(4,741) $7,149  $2,408 
Unrealized (losses) gains on pension benefits  (4,111)  119   (3,992)
Unrealized losses on cash flow hedges  (770)  (1,304)  (2,074)
Total $(9,622) $5,964  $(3,658)

 

The following represents the reclassifications out of accumulated other comprehensive income for the three and six months ended June 30, 2016 and 2015:

 

              Affected Line Item
  Three Months Ended  Six Months Ended  in the Consolidated
(In thousands) June 30, 2016  June 30, 2015  June 30, 2016  June 30, 2015  Statements of Income
Realized gains (losses) on sale of available for sale securities $383  $-  $449  $(10) Net securities gains (losses)
Income tax (expense) benefit  (155)  -   (182)  4  Income tax expense
Net of income tax $228  $-  $267  $(6)  
                   
Amortization of defined benefit pension plan and defined benefit plan component of the SERP:                  
Prior service cost $19  $19  $38  $38  Salaries and employee benefits
Transition obligation  (7)  (7)  (14)  (14) Salaries and employee benefits
Actuarial losses  (111)  (102)  (217)  (203) Salaries and employee benefits
  $(99) $(90) $(193) $(179)  
Income tax benefit  40   (18)  78   17  Income tax expense
Net of income tax $(59) $(108) $(115) $(162)  
                   
Realized losses on cash flow hedges $(239) $(176) $(489) $(310) Interest expense
Income tax benefit  97   74   198   126  Income tax expense
Net of income tax $(142) $(102) $(291) $(184)  
                   
Total reclassifications, net of income tax $27  $(210) $(139) $(352)