Comprehensive Income

12 Months Ended

Dec. 31, 2019

Equity [Abstract]

Comprehensive Income

Note 21 – Comprehensive Income

Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net income. Although certain changes in assets and liabilities, such as unrealized gains and losses on available-for-sale securities, are reported as a separate component of the equity section of the balance sheet, such items, along with net income, are components of comprehensive income. The components of other comprehensive income and related tax effects are as follows:

	Year Ended December 31,
(in thousands)	2019		2018		2017
Unrealized holding gains (losses) on available for sale securities before reclassifications	$	24,471	$	(17,057)	$	6,422
Amounts reclassified out of accumulated other comprehensive income:
Realized gains on debt securities	(110)		(207)		(961)
Adoption ASU 2016-01	—		62		—
Adoption ASU 2018-02	—		(425)		—
Total amounts reclassified out of accumulated other comprehensive income	(110)		(570)		(961)
Unrealized holding gains (losses) on available for sale securities after reclassifications	24,361		(17,627)		5,461
Tax effect	(7,202)		5,193		(2,296)
Unrealized holding gains (losses) on available for sale securities, net of tax	17,159		(12,434)		3,165
Change in unfunded status of the supplemental retirement plans before reclassifications	(6,745)		762		(1,016)
Amounts reclassified out of accumulated other comprehensive income:
Amortization of prior service cost	(54)		(54)		(12)
Amortization of actuarial losses	408		510		390
Adoption ASU 2018-02	—		(668)		—
Total amounts reclassified out of accumulated other comprehensive income	354		(212)		378
Change in unfunded status of the supplemental retirement plans after reclassifications	(6,391)		550		(638)
Tax effect	1,889		(162)		268
Change in unfunded status of the supplemental retirement plans, net of tax	(4,502)		388		(370)
Change in joint beneficiary agreement liability before reclassifications	—		426		(110)
Tax effect	—		—		—
Change in unfunded status of the supplemental retirement plans, net of tax	—		426		(110)
Total other comprehensive income (loss)	$	12,657	$	(11,620)	$	2,685

The components of accumulated other comprehensive income, included in shareholders’ equity, are as follows:

	Year Ended December 31,
(in thousands)	2019		2018
Net unrealized gain (loss) on available for sale securities	$	3,387	(20,974)
Tax effect	(1,001)		6,201
Unrealized holding loss on available for sale securities, net of tax	2,386		(14,773)
Unfunded status of the supplemental retirement plans	(11,193)		(4,802)
Tax effect	3,309		1,420
Unfunded status of the supplemental retirement plans, net of tax	(7,884)		(3,382)
Joint beneficiary agreement liability, net of tax	276		276
Accumulated other comprehensive loss	$	(5,222)	$	(17,879)