| Comprehensive Income |
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 other comprehensive income. The components of other comprehensive income (loss) and related tax effects are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended September 30, | | | | Nine months ended September 30, | | | | (in thousands) | 2019 | | 2018 | | 2019 | | 2018 | | Unrealized holding gains (losses) on available for sale securities before reclassifications | $ | 5,355 | | | $ | (8,193) | | | $ | 27,618 | | | $ | (29,134) | | | Amounts reclassified out of accumulated other comprehensive income: | | | | | | | | | Realized (gain) loss on debt securities | (107) | | | (207) | | | (107) | | | (207) | | | Adoption ASU 2016-01 | — | | | — | | | — | | | 62 | | | Adoption ASU 2018-02 | — | | | — | | | — | | | (425) | | | Total amounts reclassified out of accumulated other comprehensive income (loss) | (107) | | | (207) | | | (107) | | | (570) | | | Unrealized holding gains (losses) on available for sale securities after reclassifications | 5,248 | | | (8,400) | | | 27,511 | | | (29,704) | | | Tax effect | (1,551) | | | 2,483 | | | (8,133) | | | 8,763 | | | Unrealized holding gains (losses) on available for sale securities, net of tax | 3,697 | | | (5,917) | | | 19,378 | | | (20,941) | | | Change in unfunded status of the supplemental retirement plans before reclassifications | (89) | | | — | | | (266) | | | 668 | | | Amounts reclassified out of accumulated other comprehensive income (loss): | | | | | | | | | Amortization of prior service cost | (13) | | | (13) | | | (40) | | | (40) | | | Amortization of actuarial losses | 102 | | | 128 | | | 306 | | | 382 | | | Adoption ASU 2018-02 | — | | | — | | | — | | | (668) | | | Total amounts reclassified out of accumulated other comprehensive income (loss) | 89 | | | 115 | | | 266 | | | (326) | | | Change in unfunded status of the supplemental retirement plans after reclassifications | — | | | 115 | | | — | | | 342 | | | Tax effect | — | | | (34) | | | — | | | (101) | | | Change in unfunded status of the supplemental retirement plans, net of tax | — | | | 81 | | | — | | | 241 | | | Total other comprehensive income (loss) | $ | 3,697 | | | $ | (5,836) | | | $ | 19,378 | | | $ | (20,700) | |
The components of accumulated other comprehensive income (loss), included in shareholders’ equity, are as follows: | | | | | | | | | | | | | (in thousands) | September 30,
2019 | | December 31,
2018 | | Net unrealized gain (loss) on available for sale securities | $ | 6,537 | | | $ | (20,974) | | | Tax effect | (1,932) | | | 6,201 | | | Unrealized holding gain (loss) on available for sale securities, net of tax | 4,605 | | | (14,773) | | | Unfunded status of the supplemental retirement plans | (4,802) | | | (4,802) | | | Tax effect | 1,420 | | | 1,420 | | | Unfunded status of the supplemental retirement plans, net of tax | (3,382) | | | (3,382) | | | Joint beneficiary agreement liability | 276 | | | 276 | | | Tax effect | — | | | — | | | Joint beneficiary agreement liability, net of tax | 276 | | | 276 | | | Accumulated other comprehensive gain (loss) | $ | 1,499 | | | $ | (17,879) | |
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