Comprehensive Income |
NOTE 8. COMPREHENSIVE INCOME
The activity in accumulated other comprehensive income for the six
months ended June 30, 2016 and 2015 is as follows:
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Accumulated Other
Comprehensive Income/(Loss) (1) |
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Unrealized Gains |
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Defined |
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Unrealized |
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on Securities |
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Benefit |
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Gains (Losses) |
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Transferred from |
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Pension |
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on Securities |
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Available-for-Sale |
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(unaudited, in thousands)
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Plan |
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Available-for-Sale |
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to Held-to-Maturity |
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Total |
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Balance at December 31, 2015
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$ |
(17,539 |
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$ |
(4,162 |
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$ |
747 |
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$ |
(20,954 |
) |
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Other comprehensive income before reclassifications
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— |
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18,100 |
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— |
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18,100 |
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Amounts reclassified from accumulated other comprehensive
income
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921 |
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(1,061 |
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(103 |
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(243 |
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Period change
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921 |
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17,039 |
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(103 |
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17,857 |
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Balance at June 30, 2016
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$ |
(16,618 |
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$ |
12,877 |
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$ |
644 |
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$ |
(3,097 |
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Balance at December 31, 2014
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$ |
(22,776 |
) |
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$ |
2,892 |
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$ |
1,059 |
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$ |
(18,825 |
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Other comprehensive income before reclassifications
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— |
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(3,711 |
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— |
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(3,711 |
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Amounts reclassified from accumulated other comprehensive
income
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981 |
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(13 |
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(134 |
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834 |
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Period change
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981 |
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(3,724 |
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(134 |
) |
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(2,877 |
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Balance at June 30, 2015
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$ |
(21,795 |
) |
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$ |
(832 |
) |
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$ |
925 |
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$ |
(21,702 |
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(1) |
All amounts are net of
tax. Related income tax expense or benefit is calculated using
a combined Federal and State income tax rate approximating
37%. |
The following table provides details about amounts reclassified
from accumulated other comprehensive income for the three and six
months ended June 30, 2016 and 2015:
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Details about Accumulated Other Comprehensive Income
Components
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For the Three
Months Ended
June 30, |
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For the Six
Months Ended
June 30, |
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Affected Line Item in the Statement of Net Income
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(unaudited, in
thousands) |
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2016 |
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2015 |
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2016 |
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2015 |
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Securities available-for-sale (1):
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Net securities gains reclassified into earnings
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$ |
(618 |
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$ |
(2 |
) |
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$ |
(1,672 |
) |
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$ |
(20 |
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Net securities gains (Non-interest income) |
Related income tax expense
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226 |
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1 |
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611 |
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7 |
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Provision for income taxes |
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Net effect on accumulated other comprehensive income for the
period
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(392 |
) |
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(1 |
) |
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(1,061 |
) |
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(13 |
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Securities held-to-maturity (1):
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Amortization of unrealized gain transferred from
available-for-sale
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(84 |
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(107 |
) |
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(165 |
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(214 |
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Interest and dividends on securities (Interest
and dividend income) |
Related income tax expense
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31 |
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39 |
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62 |
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80 |
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Provision for income taxes |
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Net effect on accumulated other comprehensive income for the
period
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(53 |
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(68 |
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(103 |
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(134 |
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Defined benefit pension plan (2):
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Amortization of net loss and prior service costs
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815 |
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799 |
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1,514 |
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1,589 |
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Employee benefits (Non-interest expense) |
Related income tax benefit
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(298 |
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(293 |
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(593 |
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(608 |
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Provision for income taxes |
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Net effect on accumulated other comprehensive income for the
period
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517 |
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506 |
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921 |
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981 |
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Total reclassifications for the period
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$ |
72 |
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$ |
437 |
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$ |
(243 |
) |
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$ |
834 |
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(1) |
For additional detail related to
unrealized gains on securities and related amounts reclassified
from accumulated other comprehensive income see Note 4,
“Securities.” |
(2) |
Included in the computation of net
periodic pension cost. See Note 6, “Pension Plan” for
additional detail. |
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