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Comprehensive Income
12 Months Ended
Dec. 31, 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 other comprehensive income and related tax effects are as follows:

 

    Years Ended December 31,  
    2016     2015     2014  
          (in thousands)        

Unrealized holding losses on available for sale securities before reclassifications

  $ (11,015   $ (1,895   $ (162

Amounts reclassified out of accumulated other comprehensive income

    —         —         —    
 

 

 

   

 

 

   

 

 

 

Unrealized holding losses on available for sale securities after reclassifications

    (11,015     (1,895     (162

Tax effect

    4,631       797       68  
 

 

 

   

 

 

   

 

 

 

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

    (6,384     (1,098     (94
 

 

 

   

 

 

   

 

 

 

Change in unfunded status of the supplemental retirement plans before reclassifications

    511       1,384       (7,253

Amounts reclassified out of accumulated other comprehensive income:

     

Amortization of prior service cost

    (40     (57     138  

Amortization of actuarial losses

    550       823       17  
 

 

 

   

 

 

   

 

 

 

Total amounts reclassified out of accumulated other comprehensive income

    510       766       155  
 

 

 

   

 

 

   

 

 

 

Change in unfunded status of the supplemental retirement plans after reclassifications

    1,021       2,150       (7,098

Tax effect

    (429     (904     2,984  
 

 

 

   

 

 

   

 

 

 

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

    592       1,246       (4,114
 

 

 

   

 

 

   

 

 

 

Change in joint beneficiary agreement liability before reclassifications

    (343     277       148  

Amounts reclassified out of accumulated other comprehensive income

    —         —         —    
 

 

 

   

 

 

   

 

 

 

Change in joint beneficiary agreement liability after reclassifications

    (343     277       148  

Tax effect

    —         —         —    
 

 

 

   

 

 

   

 

 

 

Change in joint beneficiary agreement liability, net of tax

    (343     277       148  
 

 

 

   

 

 

   

 

 

 

Total other comprehensive income (loss)

  $ (6,135   $ 425     $ (4,060
 

 

 

   

 

 

   

 

 

 

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

 

     December 31,  
     2016      2015  
     (in thousands)  

Net unrealized gains on available for sale securities

   $ (8,870    $ 2,145  

Tax effect

     3,729        (902
  

 

 

    

 

 

 

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

     (5,141      1,243  
  

 

 

    

 

 

 

Unfunded status of the supplemental retirement plans

     (4,714      (5,735

Tax effect

     1,982        2,411  
  

 

 

    

 

 

 

Unfunded status of the supplemental retirement plans, net of tax

     (2,732      (3,324
  

 

 

    

 

 

 

Joint beneficiary agreement liability

     (40      303  

Tax effect

     —          —    
  

 

 

    

 

 

 

Joint beneficiary agreement liability, net of tax

     (40      303  
  

 

 

    

 

 

 

Accumulated other comprehensive loss

   $ (7,913    $ (1,778