Comprehensive Income (Loss)

9 Months Ended

Sep. 30, 2016

Equity [Abstract]

Comprehensive Income (Loss)

Note 24 – Comprehensive Income (Loss)

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:

	September 30, 2016			December 31, 2015
	(in thousands)
Net unrealized gains on available for sale securities	$	13,385		$	2,145
Tax effect		(5,628	)		(902	)
Unrealized holding gains on available for sale securities, net of tax		7,757			1,243
Unfunded status of the supplemental retirement plans		(5,352	)		(5,735	)
Tax effect		2,250			2,411
Unfunded status of the supplemental retirement plans, net of tax		(3,102	)		(3,324	)
Joint beneficiary agreement liability		298			303
Tax effect		—			—
Joint beneficiary agreement liability, net of tax		298			303
Accumulated other comprehensive loss	$	4,953		$	(1,778	)

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

	Three Months Ended September 30,						Nine Months Ended September 30,
(in thousands)	2016			2015			2016			2015
Unrealized holding (losses) gains on available for sale securities before reclassifications	$	(2,058	)	$	3,997		$	11,240		$	(740	)
Amounts reclassified out of accumulated other comprehensive income		—			—			—			—
Unrealized holding gains (losses) on available for sale securities after reclassifications		(2,058	)		3,997			11,240			(740	)
Tax effect		865			(1,681	)		(4,726	)		311
Unrealized holding gains (losses) on available for sale securities, net of tax		(1,193	)		2,316		$	6,514		$	(429	)
Change in unfunded status of the supplemental retirement plans before reclassifications		—			—			—			—
Amounts reclassified out of accumulated other comprehensive income:
Amortization of prior service cost		(10	)		(14	)		(30	)		(42	)
Amortization of actuarial losses		138			206			413			618
Total amounts reclassified out of accumulated other comprehensive income		128			192			383			576
Change in unfunded status of the supplemental retirement plans after reclassifications		128			192			383			576
Tax effect		(54	)		(80	)		(161	)		(242	)
Change in unfunded status of the supplemental retirement plans, net of tax		74			112			222			334
Change in joint beneficiary agreement liability before reclassifications		(1	)		—			(5	)		—
Amounts reclassified out of accumulated other comprehensive income		—			—			—			—
Change in joint beneficiary agreement liability after reclassifications		(1	)		—			(5	)		—
Tax effect		—			—			—			—
Change in joint beneficiary agreement liability, net of tax		(1	)		—			(5	)		—
Total other comprehensive income (loss)	$	(1,120	)	$	2,428		$	6,731		$	(95	)