Comprehensive Income

3 Months Ended

Mar. 31, 2015

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 other comprehensive income and related tax effects are as follows:

	Three Months Ended March 31,
	2015			2014
(in thousands)
Unrealized holding gains (losses) on available for sale securities before reclassifications	$	15		$	(105	)
Amounts reclassified out of accumulated other comprehensive income-		—			—
Unrealized holding gains (losses) on available for sale securities after reclassifications		15			(105	)
Tax effect		(6	)		45
Unrealized holding gains (losses) on available for sale securities, net of tax		9			(60	)
Change in unfunded status of the supplemental retirement plans before reclassifications		—			—
Amounts reclassified out of accumulated other comprehensive income:
Amortization of prior service cost		(14	)		5
Amortization of actuarial losses		206			4
Total amounts reclassified out of accumulated other comprehensive income		192			9
Change in unfunded status of the supplemental retirement plans after reclassifications		192			9
Tax effect		(81	)		(4	)
Change in unfunded status of the supplemental retirement plans, net of tax		111			5
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 gain (loss)	$	120		$	(55	)

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

	March 31, 2015			December 31, 2014
	(in thousands)
Net unrealized gains on available for sale securities	$	4,055		$	4,040
Tax effect		(1,705	)		(1,699	)
Unrealized holding gains on available for sale securities, net of tax		2,350			2,341
Unfunded status of the supplemental retirement plans		(7,693	)		(7,885	)
Tax effect		3,234			3,315
Unfunded status of the supplemental retirement plans, net of tax		(4,459	)		(4,570	)
Joint beneficiary agreement liability		26			26
Tax effect		—			—
Joint beneficiary agreement liability, net of tax		26			26
Accumulated other comprehensive loss	$	(2,083	)	$	(2,203	)