Annual report pursuant to Section 13 and 15(d)

OTHER COMPREHENSIVE INCOME (LOSS)

v3.3.1.900
OTHER COMPREHENSIVE INCOME (LOSS)
12 Months Ended
Dec. 31, 2015
Equity [Abstract]  
OTHER COMPREHENSIVE INCOME (LOSS)

Note 15

OTHER COMPREHENSIVE INCOME (LOSS)

 

FASB Topic ASC 220, “Comprehensive Income” requires that certain transactions and other economic events that bypass the income statement be displayed as other comprehensive income.  Total comprehensive income is reported in the consolidated statements of comprehensive income and changes in shareowners’ equity.

 

The following table summarizes the tax effects for each component of other comprehensive income (loss):

 

    Before     Tax     Net of  
    Tax     (Expense)     Tax  
(Dollars in Thousands)   Amount     Benefit     Amount  
2015                        
Investment Securities:                        
Change in net unrealized gain/loss on securities available for sale   $ (378 )   $ 145     $ (233 )
Amortization of losses on securities transferred from available for sale to
held to maturity
    76       (31 )     45  
Reclassification adjustment for net gain included in net income     5       (2 )     3  
   Total Investment Securities     (297 )     112       (185 )
Benefit Plans:                        
Reclassification adjustment for amortization of prior service cost     316       (122 )     194  
Reclassification adjustment for amortization of net loss     3,743       (1,444 )     2,299  
Current year actuarial (loss) gain     (4,975 )     1,919       (3,056 )
Total Benefit Plans     (916 )     353       (563 )
                         
Total Other Comprehensive Loss   $ (1,213 )   $ 465     $ (748 )
                         
2014                        
Investment Securities:                        
Change in net unrealized gain/loss on securities available for sale   $ 250     $ (103 )   $ 147  
Amortization of losses on securities transferred from available for sale to
held to maturity
    70       (27 )     43  
Reclassification adjustment for net gain included in net income     1       —       1  
Total Investment Securities     321       (130 )     191  
Benefit Plans:                        
Reclassification adjustment for amortization of prior service cost     473       (182 )     291  
Reclassification adjustment for amortization of net loss     705       (272 )     433  
Current year actuarial (loss) gain     (22,603 )     8,719       (13,884 )
Total Benefit Plans     (21,425 )     8,265       (13,160 )
                         
Total Other Comprehensive Loss   $ (21,104 )   $ 8,135     $ (12,969 )
                         
2013                        
Investment Securities:                        
Change in net unrealized gain/loss on securities available for sale   $ (1,252 )   $ 483     $ (769 )
Unrealized losses on securities transferred from available for sale to
held to maturity
    (523 )     202       (321 )
Amortization of losses on securities transferred from available for sale to
held to maturity
    25       (10 )     15  
Reclassification adjustment for net gain included in net income     3       (1 )     2  
Reclassification adjustment for impairment loss realized in net income     600       (232 )     368  
Total Investment Securities     (1,147 )     442       (705 )
Benefit Plans:                        
Reclassification adjustment for amortization of prior service cost     504       (194 )     310  
Reclassification adjustment for amortization of net loss     4,079       (1,574 )     2,505  
Current year actuarial gain (loss)     30,784       (11,875 )     18,909  
Total Benefit Plans     35,367       (13,643 )     21,724  
                         
Total Other Comprehensive Income   $ 34,220     $ (13,201 )   $ 21,019  

 

Accumulated other comprehensive loss was comprised of the following components:

 

                   
(Dollars in Thousands)   Securities
Available
for Sale
    Retirement
Plans
    Accumulated
Other
Comprehensive
Loss
 
Balance as of January 1, 2015   $ 59     $ (21,568 )   $ (21,509 )
Other comprehensive (loss) during the period     (186 )     (562 )     (748 )
Balance as of December 31, 2015   $ (127 )   $ (22,130 )   $ (22,257 )
                         
Balance as of January 1, 2014   $ (132 )   $ (8,408 )   $ (8,540 )
Other comprehensive income (loss) during the period     191       (13,160 )     (12,969 )
Balance as of December 31, 2014   $ 59     $ (21,568 )   $ (21,509 )
                         
Balance as of January 1, 2013   $ 573     $ (30,132 )   $ (29,559 )
Other comprehensive (loss) income during the period     (705 )     21,724       21,019  
Balance as of December 31, 2013   $ (132 )   $ (8,408 )   $ (8,540 )