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Comprehensive Income (Loss)
 9 Months Ended
Sep. 30, 2014
Comprehensive Income (Loss)  
Comprehensive Income (Loss)

Note 12 – Comprehensive Income (Loss)

 

Comprehensive income is defined as the change in equity during a period for non-owner transactions and is divided into net income and other comprehensive income.  Other comprehensive income includes revenues, expenses, gains, and losses that are excluded from earnings under current accounting standards.  The components of accumulated other comprehensive income (loss) for the Company are as follows:

 

 

($ in thousands)

   September 30, 
2014		     December 31, 
2013		     September 30, 
2013		  

Unrealized gain (loss) on securities available for sale

   $ (1,803 )     (2,021 )     (2,018 )

Deferred tax asset (liability)

     704       789       787  

Net unrealized gain (loss) on securities available for sale

     (1,099 )     (1,232 )     (1,231 )
                         

Additional pension asset (liability)

     4,969       5,135       (3,545 )

     Deferred tax asset (liability)

     (1,938 )     (2,003 )     1,383  

Net additional pension asset (liability)

     3,031       3,132       (2,162 )
                         

Total accumulated other comprehensive income (loss)

   $ 1,932       1,900       (3,393 )

 

The following table discloses the changes in accumulated other comprehensive income (loss) for the nine months ended September 30, 2014 (all amounts are net of tax).

 

($ in thousands)   Unrealized Gain
(Loss) on
Securities
Available for Sale		   Additional
Pension Asset
(Liability)		   Total        

Beginning balance at January 1, 2014

   $ (1,232 )   3,132       1,900  

Other comprehensive income (loss) before reclassifications

     613    

−

       613  

Amounts reclassified from accumulated other comprehensive income

     (480 )   (101       (581 )

Net current-period other comprehensive income (loss)

     133     (101       32  
                       

Ending balance at September 30, 2014

   $ (1,099 )   3,031       1,932  

 

The following table discloses the changes in accumulated other comprehensive income (loss) for the nine months ended September 30, 2013 (all amounts are net of tax).

 

($ in thousands)

   Unrealized Gain
(Loss) on
Securities
Available for Sale		     Additional
Pension Asset
(Liability)		     Total  

Beginning balance at January 1, 2013

   $ 2,007       (2,183 )     (176 )

Other comprehensive income (loss) before reclassifications

     (2,896 )    

−

       (2,896 )

Amounts reclassified from accumulated other comprehensive income

     (342 )     21       (321 )

Net current-period other comprehensive income (loss)

     (3,238 )     21       (3,217 )
                         

Ending balance at September 30, 2013

   $ (1,231 )     (2,162 )     (3,393 )