| Accumulated Other Comprehensive Loss |
Note 9 – Accumulated Other Comprehensive Loss
The following table presents the changes in each component of accumulated other comprehensive loss for the 12 months ended December 31, 2012 and the three months ended March 31, 2013:
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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 before reclassifications
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1,070
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(116)
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60
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639
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0
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1,653
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Amounts reclassified from accumulated other comprehensive income
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(75)
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(149)
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0
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76
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4
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(144)
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Balance – March 31, 2013
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$
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(9,041)
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$
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(3,231)
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$
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(447)
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$
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(7,547)
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$
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(48)
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$
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(20,314)
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The following table presents the components of comprehensive income for the periods ending March 31, 2013 and 2012:
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Components of 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 period ended March 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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1,788
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$
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(718)
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$
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1,070
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Less: accretable yield recognized in income
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125
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(50)
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75
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Net unrealized gains on investments with OTTI
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1,663
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(668)
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995
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Available for sale securities – all other:
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Unrealized holding losses
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(195)
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79
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(116)
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Less: gains recognized in income
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250
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(101)
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149
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Net unrealized losses on all other AFS securities
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(445)
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180
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(265)
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Cash flow hedges:
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Unrealized holding gains
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101
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(41)
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60
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Pension Plan:
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Unrealized net actuarial gain
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1,069
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(430)
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639
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Less: amortization of unrecognized loss
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(133)
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53
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(80)
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Less: amortization of transition asset
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10
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(4)
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6
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Less: amortization of prior service costs
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(3)
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1
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(2)
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Net pension plan liability adjustment
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1,195
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(480)
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715
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SERP:
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Unrealized net actuarial loss
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0
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0
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0
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Less: amortization of unrecognized loss
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(1)
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0
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(1)
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Less: amortization of prior service costs
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(5)
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2
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(3)
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Net SERP liability adjustment
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6
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(2)
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4
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Other comprehensive income
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$
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2,520
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$
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(1,011)
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$
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1,509
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For the period ended March 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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440
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$
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(177)
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$
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263
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Less: accretable yield recognized in income
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112
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(45)
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67
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Net unrealized gains on investments with OTTI
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328
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(132)
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196
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Available for sale securities – all other:
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Unrealized holding gains
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393
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(158)
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235
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Less: gains recognized in income
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599
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(242)
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357
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Net unrealized losses on all other AFS securities
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(206)
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84
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(122)
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Cash flow hedges:
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Unrealized holding gains
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46
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(19)
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27
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Other comprehensive income
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$
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168
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$
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(67)
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$
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101
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The following table presents the details of accumulated other comprehensive income components for the period ending March 31, 2013:
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Details of Accumulated Other Comprehensive Income Components (in thousands)
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Amount Reclassified from Accumulated Other Comprehensive Income
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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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125
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Interest income on taxable investment securities
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Taxes
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(50)
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Tax expense
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$
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75
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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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250
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Net gains - other
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Taxes
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(101)
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Tax expense
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$
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149
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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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(133)
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Salaries and employee benefits
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Amortization of transition asset
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10
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Salaries and employee benefits
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Amortization of prior service costs
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(3)
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Salaries and employee benefits
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Taxes
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50
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Tax benefit
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$
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(76)
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Net SERP liability adjustment:
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Amortization of unrecognized loss
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(1)
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Salaries and employee benefits
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Amortization of prior service costs
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(5)
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Salaries and employee benefits
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Taxes
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2
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Tax benefit
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$
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(4)
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Total reclassifications for the period
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$
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144
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Net of tax
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