| Other Comprehensive Income (Loss) |
Other Comprehensive Income (Loss)
The following tables present reclassifications out of the accumulated other comprehensive income (loss) for the three and six month periods ended June 30, 2017 and 2016.
| | | | | | | | | | | | | | Three Months Ended June 30, 2017 | (in thousands) | Before-Tax
Amount | | Tax (Expense)
Benefit | | Net of Tax | Available-for-sale securities: | |
| | |
| | |
| Change in net unrealized gain/loss during the period | $ | 3,051 |
| | $ | (1,220 | ) | | $ | 1,831 |
| Reclassification adjustment for net realized gain on sale of available-for-sale securities included in net income | 0 |
| | 0 |
| | 0 |
| Net unrealized gains | 3,051 |
| | (1,220 | ) | | 1,831 |
| | | | | | | Employee benefit plans: | |
| | |
| | |
| Amortization of net retirement plan actuarial gain | 397 |
| | (159 | ) | | 238 |
| Amortization of net retirement plan prior service cost | (15 | ) | | 6 |
| | (9 | ) | Employee benefit plans | 382 |
| | (153 | ) | | 229 |
| Other comprehensive income | $ | 3,433 |
| | $ | (1,373 | ) | | $ | 2,060 |
|
| | | | | | | | | | | | | | Three Months Ended June 30, 2016 | (in thousands) | Before-Tax
Amount | | Tax (Expense)
Benefit | | Net of Tax | Available-for-sale securities: | |
| | |
| | |
| Change in net unrealized gain/loss during the period | $ | 8,362 |
| | $ | (3,344 | ) | | $ | 5,018 |
| Reclassification adjustment for net realized gain on sale of available-for-sale securities included in net income | (240 | ) | | 96 |
| | (144 | ) | Net unrealized gains | 8,122 |
| | (3,248 | ) | | 4,874 |
| | | | | | | Employee benefit plans: | |
| | |
| | |
| Amortization of net retirement plan actuarial gain | 326 |
| | (131 | ) | | 195 |
| Amortization of net retirement plan prior service cost | 8 |
| | (3 | ) | | 5 |
| Employee benefit plans | 334 |
| | (134 | ) | | 200 |
| Other comprehensive income | $ | 8,456 |
| | $ | (3,382 | ) | | $ | 5,074 |
|
| | | | | | | | | | | | | | Six Months Ended June 30, 2017 | (in thousands) | Before-Tax
Amount | | Tax (Expense)
Benefit | | Net of Tax | Available-for-sale securities: | |
| | |
| | |
| Change in net unrealized gain/loss during the period | $ | 5,044 |
| | $ | (2,016 | ) | | $ | 3,028 |
| Reclassification adjustment for net realized gain on sale of available-for-sale securities included in net income | 0 |
| | 0 |
| | 0 |
| Net unrealized gains | 5,044 |
| | (2,016 | ) | | 3,028 |
| | | | | | | Employee benefit plans: | |
| | |
| | |
| Amortization of net retirement plan actuarial gain | 754 |
| | (302 | ) | | 452 |
| Amortization of net retirement plan prior service cost | 8 |
| | (3 | ) | | 5 |
| Employee benefit plans | 762 |
| | (305 | ) | | 457 |
| Other comprehensive income | $ | 5,806 |
| | $ | (2,321 | ) | | $ | 3,485 |
|
| | | | | | | | | | | | | | Six Months Ended June 30, 2016 | (in thousands) | Before-Tax
Amount | | Tax (Expense)
Benefit | | Net of Tax | Available-for-sale securities: | |
| | |
| | |
| Change in net unrealized gain/loss during the period | $ | 29,317 |
| | $ | (11,724 | ) | | $ | 17,593 |
| Reclassification adjustment for net realized gain on sale of available-for-sale securities included in net income | (472 | ) | | 189 |
| | (283 | ) | Net unrealized gains | 28,845 |
| | (11,535 | ) | | 17,310 |
| | | | | | | Employee benefit plans: | |
| | |
| | |
| Amortization of net retirement plan actuarial gain | 669 |
| | (268 | ) | | 401 |
| Amortization of net retirement plan prior service credit | 38 |
| | (15 | ) | | 23 |
| Employee benefit plans | 707 |
| | (283 | ) | | 424 |
| | | | | | | Other comprehensive income | $ | 29,552 |
| | $ | (11,818 | ) | | $ | 17,734 |
|
The following table presents the activity in our accumulated other comprehensive income (loss) for the periods indicated: | | | | | | | | | | | | | (in thousands) | Available-for-
Sale Securities | | Employee
Benefit Plans | | Accumulated
Other
Comprehensive
(Loss) Income | Balance at March 31, 2017 | $ | (6,718 | ) | | $ | (28,966 | ) | | $ | (35,684 | ) | Other comprehensive income before reclassifications | 1,831 |
| | 0 |
| | 1,831 |
| Amounts reclassified from accumulated other comprehensive (loss) income | 0 |
| | 229 |
| | 229 |
| Net current-period other comprehensive income | 1,831 |
| | 229 |
| | 2,060 |
| Balance at June 30, 2017 | $ | (4,887 | ) | | $ | (28,737 | ) | | $ | (33,624 | ) | | | | | | | Balance at January 1, 2017 | $ | (7,915 | ) | | $ | (29,194 | ) | | $ | (37,109 | ) | Other comprehensive income before reclassifications | 3,028 |
