Comprehensive Income

12 Months Ended

Dec. 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:

	Years Ended December 31,
	2015			2014			2013
	(in thousands)
Unrealized holding losses on available for sale securities before reclassifications	$	(1,895	)	$	(162	)	$	(4,232	)
Amounts reclassified out of accumulated other comprehensive income		—			—			—
Unrealized holding losses on available for sale securities after reclassifications		(1,895	)		(162	)		(4,232	)
Tax effect		797			68			1,780
Unrealized holding losses on available for sale securities, net of tax		(1,098	)		(94	)		(2,452	)
Change in unfunded status of the supplemental retirement plans before reclassifications		1,384			(7,253	)		2,575
Amounts reclassified out of accumulated other comprehensive income:
Amortization of prior service cost		(57	)		138			153
Amortization of actuarial losses		823			17			291
Total amounts reclassified out of accumulated other comprehensive income		766			155			444
Change in unfunded status of the supplemental retirement plans after reclassifications		2,150			(7,098	)		3,019
Tax effect		(904	)		2,984			(1,269	)
Change in unfunded status of the supplemental retirement plans, net of tax		1,246			(4,114	)		1,750
Change in joint beneficiary agreement liability before reclassifications		277			148			400
Amounts reclassified out of accumulated other comprehensive income		—			—			—
Change in joint beneficiary agreement liability after reclassifications		277			148			400
Tax effect		—			—			—
Change in joint beneficiary agreement liability, net of tax		277			148			400
Total other comprehensive income (loss)	$	425		$	(4,060	)	$	(302	)

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

	December 31,
	2015			2014
	(in thousands)
Net unrealized gains on available for sale securities	$	2,145		$	4,040
Tax effect		(902	)		(1,699	)
Unrealized holding gains on available for sale securities, net of tax		1,243			2,341
Unfunded status of the supplemental retirement plans		(5,735	)		(7,885	)
Tax effect		2,411			3,315
Unfunded status of the supplemental retirement plans, net of tax		(3,324	)		(4,570	)
Joint beneficiary agreement liability		303			26
Tax effect		—			—
Joint beneficiary agreement liability, net of tax		303			26
Accumulated other comprehensive loss	$	(1,778	)	$	(2,203	)