OTHER COMPREHENSIVE INCOME (LOSS)

12 Months Ended

Dec. 31, 2017

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)