| | 0 |
| | 3,028 |
| Amounts reclassified from accumulated other comprehensive (loss) income | 0 |
| | 457 |
| | 457 |
| Net current-period other comprehensive income | 3,028 |
| | 457 |
| | 3,485 |
| Balance at June 30, 2017 | $ | (4,887 | ) | | $ | (28,737 | ) | | $ | (33,624 | ) |
| | | | | | | | | | | | | (in thousands) | Available-for-
Sale Securities | | Employee
Benefit Plans | | Accumulated
Other
Comprehensive
(Loss) Income | Balance at March 31, 2016 | $ | 9,692 |
| | $ | (28,033 | ) | | $ | (18,341 | ) | Other comprehensive income before reclassifications | 5,018 |
| | 0 |
| | 5,018 |
| Amounts reclassified from accumulated other comprehensive (loss) income | (144 | ) | | 200 |
| | 56 |
| Net current-period other comprehensive income | 4,874 |
| | 200 |
| | 5,074 |
| Balance at June 30, 2016 | $ | 14,566 |
| | $ | (27,833 | ) | | $ | (13,267 | ) | | | | | | | Balance at January 1, 2016 | $ | (2,744 | ) | | $ | (28,257 | ) | | $ | (31,001 | ) | Other comprehensive income before reclassifications | 17,593 |
| | 0 |
| | 17,593 |
| Amounts reclassified from accumulated other comprehensive (loss) income | (283 | ) | | 424 |
| | 141 |
| Net current-period other comprehensive income | 17,310 |
| | 424 |
| | 17,734 |
| Balance at June 30, 2016 | $ | 14,566 |
| | $ | (27,833 | ) | | $ | (13,267 | ) |
The following tables present the amounts reclassified out of each component of accumulated other comprehensive (loss) income for the three and six months ended June 30, 2017 and 2016. | | | | | | | Three months ended June 30, 2017 | | | | Details about Accumulated other Comprehensive Income
Components (in thousands) | Amount
Reclassified from
Accumulated
Other
Comprehensive
(Loss) 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 | $ | 0 |
| | Net gain on securities transactions | | 0 |
| | Tax expense | | 0 |
| | Net of tax | Employee benefit plans: | |
| | | Amortization of the following 2 | |
| | | Net retirement plan actuarial gain | (397 | ) | | Pension and other employee benefits | Net retirement plan prior service cost | 15 |
| | Pension and other employee benefits | | (382 | ) | | Total before tax | | 153 |
| | Tax benefit | | (229 | ) | | Net of tax |
| | | | | | | Six Months Ended June 30, 2017 | | | | 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 | $ | 0 |
| | Net gain on securities transactions | | 0 |
| | Tax expense | | 0 |
| | Net of tax | Employee benefit plans: | | | | Amortization of the following 2 | | | | Net retirement plan actuarial loss | (754 | ) | | Pension and other employee benefits | Net retirement plan prior service credit | (8 | ) | | Pension and other employee benefits | | (762 | ) | | Total before tax | | 305 |
| | Tax benefit | | (457 | ) | | Net of tax |
| | | | | | | Three Months Ended June 30, 2016 | | | | Details about Accumulated other Comprehensive Income Components (in thousands) | Amount
Reclassified from
Accumulated
Other
Comprehensive
(Loss) 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 | $ | 240 |
| | Net gain on securities transactions | | (96 | ) | | Tax expense | | 144 |
| | Net of tax | Employee benefit plans: | | | | Amortization of the following 2 | | | | Net retirement plan actuarial gain | (326 | ) | | Pension and other employee benefits | Net retirement plan prior service credit | (8 | ) | | Pension and other employee benefits | | (334 | ) | | Total before tax | | 134 |
| | Tax benefit | | (200 | ) | | Net of tax |
| | | | | | | Six Months Ended June 30, 2016 | | | | Details about Accumulated other Comprehensive Income Components (in thousands) | Amount
Reclassified from
Accumulated
Other
Comprehensive
(Loss) 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 | $ | 472 |
| | Net gain on securities transactions | | (189 | ) | | Tax expense | | 283 |
| | Net of tax | Employee benefit plans: | | | | Amortization of the following 2 | | | | Net retirement plan actuarial loss | (669 | ) | | Pension and other employee benefits | Net retirement plan prior service cost | (38 | ) | | Pension and other employee benefits | | (707 | ) | | Total before tax | | 283 |
| | Tax benefit | | (424 | ) | | Net of tax |
1 Amounts in parentheses indicated debits in income statement. 2 The accumulated other comprehensive (loss) income components are included in the computation of net periodic benefit cost (See Note 10 - “Employee Benefit Plan”). |