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Comprehensive Income (Loss)

3 Months Ended

Mar. 31, 2021

Equity [Abstract]

Comprehensive Income (Loss)

Comprehensive Income (Loss)

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 identified as accumulated other comprehensive income (AOCI), such items, along with net income, are components of other comprehensive income (loss) (OCI).

The components of other comprehensive income and related tax effects are as follows:

			Three months ended March 31,
(in thousands)			2021						2020
Unrealized holding losses on available for sale securities before reclassifications			$	(12,337)					$	(29,561)
Amounts reclassified out of AOCI:
Realized gain on debt securities			—						—
Unrealized holding losses on available for sale securities after reclassifications			(12,337)						(29,561)
Tax effect			3,647						8,739
Unrealized holding losses on available for sale securities, net of tax			(8,690)						(20,822)
Change in unfunded status of the supplemental retirement plans before reclassifications			(49)						448
Amounts reclassified out of AOCI:
Amortization of prior service cost			(14)						(14)
Amortization of actuarial losses			63						478
Total amounts reclassified out of accumulated other comprehensive income			49						464
Change in unfunded status of the supplemental retirement plans after reclassifications			—						912
Tax effect			—						—
Change in unfunded status of the supplemental retirement plans, net of tax			—						912
Change in joint beneficiary agreement liability before reclassifications			(629)						—
Tax effect			—						—
Change in joint beneficiary agreement liability before reclassifications, net of tax			(629)						—
Total other comprehensive loss			$	(9,319)					$	(19,910)

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

(in thousands)			March 31, 2021						December 31, 2020
Net unrealized gain on available for sale securities			$	6,846					$	19,183
Tax effect			(2,024)						(5,671)
Unrealized holding gain on available for sale securities, net of tax			4,822						13,512
Unfunded status of the supplemental retirement plans			(1,294)						(1,294)
Tax effect			382						382
Unfunded status of the supplemental retirement plans, net of tax			(912)						(912)
Joint beneficiary agreement liability			(949)						(320)
Tax effect			—						—
Joint beneficiary agreement liability, net of tax			(949)						(320)
Accumulated other comprehensive income			$	2,961					$	12,280

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- Definition

The entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-URI http://asc.fasb.org/topic&trid=2134417

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- References

No definition available.

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