Comprehensive Income (Tables)

9 Months Ended

Sep. 30, 2020

Equity [Abstract]

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

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

	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2020		2019		2020		2019
Unrealized holding gains on available for sale securities before reclassifications	$	4,645	$	5,355	$	10,043	$	27,618
Amounts reclassified out of AOCI:
Realized gain on debt securities	(7)		(107)		(7)		(107)
Unrealized holding gains (losses) on available for sale securities after reclassifications	4,638		5,248		10,036		27,511
Tax effect	(1,372)		(1,551)		(2,967)		(8,133)
Unrealized holding gains on available for sale securities, net of tax	3,266		3,697		7,069		19,378
Change in unfunded status of the supplemental retirement plans before reclassifications	1,936		(89)		2,607		(266)
Amounts reclassified out of AOCI:
Amortization of prior service cost	(14)		(13)		(41)		(40)
Amortization of actuarial losses	478		102		1,434		306
Total amounts reclassified out of accumulated other comprehensive income	464		89		1,393		266
Change in unfunded status of the supplemental retirement plans after reclassifications	2,400		—		4,000		—
Tax effect	(709)		—		(1,183)		—
Change in unfunded status of the supplemental retirement plans, net of tax	1,691		—		2,817		—
Change in joint beneficiary agreement liability before reclassifications	—		—		912		—
Tax effect	—		—		—		—
Change in joint beneficiary agreement liability before reclassifications, net of tax	—		—		912		—
Total other comprehensive income	$	4,957	$	3,697	$	10,798	$	19,378

Components of Accumulated Other Comprehensive Loss

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

(in thousands)	September 30, 2020		December 31, 2019
Net unrealized gain on available for sale securities	$	13,423	$	3,387
Tax effect	(3,968)		(1,001)
Unrealized holding gain on available for sale securities, net of tax	9,455		2,386
Unfunded status of the supplemental retirement plans	(7,193)		(11,193)
Tax effect	2,126		3,309
Unfunded status of the supplemental retirement plans, net of tax	(5,067)		(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)	$	5,576	$	(5,222)