Stockholders' Equity and Earnings per Common Share

3 Months Ended

Mar. 31, 2017

Stockholders' Equity and Earnings Per Common Share [Abstract]

Stockholders' Equity and Earnings Per Common Share

Note 7. Stockholders' Equity and Earnings per Share

STOCKHOLDERS' EQUITY – Accumulated Other Comprehensive Loss

The following table presents information on amounts reclassified out of accumulated other comprehensive loss, by category, during the periods indicated:

	Three Months Ended March 31,				Affected Line Item on
	2017		2016		Consolidated Statement of Income
Available-for-sale securities	(in thousands)
Realized gains on sales of securities	$	0	$	509	Gain on sale of available-for-sale securities, net
Tax effect		0		173	Income tax expense
	$	0	$	336

The following table presents the changes in accumulated other comprehensive loss, by category, net of tax, for the periods indicated:

	Unrealized Gains (Losses) on Available-for-Sale Securities			Defined Benefit Pension Plans			Accumulated Other Comprehensive Loss
	(in thousands)
Three Months Ended March 31, 2017
Balance at beginning of period	$	(1,739	)	$	(2,469	)	$	(4,208	)
Net change for the period		428			0			428
Balance at end of period	$	(1,311	)	$	(2,469	)	$	(3,780	)
Three Months Ended March 31, 2016
Balance at beginning of period	$	(576	)	$	(2,586	)	$	(3,162	)
Net change for the period		515			0			515
Balance at end of period	$	(61	)	$	(2,586	)	$	(2,647	)

The following table presents the change in each component of accumulated other comprehensive loss on a pre-tax and after-tax basis for the periods indicated.

	Three Months Ended March 31, 2017
	Pretax			Tax			Net-of-Tax
	(in thousands)
Unrealized gains on available-for-sale securities:
Unrealized holding gains arising during the period		$	648		$	220		$	428
Reclassification adjustment for gains recognized in income			0			0			0
Net unrealized gains on securities			648			220			428
Total change in accumulated other comprehensive loss, net		$	648		$	220		$	428

	Three Months Ended March 31, 2016
	Pretax				Tax				Net-of-Tax
	(in thousands)
Unrealized gains on available-for-sale securities:
Unrealized holding gains arising during the period		$	1,289			$	438			$	851
Reclassification adjustment for gains recognized in income			(509	)			(173	)			(336	)
Total change in accumulated other comprehensive loss, net		$	780			$	265			$	515

EARNINGS PER COMMON SHARE

Basic earnings per share is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed using the weighted average number of common shares outstanding during the period, including the effect of dilutive potential common shares attributable to outstanding stock options. The Company had dilutive shares during the three months ended March 31, 2017; the total dilutive potential common shares was 14,597. The Company did not include an average of 70 thousand potential common shares attributable to outstanding stock options in the diluted earnings per share calculation for the first three months of 2016 because they were antidilutive.