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 accumulated other comprehensive loss, included in
shareholders’ equity, are as follows:
|
|
|
|
|
|
|
|
|
(in thousands) |
|
June 30,
2018 |
|
|
December 31,
2017 |
|
Net unrealized loss on available for sale securities
|
|
$ |
(24,651 |
) |
|
|
(3,409 |
) |
Tax effect
|
|
|
7,288 |
|
|
|
1,433 |
|
|
|
|
|
|
|
|
|
|
Unrealized holding loss on available for sale securities, net of
tax
|
|
|
(17,363 |
) |
|
|
(1,976 |
) |
|
|
|
|
|
|
|
|
|
Unfunded status of the supplemental retirement plans
|
|
|
(5,124 |
) |
|
|
(5,352 |
) |
Tax effect
|
|
|
1,514 |
|
|
|
2,250 |
|
|
|
|
|
|
|
|
|
|
Unfunded status of the supplemental retirement plans, net of
tax
|
|
|
(3,610 |
) |
|
|
(3,102 |
) |
|
|
|
|
|
|
|
|
|
Joint beneficiary agreement liability
|
|
|
(150 |
) |
|
|
(150 |
) |
Tax effect
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Joint beneficiary agreement liability, net of tax
|
|
|
(150 |
) |
|
|
(150 |
) |
|
|
|
|
|
|
|
|
|
Accumulated other comprehensive loss
|
|
$ |
(21,123 |
) |
|
$ |
(5,228 |
) |
|
|
|
|
|
|
|
|
|
The components of other comprehensive income (loss) and related tax
effects are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended June 30, |
|
|
Six months ended June 30, |
|
(in thousands) |
|
2018 |
|
|
2017 |
|
|
2018 |
|
|
2017 |
|
Unrealized holding gains (losses) on available for sale securities
before reclassifications
|
|
$ |
(5,676 |
) |
|
$ |
4,911 |
|
|
$ |
(20,941 |
) |
|
$ |
5,698 |
|
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
|
|
|
(5,676 |
) |
|
|
4,911 |
|
|
|
(21,304 |
) |
|
|
5,698 |
|
Tax effect
|
|
|
1,678 |
|
|
|
(2,065 |
) |
|
|
6,280 |
|
|
|
(2,395 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized holding gains (losses) on available for sale securities,
net of tax
|
|
|
(3,998 |
) |
|
|
2,846 |
|
|
|
(15,024 |
) |
|
|
3,303 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in unfunded status of the supplemental retirement plans
before reclassifications
|
|
|
— |
|
|
|
— |
|
|
|
668 |
|
|
|
— |
|
Amounts reclassified out of accumulated other comprehensive
income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of prior service cost
|
|
|
(13 |
) |
|
|
(1 |
) |
|
|
(27 |
) |
|
|
(4 |
) |
Amortization of actuarial losses
|
|
|
127 |
|
|
|
96 |
|
|
|
254 |
|
|
|
192 |
|
Adoption ASU 2018-02
|
|
|
— |
|
|
|
— |
|
|
|
(668 |
) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total amounts reclassified out of accumulated other comprehensive
income
|
|
|
114 |
|
|
|
95 |
|
|
|
(441 |
) |
|
|
188 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in unfunded status of the supplemental retirement plans
after reclassifications
|
|
|
114 |
|
|
|
95 |
|
|
|
227 |
|
|
|
188 |
|
Tax effect
|
|
|
(34 |
) |
|
|
(40 |
) |
|
|
(67 |
) |
|
|
(79 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in unfunded status of the supplemental retirement plans, net
of tax
|
|
|
80 |
|
|
|
55 |
|
|
|
160 |
|
|
|
109 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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)
|
|
$ |
(3,918 |
) |
|
$ |
2,901 |
|
|
$ |
(14,864 |
) |
|
$ |
3,412 |
|
|
|
|
|
|
|
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|