| Accumulated Other Comprehensive Loss |
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1.
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Accumulated Other Comprehensive Loss (“AOCL”) |
The following table presents the changes in each component of accumulated other comprehensive loss for the years ended December 31, 2013 and 2012:
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Investment
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Investment
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securities-
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securities-
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Cash Flow
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Pension
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(in thousands)
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with OTTI
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all other
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Hedge
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Plan
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SERP
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Total
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Accumulated OCL, net:
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Balance - January 1, 2012
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$
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(10,572)
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$
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(2,633)
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$
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(616)
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$
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(6,945)
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$
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(196)
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$
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(20,962)
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Net gain/(loss) during period
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536
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(333)
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109
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(1,317)
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144
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(861)
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Balance - December 31, 2012
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$
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(10,036)
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$
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(2,966)
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$
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(507)
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$
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(8,262)
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$
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(52)
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$
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(21,823)
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Other comprehensive income/(loss) before reclassifications
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2,735
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(8,279)
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233
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2,871
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102
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(2,338)
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Amounts reclassified from accumulated other comprehensive loss
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(322)
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(47)
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0
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303
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14
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(52)
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Balance - December 31,2013
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$
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(7,623)
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$
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(11,292)
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$
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(274)
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$
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(5,088)
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$
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64
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$
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(24,213)
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The following tables present the components of comprehensive income for the years ended December 31, 2013 and 2012:
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Components of Other Comprehensive loss (in thousands)
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Before Tax Amount
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Tax (Expense) Benefit
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Net
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For the year ended December 31, 2013
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Available for sale (AFS) securities with OTTI:
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Unrealized holding gains
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$
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4,626
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$
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(1,891)
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$
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2,735
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Less: accretable yield recognized in income
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537
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(215)
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322
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Net unrealized gains on investments with OTTI
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4,089
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(1,676)
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2,413
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Available for sale securities – all other:
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Unrealized holding losses
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(13,879)
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5,600
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(8,279)
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Less: gains recognized in income
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78
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(31)
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47
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Net unrealized losses on all other AFS securities
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(13,957)
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5,631
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(8,326)
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Cash flow hedges:
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Unrealized holding gains
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392
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(159)
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233
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Pension Plan:
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Unrealized net actuarial gain
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4,790
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(1,919)
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2,871
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Less: amortization of unrecognized loss
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(532)
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213
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(319)
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Less: amortization of transition asset
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39
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(16)
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23
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Less: amortization of prior service costs
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(12)
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5
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(7)
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Net pension plan liability adjustment
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5,295
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(2,121)
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3,174
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SERP:
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Unrealized net actuarial gain
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170
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(68)
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102
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Less: amortization of unrecognized loss
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(3)
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1
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(2)
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Less: amortization of prior service costs
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(20)
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8
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(12)
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Net SERP liability adjustment
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193
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(77)
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116
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Other comprehensive loss
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$
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(3,988)
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$
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1,598
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$
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(2,390)
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Components of Other Comprehensive Income (in thousands)
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Before Tax Amount
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Tax (Expense) Benefit
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Net
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For the year ended December 31, 2012
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Available for sale (AFS) securities with OTTI:
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Unrealized holding gains
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$
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1,315
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$
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(501)
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$
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814
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Less: accretable yield recognized in income
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465
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(187)
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278
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Net unrealized gains on investments with OTTI
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850
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(314)
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536
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Available for sale securities – all other:
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Unrealized holding gains
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999
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(408)
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591
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Less: gains recognized in income
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1,545
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(621)
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924
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Net unrealized losses on all other AFS securities
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(546)
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213
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(333)
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Cash flow hedges:
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Unrealized holding gains
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185
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(76)
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109
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Pension Plan:
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Unrealized net actuarial loss
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(2,547)
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1,019
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(1,528)
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Less: amortization of unrecognized loss
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(379)
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152
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(227)
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Less: amortization of transition asset
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39
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(16)
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23
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Less: amortization of prior service costs
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(12)
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5
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(7)
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Net pension plan liability adjustment
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(2,195)
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878
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(1,317)
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SERP:
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Unrealized net actuarial gain
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102
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(41)
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61
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Less: amortization of unrecognized loss
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(15)
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6
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(9)
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Less: amortization of prior service costs
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(123)
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49
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(74)
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Net SERP liability adjustment
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240
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(96)
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144
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Other comprehensive income
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$
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(1,466)
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$
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605
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$
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(861)
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The following table presents the details of accumulated other comprehensive income components for the years ended December 31, 2013:
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Amount Reclassified from Accumulated Other Comprehensive Income
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Details of Accumulated Other Comprehensive Income Components (in thousands)
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For the year ended December 31, 2013
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Affected Line Item in the Statement Where Net Income is Presented
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Unrealized gains and losses on investment securities with OTTI:
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Accretable Yield
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$
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537
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Interest income on taxable investment securities
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Taxes
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(215)
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Tax expense
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$
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322
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Net of tax
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Unrealized gains and losses on available for sale investment securities - all others:
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Gains on sales
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$
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78
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Net gains - other
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Taxes
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(31)
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Tax expense
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$
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47
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Net of tax
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Net pension plan liability adjustment:
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Amortization of unrecognized loss
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(532)
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Salaries and employee benefits
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Amortization of transition asset
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39
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Salaries and employee benefits
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Amortization of prior service costs
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(12)
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Salaries and employee benefits
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Taxes
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202
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Tax benefit
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$
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(303)
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Net of tax
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Net SERP liability adjustment:
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Amortization of unrecognized loss
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(3)
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Salaries and employee benefits
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Amortization of prior service costs
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(20)
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Salaries and employee benefits
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Taxes
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9
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Tax benefit
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$
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(14)
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Net of tax
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Total reclassifications for the period
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$
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52
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Net of tax
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