Comprehensive Income

6 Months Ended

Jun. 30, 2014

Equity [Abstract]

Comprehensive Income

Note 24 – 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 accumulated other comprehensive income, included in shareholders’ equity, are as follows:

	June 30,			December 31,
	2014			2013
	(in thousands)
Net unrealized gains on available for sale securities	$	4,755		$	4,202
Tax effect		(1,999	)		(1,767	)
Unrealized holding gains on available for sale securities, net of tax		2,756			2,435
Unfunded status of the supplemental retirement plans		(769	)		(787	)
Tax effect		323			331
Unfunded status of the supplemental retirement plans, net of tax		(446	)		(456	)
Joint beneficiary agreement liability		(122	)		(122	)
Tax effect		—			—
Joint beneficiary agreement liability, net of tax		(122	)		(122	)
Accumulated other comprehensive income	$	2,188		$	1,857

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

	Three Months Ended						Six Months Ended
	June 30,						June 30,
(in thousands)	2014			2013			2014			2013
Unrealized holding gains (losses) on available for sale securities before reclassifications	$	658		$	(2,569	)	$	553		$	(3,642	)
Amounts reclassified out of accumulated other comprehensive income		—			—			—			—
Unrealized holding gains (losses) on available for sale securities after reclassifications		658			(2,569	)		553			(3,642	)
Tax effect		(277	)		1,080			(232	)		1,532
Unrealized holding gains (losses) on available for sale securities, net of tax		381			(1,489	)		321			(2,110	)
Change in unfunded status of the supplemental retirement plans before reclassifications		—			—			—			—
Amounts reclassified out of accumulated other comprehensive income:
Amortization of prior service cost		5			—			10			—
Amortization of actuarial losses		4			—			8			—
Total amounts reclassified out of accumulated other comprehensive income		9			—			18			—
Change in unfunded status of the supplemental retirement plans after reclassifications		9			—			18			—
Tax effect		(4	)		—			(8	)		—
Change in unfunded status of the supplemental retirement plans, net of tax		5			—			10			—
Change in joint beneficiary agreement liability before reclassifications		—			—			—			—
Amounts reclassified out of accumulated other comprehensive income		—			—			—			—
Change in joint beneficiary agreement liability after reclassifications		—			—			—			—
Tax effect		—			—			—			—
Change in joint beneficiary agreement liability, net of tax		—			—
Total other comprehensive income (loss)	$	386		$	(1,489	)	$	331		$	(2,110	)