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Comprehensive Income
6 Months Ended
Jun. 30, 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 accumulated other comprehensive income, included in shareholders’ equity, are as follows:

 

     June 30,
2015
     December 31,
2014
 
     (in thousands)  

Net unrealized (losses) gains on available for sale securities

   $ (697    $ 4,040   

Tax effect

     293         (1,699
  

 

 

    

 

 

 

Unrealized holding gains on available for sale securities, net of tax

     (404      2,341   
  

 

 

    

 

 

 

Unfunded status of the supplemental retirement plans

     (7,501      (7,885

Tax effect

     3,153         3,315   
  

 

 

    

 

 

 

Unfunded status of the supplemental retirement plans, net of tax

     (4,348      (4,570
  

 

 

    

 

 

 

Joint beneficiary agreement liability

     26         26   

Tax effect

     —           —     
  

 

 

    

 

 

 

Joint beneficiary agreement liability, net of tax

     26         26   
  

 

 

    

 

 

 

Accumulated other comprehensive loss

   $ (4,726    $ (2,203
  

 

 

    

 

 

 

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

 

     Three Months Ended
June 30,
    Six Months Ended
June 30,
 
(in thousands)    2015     2014     2015     2014  

Unrealized holding (losses) gains on available for sale securities before reclassifications

   $ (4,752   $ 658      $ (4,737   $ 553   

Amounts reclassified out of accumulated other comprehensive income

     —          —          —          —     
  

 

 

   

 

 

   

 

 

   

 

 

 

Unrealized holding (losses) gains on available for sale securities after reclassifications

     (4,752     658        (4,737     553   

Tax effect

     1,998        (277     1,992        (232
  

 

 

   

 

 

   

 

 

   

 

 

 

Unrealized holding (losses) gains on available for sale securities, net of tax

     (2,754     381        (2,745     321   
  

 

 

   

 

 

   

 

 

   

 

 

 

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        (28     10   

Amortization of actuarial losses

     206        4        412        8   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total amounts reclassified out of accumulated other comprehensive income

     192        9        384        18   
  

 

 

   

 

 

   

 

 

   

 

 

 

Change in unfunded status of the supplemental retirement plans after reclassifications

     192        9        384        18   

Tax effect

     (81     (4     (162     (8
  

 

 

   

 

 

   

 

 

   

 

 

 

Change in unfunded status of the supplemental retirement plans, net of tax

     111        5        222        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)

   $ (2,643   $ 386      $ (2,523   $ 331