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ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME

6 Months Ended

Jun. 30, 2020

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 income (loss) and related income tax effects:


		Three Months Ended						Six Months Ended
		June 30,			June 30,			June 30,			June 30,
(In thousands)		2020			2019			2020			2019
Unrealized holding gains on available for sale securities		$	4,308		$	8,489		$	10,121		$	14,020
Reclassification adjustments for (gains) losses realized in income			—			(201)			15			(201)
Income tax effect			(1,260)			(2,417)			(2,964)			(4,030)
Net change in unrealized gains on available for sale securities			3,048			5,871			7,172			9,789

Reclassification adjustments for amortization realized in income			138			129			276			257
Income tax effect			(41)			(38)			(81)			(76)
Net change in post-retirement obligation			97			91			195			181

Change in fair value of derivatives used for cash flow hedges			(1,563)			(3,106)			(11,073)			(4,703)
Reclassification adjustments for losses (gains) realized in income			176			(466)			66			(1,022)
Income tax effect			406			1,042			3,219			1,670
Net change in unrealized losses on cash flow hedges			(981)			(2,530)			(7,788)			(4,055)

Other comprehensive income (loss)		$	2,164		$	3,432		$	(421)		$	5,915

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


					Other
		December 31,			Comprehensive				June 30,
(In thousands)		2019			Income				2020
Unrealized (losses) gains on available for sale securities		$	(829)		$	7,172		$	6,343
Unrealized (losses) gains on pension benefits			(6,775)			195			(6,580)
Unrealized losses on cash flow hedges			(737)			(7,788)			(8,525)
Accumulated other comprehensive loss, net of income taxes		$	(8,341)		$	(421)		$	(8,762)

The following represents the reclassifications out of accumulated other comprehensive (loss) income for the three and six months ended June 30, 2020 and 2019:


		Three Months Ended						Six Months Ended							Affected Line Item
		June 30,			June 30,			June 30,			June 30,				in the Consolidated
(In thousands)		2020			2019			2020			2019				Statements of Income
Realized gains (losses) on sale of available for sale securities		$	—		$	201		$	(15)		$	201			Net securities gains (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
Actuarial losses			(157)			(147)			(314)			(295)			Other operating expenses
Realized (losses) gains on cash flow hedges			(176)			466			(66)			1,022			Interest expense
Total reclassifications, before income tax		$	(314)		$	539		$	(357)		$	966
Income tax expense (benefit)			91			(157)			104			(282)			Income tax expense
Total reclassifications, net of income tax		$	(223)		$	382		$	(253)		$	684