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Other Comprehensive Income
 12 Months Ended
Dec. 31, 2019
Equity [Abstract]  
Other Comprehensive Income

21.

OTHER COMPREHENSIVE INCOME

Comprehensive income is defined as all changes to equity except investments by and distributions to shareholders. Net income is a component of comprehensive income, with all other components referred to in the aggregate as “other comprehensive income.” The Company’s other comprehensive income consists of unrealized gains or losses on securities held at year-end classified as available for sale and the component of the unfunded retirement liability computed in accordance with the requirements of ASC 715, “Compensation – Retirement Benefits.” The before-tax and after-tax amount of each of these categories, as well as the tax (expense)/benefit of each, is summarized as follows:

 

 

 

For the Year Ended

December 31, 2019

 

 

For the Year Ended

December 31, 2018

 

 

For the Year Ended

December 31, 2017

 

 

 

Before

Tax

Amount

 

 

Tax

(Expense)

or Benefit

 

 

Net-of-

tax

Amount

 

 

Before

Tax

Amount

 

 

Tax

(Expense)

or Benefit

 

 

Net-of-

tax

Amount

 

 

Before

Tax

Amount

 

 

Tax

(Expense)

or Benefit

 

 

Net-of-

tax

Amount

 

 

 

 

 

 

(dollars in thousands)

 

 

 

 

Unrealized (losses)/gains on available for sale

    securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized holding (losses)/gains arising

    during the period

 

$

3,267

 

 

$

(767

)

 

$

2,500

 

 

$

(231

)

 

$

(11

)

 

$

(242

)

 

$

187

 

 

$

(59

)

 

$

128

 

Reclassification adjustment for (gains)/losses

    recognized in net income

 

 

81

 

 

 

(19

)

 

 

62

 

 

 

(2

)

 

 

—

 

 

 

(2

)

 

 

3

 

 

 

(2

)

 

 

1

 

Derivatives

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in interest rate contracts

 

 

1,134

 

 

 

(313

)

 

 

821

 

 

 

1,045

 

 

 

(294

)

 

 

751

 

 

 

—

 

 

 

—

 

 

 

—

 

Defined benefit retirement plans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net change in retirement liability

 

 

864

 

 

 

(241

)

 

 

623

 

 

 

124

 

 

 

(35

)

 

 

89

 

 

 

6,545

 

 

 

(2,674

)

 

 

3,871

 

Total Other Comprehensive Income/(Loss)

 

$

5,346

 

 

$

(1,340

)

 

$

4,006

 

 

$

936

 

 

$

(340

)

 

$

596

 

 

$

6,735

 

 

$

(2,735

)

 

$

4,000

 

 

Reclassifications out of accumulated other comprehensive income (“AOCI”) are presented below:

 

 

 

For the Year Ended December 31,

 

 

 

Details about Accumulated Other

Comprehensive Income (Loss) Components

 

2019

 

 

2018

 

 

2017

 

 

Affected Line Item in the Statement

where Net Income is Presented

 

 

(dollars in thousands)

 

 

 

Unrealized gains and losses on available for sale securities

 

$

(81

)

 

$

2

 

 

$

(3

)

 

(Loss) gain on disposition of

investment securities

Tax benefit or (expense)

 

 

19

 

 

 

—

 

 

 

2

 

 

Provision for income taxes

Net of tax

 

$

(62

)

 

$

2

 

 

$

(1

)

 

Net income