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,
	2017			2016			2015
	(in thousands)
Unrealized holding losses on available for sale securities before reclassifications	$	6,422		$	(11,015	)	$	(1,895	)
Amounts reclassified out of accumulated other comprehensive income		(961	)		—			—

Unrealized holding losses on available for sale securities after reclassifications		5,461			(11,015	)		(1,895	)
Tax effect		(2,296	)		4,631			797

Unrealized holding losses on available for sale securities, net of tax		3,165			(6,384	)		(1,098	)

Change in unfunded status of the supplemental retirement plans before reclassifications		(1,016	)		511			1,384
Amounts reclassified out of accumulated other comprehensive income:
Amortization of prior service cost		(12	)		(40	)		(57	)
Amortization of actuarial losses		390			550			823

Total amounts reclassified out of accumulated other comprehensive income		378			510			766

Change in unfunded status of the supplemental retirement plans after reclassifications		(638	)		1,021			2,150
Tax effect		268			(429	)		(904	)

Change in unfunded status of the supplemental retirement plans, net of tax		(370	)		592			1,246

Change in joint beneficiary agreement liability before reclassifications		(110	)		(343	)		277
Amounts reclassified out of accumulated other comprehensive income		—			—			—

Change in joint beneficiary agreement liability after reclassifications		(110	)		(343	)		277
Tax effect		—			—			—

Change in joint beneficiary agreement liability, net of tax		(110	)		(343	)		277

Total other comprehensive income (loss)	$	2,685		$	(6,135	)	$	425

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


	December 31,
	2017			2016
	(in thousands)
Net unrealized gains on available for sale securities	$	(3,409	)	$	(8,870	)
Tax effect		1,008			3,729

Unrealized holding gains on available for sale securities, net of tax		(2,401	)		(5,141	)

Unfunded status of the supplemental retirement plans		(5,352	)		(4,714	)
Tax effect		2,250			1,982

Unfunded status of the supplemental retirement plans, net of tax		(3,102	)		(2,732	)

Joint beneficiary agreement liability		(150	)		(40	)
Tax effect		—			—

Joint beneficiary agreement liability, net of tax		(150	)		(40	)

Accumulated other comprehensive loss	$	(5,228	)	$	(7,913	)