| Other Comprehensive Income |
Note
17 Other Comprehensive Income
The
tax effect allocated to each component of other comprehensive income (loss) were as follows:
| December
31, 2013 (in thousands) |
|
Before-Tax
Amount |
|
|
Tax
(Expense) Benefit |
|
|
Net
of Tax |
|
| Available-for-sale
securities: |
|
|
|
|
|
|
|
|
|
|
|
|
| Change
in net unrealized loss during the period |
|
$ |
(57,250 |
) |
|
$ |
22,896 |
|
|
$ |
(34,354 |
) |
| Reclassification
adjustment for net realized gain on sale included in available-for-sale securities |
|
|
(599 |
) |
|
|
240 |
|
|
|
(359 |
) |
| Net
unrealized losses |
|
|
(57,849 |
) |
|
|
23,136 |
|
|
|
(34,713 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Employee
benefit plans: |
|
|
|
|
|
|
|
|
|
|
|
|
| Net
retirement plan gain |
|
|
16,813 |
|
|
|
(6,725 |
) |
|
|
10,088 |
|
| Amortization
of net retirement plan actuarial gain |
|
|
2,579 |
|
|
|
(1,032 |
) |
|
|
1,547 |
|
| Amortization
of net retirement plan prior service cost |
|
|
59 |
|
|
|
(24 |
) |
|
|
35 |
|
| Amortization
of net retirement plan transition liability |
|
|
50 |
|
|
|
(20 |
) |
|
|
30 |
|
| Employee
benefit plans |
|
|
19,501 |
|
|
|
(7,801 |
) |
|
|
11,700 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Other
comprehensive loss |
|
$ |
(38,348 |
) |
|
$ |
15,335 |
|
|
$ |
(23,013 |
) |
| December
31, 2012 (in thousands) |
|
Before-Tax
Amount |
|
|
Tax
(Expense) Benefit |
|
|
Net
of Tax |
|
| Available-for-sale
securities: |
|
|
|
|
|
|
|
|
|
| Change
in net unrealized gain during the period |
|
$ |
5,359 |
|
|
$ |
(2,145 |
) |
|
$ |
3,214 |
|
| Reclassification
adjustment for net realized gain on sale included in available-for-sale securities |
|
|
(324 |
) |
|
|
130 |
|
|
|
(194 |
) |
| Reclassification
adjustment for credit impairment on available-for-sale securities |
|
|
196 |
|
|
|
(78 |
) |
|
|
118 |
|
| Net
unrealized gains |
|
|
5,231 |
|
|
|
(2,093 |
) |
|
|
3,138 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Employee
benefit plans: |
|
|
|
|
|
|
|
|
|
|
|
|
| Net
retirement plan loss |
|
|
(5,061 |
) |
|
|
2,024 |
|
|
|
(3,037 |
) |
| Amortization
of net retirement plan actuarial gain |
|
|
2,324 |
|
|
|
(929 |
) |
|
|
1,395 |
|
| Amortization
of net retirement plan prior service cost |
|
|
59 |
|
|
|
(24 |
) |
|
|
35 |
|
| Amortization
of net retirement plan transition liability |
|
|
67 |
|
|
|
(27 |
) |
|
|
40 |
|
| Employee
benefit plans |
|
|
(2,611 |
) |
|
|
1,044 |
|
|
|
(1,567 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Other
comprehensive income |
|
$ |
2,620 |
|
|
$ |
(1,049 |
) |
|
$ |
1,571 |
|
| December
31, 2011 (in thousands) |
|
Before-Tax
Amount |
|
|
Tax
(Expense) Benefit |
|
|
Net
of Tax |
|
| Available-for-sale
securities: |
|
|
|
|
|
|
|
|
|
|
|
|
| Change
in net unrealized gain/loss during the period |
|
$ |
16,560 |
|
|
$ |
(6,623 |
) |
|
$ |
9,937 |
|
| Reclassification
adjustment for net realized gain on sale included in available-for-sale securities |
|
|
(396 |
) |
|
|
158 |
|
|
|
(238 |
) |
| Reclassification
adjustment for credit impairment on available-for-sale securities |
|
|
65 |
|
|
|
(26 |
) |
|
|
39 |
|
| Net
unrealized gains |
|
|
16,229 |
|
|
|
(6,491 |
) |
|
|
9,738 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Employee
benefit plans: |
|
|
|
|
|
|
|
|
|
|
|
|
| Net
retirement plan loss |
|
|
(20,993 |
) |
|
|
8,398 |
|
|
|
(12,595 |
) |
| Net
retirement plan prior service credit |
|
|
(793 |
) |
|
|
317 |
|
|
|
(476 |
) |
| Amortization
