Comprehensive Income

6 Months Ended

Jun. 30, 2016

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,
	2016			2015
	(in thousands)
Net unrealized gains on available for sale securities	$	15,443		$	2,145
Tax effect		(6,493	)		(902	)
Unrealized holding gains on available for sale securities, net of tax		8,950			1,243
Unfunded status of the supplemental retirement plans		(5,480	)		(5,735	)
Tax effect		2,304			2,411
Unfunded status of the supplemental retirement plans, net of tax		(3,176	)		(3,324	)
Joint beneficiary agreement liability		299			303
Tax effect		—			—
Joint beneficiary agreement liability, net of tax		299			303
Accumulated other comprehensive loss	$	6,073		$	(1,778	)

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)	2016			2015			2016			2015
Unrealized holding (losses) gains on available for sale securities before reclassifications	$	7,173		$	(4,752	)	$	13,298		$	(4,737	)
Amounts reclassified out of accumulated other comprehensive income		—			—			—			—
Unrealized holding (losses) gains on available for sale securities after reclassifications		7,173			(4,752	)		13,298			(4,737	)
Tax effect		(3,016	)		1,998			(5,591	)		1,992
Unrealized holding (losses) gains on available for sale securities, net of tax		4,157			(2,754	)		7,707			(2,745	)
Change in unfunded status of the supplemental retirement plans before reclassifications		—			—			—			—
Amounts reclassified out of accumulated other comprehensive income:
Amortization of prior service cost		(20	)		(14	)		(20	)		(28	)
Amortization of actuarial losses		275			206			275			412
Total amounts reclassified out of accumulated other comprehensive income		255			192			255			384
Change in unfunded status of the supplemental retirement plans after reclassifications		255			192			255			384
Tax effect		(107	)		(81	)		(107	)		(162	)
Change in unfunded status of the supplemental retirement plans, net of tax		148			111			148			222
Change in joint beneficiary agreement liability before reclassifications		(4	)		—			(4	)		—
Amounts reclassified out of accumulated other comprehensive income		—			—			—			—
Change in joint beneficiary agreement liability after reclassifications		(4	)		—			(4	)		—
Tax effect		—			—			—			—
Change in joint beneficiary agreement liability, net of tax		(4	)		—			(4	)		—
Total other comprehensive income (loss)	$	4,301		$	(2,643	)	$	7,851		$	(2,523	)