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	)