of net retirement plan actuarial gain |
|
|
1,467 |
|
|
|
(587 |
) |
|
|
880 |
|
| Amortization
of net retirement plan prior service credit |
|
|
(6 |
) |
|
|
2 |
|
|
|
(4 |
) |
| Amortization
of net retirement plan transition liability |
|
|
67 |
|
|
|
(27 |
) |
|
|
40 |
|
| Employee
benefit plans |
|
|
(20,258 |
) |
|
|
8,103 |
|
|
|
(12,155 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Other
comprehensive loss |
|
$ |
(4,029 |
) |
|
$ |
1,612 |
|
|
$ |
(2,417 |
) |
The
following table presents the activity in our accumulated other comprehensive income for the periods indicated:
| (in
thousands) |
|
Available-for-Sale
Securities |
|
|
Employee
Benefit Plans |
|
|
Accumulated
Other Comprehensive Income (loss) |
|
| Balance
at January 1, 2011 |
|
$ |
13,480 |
|
|
|
(14,740 |
) |
|
|
(1,260 |
) |
| Other
comprehensive income (loss) |
|
|
9,738 |
|
|
|
(12,155 |
) |
|
|
(2,417 |
) |
| Balance at December
31 2011 |
|
|
23,218 |
|
|
|
(26,895 |
) |
|
|
(3,677 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Balance at January
1, 2012 |
|
|
23,218 |
|
|
|
(26,895 |
) |
|
|
(3,677 |
) |
| Other
comprehensive income (loss) |
|
|
3,138 |
|
|
|
(1,567 |
) |
|
|
1,571 |
|
| Balance at December
31, 2012 |
|
|
26,356 |
|
|
$ |
(28,462 |
) |
|
$ |
(2,106 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Balance at January
1, 2013 |
|
|
26,356 |
|
|
|
(28,462 |
) |
|
|
(2,106 |
) |
| Other
comprehensive income (loss) |
|
|
(34,713 |
) |
|
|
11,700 |
|
|
|
(23,013 |
) |
| Balance
at December 31, 2013 |
|
$ |
(8,357 |
) |
|
$ |
(16,762 |
) |
|
$ |
(25,119 |
) |
December
31, 2013
| Details
about Accumulated other Comprehensive Income Components (in thousands) |
|
|
Amount
Reclassified from Accumulated Other Comprehensive Income1 |
|
|
Affected
Line Item in the Statement Where Net Income is Presented |
| Available-for-sale securities: |
|
|
|
|
|
|
| Unrealized gains and losses
on available-for-sale securities |
|
$ |
599 |
|
|
Net gain on securities transactions |
| |
|
|
(240 |
) |
|
Tax expense |
| |
|
|
359 |
|
|
Net of tax |
| Employee benefit plans: |
|
|
|
|
|
|
| Amortization of the following
2 |
|
|
|
|
|
|
| Net retirement plan
actuarial loss |
|
|
(2,579 |
) |
|
|
| Net retirement plan
prior service cost |
|
|
(59 |
) |
|
|
| Net
retirement plan transition liability |
|
|
(50 |
) |
|
|
| |
|
|
(2,688 |
) |
|
Total before tax |
| |
|
|
1,075 |
|
|
Tax benefit |
| |
|
|
(1,613 |
) |
|
Net of tax |
December
31, 2012
| Details
about Accumulated other Comprehensive Income Components (in thousands) |
|
|
Amount
Reclassified from Accumulated Other Comprehensive Income1 |
|
|
Affected
Line Item in the Statement Where Net Income is Presented |
| Available-for-sale securities: |
|
|
|
|
|
|
| Unrealized gains and losses on available-for-sale
securities |
|
$ |
324 |
|
|
Net gain on securities transactions |
| |
|
|
(130 |
) |
|
Tax expense |
| |
|
|
194 |
|
|
Net of tax |
| Employee benefit plans: |
|
|
|
|
|
|
| Amortization of the following
2 |
|
|
|
|
|
|
| Net retirement plan
actuarial loss |
|
|
(2,324 |
) |
|
|
| Net retirement plan
prior service cost |
|
|
(59 |
) |
|
|
| Net retirement plan
transition liability |
|
|
(67 |
) |
|
|
| |
|
|
(2,450 |
) |
|
Total before tax |
| |
|
|
980 |
|
|
Tax benefit |
| |
|
|
(1,470 |
) |
|
Net of tax |
1
Amounts in parentheses indicate debits in income statement
2
The accumulated other comprehensive income components are included in the computation of net periodic benefit cost (See
Note 11 - “Employee Benefit Plan”) |