Change in Accumulated Other Comprehensive Income (Loss)

Accumulated other comprehensive income (loss) includes unrealized gains and losses on available for sale securities, change in fair value of interest rate swaps and changes in benefit obligations and plan assets for the post retirement benefit plan. Changes to accumulated other comprehensive income (loss) are presented net of tax effect as a component of equity. Reclassifications out of accumulated other comprehensive income (loss) are recorded in the Consolidated Statements of Income either as a gain or loss.

Changes to accumulated other comprehensive income (loss) by components are shown in the following tables for the years ended December 31, 2017, 2016, and 2015:



	Twelve Months Ended
	December 31,
	2017									2016								2015
	Unrealized Gains and Losses on Available for Sale Securities			Change in Benefit Obligations and Plan Assets for the Post Retirement Benefit Plan			Total			Unrealized Gains and Losses on Available for Sale Securities			Change in Benefit Obligations and Plan Assets for the Post Retirement Benefit Plan		Total			Unrealized Gains and Losses on Available for Sale Securities			Change in Fair Value of Interest Rate Swap			Change in Benefit Obligations and Plan Assets for the Post Retirement Benefit Plan		Total
	(dollars in thousands)
January 1	$	(63	)	$	39		$	(24	)	$	1,012		$	39	$	1,051		$	1,466		$	(190	)	$	39	$	1,315
Other comprehensive income (loss) before reclassifications	422			4			426			(1,531		)	—		(1,531		)	(564		)	52			—		(512		)
Reclassifications from other comprehensive income (loss)	10			(7		)	3			(98		)	—		(98		)	(124		)	237			—		113
Reclassification of stranded tax effects from change in tax rate	44			7			51			—			—		—			—			—			—		—
Tax effect of current period changes	(147		)	1			(146		)	554			—		554			234			(99		)	—		135
Current period changes net of taxes	329			5			334			(1,075		)	—		(1,075		)	(454		)	190			—		(264		)
December 31	$	266		$	44		$	310		$	(63	)	$	39	$	(24	)	$	1,012		$	—		$	39	$	1,051

For the years ended December 31, 2017, 2016, and 2015, $(10) thousand, $98 thousand, and $124 thousand, respectively, was reclassified out of comprehensive income and appeared as (Loss) Gain on Sale of Securities in the Consolidated Statement of Income. The tax (benefit) expense related to these reclassifications was $(4) thousand, $33 thousand, and $42 thousand for the years ended December 31, 2017, 2016, and 2015, respectively. The tax is included in Income Tax Expense in the Consolidated Statements of Income.

For the twelve months ended December 31, 2017, $7 thousand was reclassified out of accumulated other comprehensive income related to the Company's postretirement benefit plan. This reclassification is a component of net periodic benefit cost and was reflected in Salaries and Employee Benefits in the Consolidated Statements of Income. Tax related to this reclassification was $2 thousand and was included in Income Tax Expense in the Consolidated Statements of Income.

For the twelve months ended December 31, 2015, $237 thousand was reclassified out of accumulated other comprehensive income related to the Company's derecognition of it's cash flow hedge. This loss was recorded in Other operating income in the Consolidated Statements of Income. Tax related to this reclassification was $81 thousand and was included in Income Tax Expense in the Consolidated Statements of Income. There were no reclassifications related to cash flow hedges during the twelve months ended December 31, 2017 and 2016.