Comprehensive Income

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Comprehensive Income

Comprehensive IncomeAccounting 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)	2021		2020		2019
Unrealized holding gains (losses) on available for sale securities before reclassifications	$	(19,575)	$	15,803	$	24,471
Amounts reclassified out of accumulated other comprehensive income:
Realized gains on debt securities	—		(7)		(110)
Total amounts reclassified out of accumulated other comprehensive income	—		(7)		(110)
Unrealized holding gains (losses) on available for sale securities after reclassifications	(19,575)		15,796		24,361
Tax effect	5,787		(4,670)		(7,202)
Unrealized holding gains (losses) on available for sale securities, net of tax	(13,788)		11,126		17,159
Change in unfunded status of the supplemental retirement plans before reclassifications	3,497		645		(6,745)
Amounts reclassified out of accumulated other comprehensive income:
Amortization of prior service cost	(58)		(55)		(54)
Amortization of actuarial losses	254		9,309		408
Total amounts reclassified out of accumulated other comprehensive income	196		9,254		354
Change in unfunded status of the supplemental retirement plans after reclassifications	3,693		9,899		(6,391)
Tax effect	(1,091)		(2,927)		1,889
Change in unfunded status of the supplemental retirement plans, net of tax	2,602		6,972		(4,502)
Change in joint beneficiary agreement liability before reclassifications	(113)		(596)		—
Tax effect	—		—		—
Change in unfunded status of the supplemental retirement plans, net of tax	(113)		(596)		—
Total other comprehensive income (loss)	$	(11,299)	$	17,502	$	12,657

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

	Year Ended December 31,
(in thousands)	2021		2020
Net unrealized gain (loss) on available for sale securities	$	(392)	$	19,183
Tax effect	116		(5,671)
Unrealized holding (gain) loss on available for sale securities, net of tax	(276)		13,512
Unfunded status of the supplemental retirement plans	2,399		(1,294)
Tax effect	(709)		382
Unfunded status of the supplemental retirement plans, net of tax	1,690		(912)
Joint beneficiary agreement liability, net of tax	(433)		(320)
Accumulated other comprehensive income	$	981	$	12,280