Comprehensive Income (Tables)

6 Months Ended

Jun. 30, 2020

Equity [Abstract]

Components of Other Comprehensive Income (Loss) and Related Tax Effects

The components of other comprehensive income (loss) and related tax effects are as follows:

	Three months ended June 30,				Six months ended June 30,
(in thousands)	2020		2019		2020		2019
Unrealized holding gains on available for sale securities before reclassifications	$	34,959	$	9,553	$	5,398	$	22,263
Tax effect	(10,334)		(2,824)		(1,595)		(6,582)
Unrealized holding gains on available for sale securities, net of tax	24,625		6,729		3,803		15,681
Change in unfunded status of the supplemental retirement plans before reclassifications	661		(88)		1,109		(177)
Amounts reclassified out of accumulated other comprehensive income (loss):
Amortization of prior service cost	(13)		(14)		(27)		(27)
Amortization of actuarial losses	478		102		956		204
Total amounts reclassified out of accumulated other comprehensive income	465		88		929		177
Change in unfunded status of the supplemental retirement plans after reclassifications	1,126		—		2,038		—
Tax effect	—		—		—		—
Change in unfunded status of the supplemental retirement plans, net of tax	1,126		—		2,038		—
Total other comprehensive income (loss)	$	25,751	$	6,729	$	5,841	$	15,681

Components of Accumulated Other Comprehensive Loss

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

(in thousands)	June 30, 2020		December 31, 2019
Net unrealized gain on available for sale securities	$	8,785	$	3,387
Tax effect	(2,597)		(1,001)
Unrealized holding gain on available for sale securities, net of tax	6,188		2,386
Unfunded status of the supplemental retirement plans	(9,593)		(11,193)
Tax effect	2,836		3,309
Unfunded status of the supplemental retirement plans, net of tax	(6,757)		(7,884)
Joint beneficiary agreement liability	1,188		276
Tax effect	—		—
Joint beneficiary agreement liability, net of tax	1,188		276
Accumulated other comprehensive income (loss)	$	619	$	(5,222)