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:


	Three months ended March 31,
(in thousands)	2018			2017
Unrealized holding gains (losses) on available for sale securities before reclassifications	$	(15,265	)	$	787
Amounts reclassified out of accumulated other comprehensive income:
Adoption ASU 2016-01		62			—
Adoption ASU 2018-02		(425	)		—

Total amounts reclassified out of accumulated other comprehensive income		(363	)		—

Unrealized holding gains (losses) on available for sale securities after reclassifications		(15,628	)		787
Tax effect		4,602			(330	)

Unrealized holding gains (losses) on available for sale securities, net of tax		(11,026	)		457

Change in unfunded status of the supplemental retirement plans before reclassifications		667			—
Amounts reclassified out of accumulated other comprehensive income:
Amortization of prior service cost		(13	)		(3	)
Amortization of actuarial losses		127			96
Adoption ASU 2018-02		(668	)		—

Total amounts reclassified out of accumulated other comprehensive income		(554	)		93

Change in unfunded status of the supplemental retirement plans after reclassifications		113			93
Tax effect		(33	)		(39	)

Change in unfunded status of the supplemental retirement plans, net of tax		80			54

Change in joint beneficiary agreement liability before reclassifications		—			—
Amounts reclassified out of accumulated other comprehensive income		—			—

Change in joint beneficiary agreement liability after reclassifications		—			—
Tax effect		—			—

Change in joint beneficiary agreement liability, net of tax		—			—

Total other comprehensive income (loss)	$	(10,946	)	$	511

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


	Three months ended March 31,
(in thousands)	2018			2017
Net unrealized loss on available for sale securities	$	(18,975	)	$	(8,083	)
Tax effect		5,610			3,399

Unrealized holding loss on available for sale securities, net of tax		(13,365	)		(4,684	)

Unfunded status of the supplemental retirement plans		(5,238	)		(4,621	)
Tax effect		1,549			1,943

Unfunded status of the supplemental retirement plans, net of tax		(3,689	)		(2,678	)

Joint beneficiary agreement liability		(151	)		(40	)
Tax effect		—			—

Joint beneficiary agreement liability, net of tax		(151	)		(40	)

Accumulated other comprehensive loss	$	(17,205	)	$	(7,402	)