| 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 Company elected to early adopt FASB ASU 2018-02, Income Statement – Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income and reclassify to retained earnings the stranded effects in accumulated other comprehensive income related to the Tax Act.
The following table summarizes the tax effects for each component of other comprehensive income (loss) and includes separately the reclassification adjustment for investment securities and benefit plans:
|
|
Before |
|
Tax |
|
Net of |
|
|
Tax |
|
(Expense) |
|
Tax |
| (Dollars in Thousands) |
|
Amount |
|
Benefit |
|
Amount |
| 2017 |
|
|
|
|
|
|
|
|
|
| Investment Securities: |
|
|
|
|
|
|
|
|
|
| Change in net unrealized gain/loss on securities available for sale |
|
$ |
(1,459) |
|
$ |
564 |
|
$ |
(895) |
| Amortization of losses on securities transferred from available for sale to |
|
|
|
|
|
|
|
|
|
| held to maturity |
73 |
|
|
(29) |
|
|
44 |
| Total Investment Securities |
|
|
(1,386) |
|
|
535 |
|
|
(851) |
| Benefit Plans: |
|
|
|
|
|
|
|
|
|
| Reclassification adjustment for amortization of prior service cost |
|
|
223 |
|
|
(86) |
|
|
137 |
| Reclassification adjustment for amortization of net loss |
|
|
4,409 |
|
|
(1,622) |
|
|
2,787 |
| Current year actuarial loss |
|
|
(3,470) |
|
|
1,159 |
|
|
(2,311) |
| Total Benefit Plans |
|
|
1,162 |
|
|
(549) |
|
|
613 |
|
|
|
|
|
|
|
|
|
|
| Total Other Comprehensive Loss |
|
$ |
(224) |
|
$ |
(14) |
|
$ |
(238) |
|
|
|
|
|
|
|
|
|
|
| 2016 |
|
|
|
|
|
|
|
|
|
| Investment Securities: |
|
|
|
|
|
|
|
|
|
| Change in net unrealized gain/loss on securities available for sale |
|
$ |
(828) |
|
$ |
322 |
|
$ |
(506) |
| Amortization of losses on securities transferred from available for sale to |
|
|
|
|
|
|
|
|
|
| held to maturity |
82 |
|
|
(32) |
|
|
50 |
| Total Investment Securities |
|
|
(746) |
|
|
290 |
|
|
(456) |
| Benefit Plans: |
|
|
|
|
|
|
|
|
|
| Reclassification adjustment for amortization of prior service cost |
|
|
278 |
|
|
(107) |
|
|
171 |
| Reclassification adjustment for amortization of net loss |
|
|
3,960 |
|
|
(1,528) |
|
|
2,432 |
| Current year actuarial loss |
|
|
(9,958) |
|
|
3,843 |
|
|
(6,115) |
| Total Benefit Plans |
|
|
(5,720) |
|
|
2,208 |
|
|
(3,512) |
|
|
|
|
|
|
|
|
|
|
| Total Other Comprehensive Loss |
|
$ |
(6,466) |
|
$ |
2,498 |
|
$ |
(3,968) |
|
|
|
|
|
|
|
|
|
|
| 2015 |
|
|
|
|
|
|
|
|
|
| Investment Securities: |
|
|
|
|
|
|
|
|
|
| Change in net unrealized gain/loss on securities available for sale |
|
$ |
(373) |
|
$ |
143 |
|
$ |
(230) |
| Amortization of losses on securities transferred from available for sale to |
|
|
|
|
|
|
|
|
|
| held to maturity |
76 |
|
|
(31) |
|
|
45 |
| 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 |
|
|
(4,975) |
|
|
1,919 |
|
|
(3,056) |
| Total Benefit Plans |
|
|
(916) |
|
|
353 |
|
|
(563) |
|
|
|
|
|
|
|
|
|
|
| Total Other Comprehensive Loss |
|
$ |
(1,213) |
|
$ |
465 |
|
$ |
(748) |
| Accumulated other comprehensive loss was comprised of the following components: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated |
|
|
Securities |
|
|
|
|
Other |
|
|
Available |
|
Retirement |
|
Comprehensive |
| (Dollars in Thousands) |
|
for Sale |
|
Plans |
|
Loss |
| Balance as of January 1, 2017 |
|
$ |
(583) |
|
$ |
(25,642) |
|
$ |
(26,225) |
| Other comprehensive loss during the period |
|
|
(851) |
|
|
613 |
|
|
(238) |
| Adoption of ASU No. 2018-02 |
|
|
(309) |
|
|
(5,272) |
|
|
(5,581) |
| Balance as of December 31, 2017 |
|
$ |
(1,743) |
|
$ |
(30,301) |
|
$ |
(32,044) |
|
|
|
|
|
|
|
|
|
|
| Balance as of January 1, 2016 |
|
$ |
(127) |
|
$ |
(22,130) |
|
$ |
(22,257) |
| Other comprehensive loss during the period |
|
|
(456) |
|
|
(3,512) |
|
|
(3,968) |
| Balance as of December 31, 2016 |
|
$ |
(583) |
|
$ |
(25,642) |
|
$ |
(26,225) |
|
|
|
|
|
|
|
|
|
|
| Balance as of January 1, 2015 |
|
$ |
59 |
|
$ |
(21,568) |
|
$ |
(21,509) |
| Other comprehensive income (loss) during the period |
|
|
(186) |
|
|
(562) |
|
|
(748) |
| Balance as of December 31, 2015 |
|
$ |
(127) |
|
$ |
(22,130) |
|
$ |
(22,257) |
|