16.	Accumulated Other Comprehensive Loss (“AOCL”)

A summary of changes in AOCL follows (1):

				Dispropor-
				tionate									Dispropor-
	Unrealized			Tax Effects									tionate
	Losses on			from			Unrealized			Unrealized			Tax Effects
	Available			Securities			Losses on			Losses on			from Cash
	for Sale			Available			Cash Flow			Settled			Flow
	Securities			for Sale			Hedges			Derivatives			Hedges			Total
For the three months ended March 31,							(In thousands)
2014
Balances at beginning of period	$	(3,200	)	$	(5,798	)	$	-		$	(247	)	$	-		$	(9,245	)
Other comprehensive income before reclassifications		1,539			-			-			-			-			1,539
Amounts reclassified from AOCL		-			-			-			62			-			62
Net current period other comprehensive income		1,539			-			-			62			-			1,601
Balances at end of period	$	(1,661	)	$	(5,798	)	$	-		$	(185	)	$	-		$	(7,644	)

For the three months ended March 31,
2013
Balances at beginning of period	$	(516	)	$	(5,617	)	$	(739	)	$	-		$	(1,186	)	$	(8,058	)
Other comprehensive income (loss) before reclassifications		1,007			-			(3	)		-			-			1,004
Amounts reclassified from AOCL		7			-			94			-			-			101
Net current period other comprehensive income		1,014			-			91			-			-			1,105
Balances at end of period	$	498		$	(5,617	)	$	(648	)	$	-		$	(1,186	)	$	(6,953	)

(1) 2014 amounts are presented net of tax as we removed substantially all of the valuation allowance on our deferred tax assets during the second quarter of 2013 (see Note #10).

The disproportionate tax effects from securities available for sale and cash flow hedges arose due to tax effects of other comprehensive income (“OCI”) in the presence of a valuation allowance against our deferred tax assets and a pretax loss from operations. Generally, the amount of income tax expense or benefit allocated to operations is determined without regard to the tax effects of other categories of income or loss, such as OCI. However, an exception to the general rule is provided when, in the presence of a valuation allowance against deferred tax assets, there is a pretax loss from operations and pretax income from other categories in the current period. In such instances, income from other categories must offset the current loss from operations, the tax benefit of such offset being reflected in operations.

A summary of reclassifications out of each component of AOCL for the three months ended March 31 follows:

	Amount
	Reclassified
	From			Affected Line Item in Condensed
AOCL Component	AOCL			Consolidated Statements of Operations
	(In thousands)
2014
Unrealized losses on available for sale securities
	$	-		Net gains on securities
		-		Net impairment loss recognized in earnings
		-		Total reclassifications before tax
		-		Tax expense (benefit)
	$	-		Reclassifications, net of tax

Unrealized losses on settled derivatives
	$	95		Interest expense
		33		Tax expense (benefit)
	$	62		Reclassification, net of tax

	$	62		Total reclassifications for the period, net of tax

2013
Unrealized losses on available for sale securities
	$	(7	)	Net gains on securities
		-		Net impairment loss recognized in earnings
		(7	)	Total reclassifications before tax
		-		Tax expense (benefit)
	$	(7	)	Reclassifications, net of tax

Unrealized losses on cash flow hedges
	$	(94	)	Interest expense
		-		Tax expense (benefit)
	$	(94	)	Reclassification, net of tax

	$	(101	)	Total reclassifications for the period, net of tax