ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME

12 Months Ended

Dec. 31, 2021

ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME [Abstract]

ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME

13. ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME

The components of accumulated other comprehensive income (loss), net of tax, as of December 31, were as follows (in thousands):

	2021			2020
Net unrealized gain on securities available for sale	$	385		$	7,668
Tax effect		(81	)		(1,610	)
Net -of-tax amount		304			6,058

Unrealized gain (loss) on interest rate swap		1,910			(11	)
Tax effect		(401	)		2
Net -of-tax amount		1,509			(9	)

Unrecognized pension costs		(2,491	)		(4,383	)
Tax effect		523			921
Net -of-tax amount		(1,968	)		(3,462	)

Total accumulated other comprehensive (loss) income	$	(155	)	$	2,587

The following tables present the changes in accumulated other comprehensive income (loss) by component net of tax for the years ended December 31, 2021, 2020 and 2019 (in thousands):

	Unrealized gain (loss) on available for sale securities (a)			Unrealized gain (loss) on interest rate swap (a)			Defined Benefit Pension Items (a)			Total
Balance as of December 31, 2018	$	(973	)	$	-		$	(2,948	)	$	(3,921	)
Other comprehensive income (loss) before reclassifications (net of tax)		3,283			-			(186	)		3,097
Amounts reclassified from accumulated other comprehensive income (loss) (net of tax)		(20	)		-			215			195
Net current period other comprehensive income (loss)		3,263			-			29			3,292
Balance as of December 31, 2019	$	2,290		$	-		$	(2,919	)	$	(629	)

Balance as of December 31, 2019	$	2,290		$	-		$	(2,919	)	$	(629	)
Other comprehensive income (loss) before reclassifications (net of tax)		4,008			4			(727	)		3,285
Amounts reclassified from accumulated other comprehensive income (loss) (net of tax)		(240	)		(13	)		184			(69	)
Net current period other comprehensive income (loss)		3,768			(9	)		(543	)		3,216
Balance as of December 31, 2020	$	6,058		$	(9	)	$	(3,462	)	$	2,587

Balance as of December 31, 2020	$	6,058		$	(9	)	$	(3,462	)	$	2,587
Other comprehensive income (loss) before reclassifications (net of tax)		(5,586	)		1,403			1,229			(2,954	)
Amounts reclassified from accumulated other comprehensive income (loss) (net of tax)		(168	)		115			265			212
Net current period other comprehensive income (loss)		(5,754	)		1,518			1,494			(2,742	)
Balance as of December 31, 2021	$	304		$	1,509		$	(1,968	)	$	(155	)

(a) Amounts in parentheses indicate debits

The following table presents the significant amounts reclassified out of each component of accumulated other comprehensive loss for the years ended December 31, 2021, 2020 and 2019 (in thousands):

Details about accumulated other comprehensive income (loss)	Amount reclassified from accumulated comprehensive income (loss) (a)									Affected line item in the Consolidated Statement of Income
	December 31,
	2021			2020			2019
Unrealized gains and losses on available for sale securities
	$	212		$	305		$	24		Available for sale securities gains, net
		(44	)		(65	)		(4	)	Provision for income taxes
	$	168		$	240		$	20		Net of tax

Unrealized gain (loss) on interest rate swap	$	(147	)	$	18		$	-		Interest expense
		32			(5	)		-		Provision for income taxes
	$	(115	)	$	13		$	-		Net of tax
Defined benefit pension items
	$	(336	)	$	(233	)	$	(272	)	Other expenses
		71			49			57		Provision for income taxes
	$	(265	)	$	(184	)	$	(215	)	Net of tax
Total reclassifications	$	(212	)	$	69		$	(195	)

(a) Amounts in parentheses indicate debits