Other Comprehensive Income (Loss)

3 Months Ended

Mar. 31, 2016

Stockholders' Equity Note [Abstract]

Other Comprehensive Income (Loss)

9. Other Comprehensive Income (Loss)

The following table presents reclassifications out of the accumulated other comprehensive income for the three months ended March 31, 2016 and 2015.

	Three months ended March 31, 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	$	20,955		$	(8,380	)	$	12,575
Reclassification adjustment for net realized gain on sale of available-for-sale securities included in net income		(232	)		93			(139	)
Net unrealized gains		20,723			(8,287	)		12,436
Employee benefit plans:
Amortization of net retirement plan actuarial gain		343			(137	)		206
Amortization of net retirement plan prior service cost		30			(12	)		18
Employee benefit plans		373			(149	)		224
Other comprehensive income	$	21,096		$	(8,436	)	$	12,660

	Three months ended March 31, 2015
(in thousands)	Before-Tax Amount			Tax (Expense) Benefit			Net of Tax
Available-for-sale securities:
Change in net unrealized gain/loss during the period	$	9,320		$	(3,728	)	$	5,592
Reclassification adjustment for net realized gain on sale of available-for-sale securities included in net income		(290	)		116			(174	)
Net unrealized gains		9,030			(3,612	)		5,418
Employee benefit plans:
Amortization of net retirement plan actuarial gain		731			(293	)		438
Amortization of net retirement plan prior service (credit) cost		(179	)		72			(107	)
Employee benefit plans		552			(221	)		331
Other comprehensive income	$	9,582		$	(3,833	)	$	5,749

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 Income (Loss)
Balance at January 1, 2016	$	(2,744	)	$	(28,257	)	$	(31,001	)
Other comprehensive income before reclassifications		12,575			0			12,575
Amounts reclassified from accumulated other comprehensive loss		(139	)		224			85
Net current-period other comprehensive income (loss)		12,436			224			12,660
Balance at March 31, 2016	$	9,692		$	(28,033	)	$	(18,341	)
Balance at January 1, 2015	$	2,867		$	(26,878	)	$	(24,011	)
Other comprehensive loss before reclassifications		5,592			0			5,592
Amounts reclassified from accumulated other comprehensive loss		(174	)		331			157
Net current-period other comprehensive income (loss)		5,418			331			5,749
Balance at March 31, 2015	$	8,285		$	(26,547	)	$	(18,262	)

The following tables present the amounts reclassified out of each component of accumulated other comprehensive (loss) income for the three months ended March 31, 2016 and 2015. In the below tables the accumulated other comprehensive income components are included in the computation of net periodic benefit cost (See Note 10 - “Employee Benefit Plan”), and amounts in parentheses indicate debits to the income statement.

Three months ended March 31, 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	$	232		Net gain on securities transactions
		(93	)	Tax expense
		139		Net of tax
Employee benefit plans:
Amortization of the following 2
Net retirement plan actuarial loss		(343	)	Pension and other employee benefits
Net retirement plan prior service credit		(30	)	Pension and other employee benefits
		(373	)	Total before tax
		149		Tax benefit
	$	(224	)	Net of tax

Three months ended March 31, 2015

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	$	290		Net gain on securities transactions
		(116	)	Tax expense
		174		Net of tax
Employee benefit plans:
Amortization of the following 2
Net retirement plan actuarial loss		(731	)	Pension and other employee benefits
Net retirement plan prior service cost		179		Pension and other employee benefits
		(552	)	Total before tax
		221		Tax benefit
	$	(331	)	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”)