Annual report pursuant to Section 13 and 15(d)

OTHER COMPREHENSIVE INCOME (LOSS)

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OTHER COMPREHENSIVE INCOME (LOSS)
12 Months Ended
Dec. 31, 2013
Equity [Abstract]  
OTHER COMPREHENSIVE INCOME (LOSS)

Note 14

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):

  

 (Dollars in Thousands)   Before
Tax Amount
  Tax
(Expense) Benefit
  Net of
Tax Amount
2013                        
Investment Securities:                        
Change in net unrealized (gain) loss   $ (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     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  
                         
2012                        
Investment Securities:                        
Change in net unrealized (gain) loss   $ (786 )   $ 295     $ (491 )
Total Investment Securities     (786 )     295       (491 )
                         
Benefit Plans:                        
Reclassification adjustment for amortization of prior service cost     548       (211 )     337  
Reclassification adjustment for amortization of net loss     3,021       (1,165 )     1,856  
Current year actuarial loss     (12,587 )     4,855       (7,732 )
Total Benefit Plans     (9,018 )     3,479       (5,539 )
                         
Total Other Comprehensive Loss   $ (9,804 )   $ 3,774     $ (6,030 )
                         
2011                        
Investment Securities:                        
Change in net unrealized (gain) loss   $ 600     $ (203 )   $ 397  
Total Investment Securities     600       (203 )     397  
                         
Benefit Plans:                        
Reclassification adjustment for amortization of prior service cost     643       (248 )     395  
Reclassification adjustment for amortization of net loss     1,810       (698 )     1,112  
Current year actuarial loss     (15,763 )     6,081       (9,682 )
Total Benefit Plans     (13,310 )     5,135       (8,175 )
                         
Total Other Comprehensive Loss   $ (12,710 )   $ 4,932     $ (7,778 )

 

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, 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 )
                         
Balance as of January 1, 2012   $ 1,064     $ (24,593 )   $ (23,529 )
Other comprehensive loss during the period     (491 )     (5,539 )     (6,030 )
Balance as of December 31, 2012   $ 573     $ (30,132 )   $ (29,559 )
                         
Balance as of January 1, 2011   $ 667     $ (16,418 )   $ (15,751 )
Other comprehensive income (loss) during the period     397       (8,175 )     (7,778 )
Balance as of December 31, 2011   $ 1,064     $ (24,593 )   $ (23,529 )