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ACCUMULATED OTHER COMPREHENSIVE LOSS
 12 Months Ended
Dec. 31, 2014
ACCUMULATED OTHER COMPREHENSIVE LOSS [Abstract]  
ACCUMULATED OTHER COMPREHENSIVE LOSS
NOTE 24 – ACCUMULATED OTHER COMPREHENSIVE LOSS

A summary of changes in accumulated other comprehensive  loss  (“AOCL”)  during the  years  ended December 31 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
 
      
(In thousands)
     
             
2014
            
Balances at beginning of period
 
$
(3,200
)
 
$
(5,798
)
 
$
-
  
$
(247
)
 
$
-
  
$
(9,245
)
Other comprehensive income before reclassifications
  
3,570
   
-
   
-
   
-
   
-
   
3,570
 
Amounts reclassified from AOCL
  
(208
)
  
-
   
-
   
247
   
-
   
39
 
Net current period other comprehensive income
  
3,362
   
-
   
-
   
247
   
-
   
3,609
 
Balances at end of period
 
$
162
  
$
(5,798
)
 
$
-
  
$
-
  
$
-
  
$
(5,636
)
2013
                        
Balances at beginning of period
 
$
(516
)
 
$
(5,617
)
 
$
(739
)
 
$
-
  
$
(1,186
)
 
$
(8,058
)
Income tax
  
181
   
(181
)
  
258
   
-
   
(258
)
  
-
 
Balances at beginning of period, net of tax
  
(335
)
  
(5,798
)
  
(481
)
  
-
   
(1,444
)
  
(8,058
)
Terminated cash flow hedge
  
-
   
-
   
370
   
(370
)
  
-
   
-
 
Other comprehensive income before reclassifications
  
(2,877
)
  
-
   
(24
)
  
-
   
-
   
(2,901
)
Amounts reclassified from AOCL
  
12
   
-
   
135
   
123
   
1,444
   
1,714
 
Net current period other comprehensive income (loss)
  
(2,865
)
  
-
   
111
   
123
   
1,444
   
(1,187
)
Balances at end of period
 
$
(3,200
)
 
$
(5,798
)
 
$
-
  
$
(247
)
 
$
-
  
$
(9,245
)
2012
                        
Balances at beginning of period
 
$
(3,579
)
 
$
(5,617
)
 
$
(1,103
)
 
$
(436
)
 
$
(1,186
)
 
$
(11,921
)
Other comprehensive income (loss) before reclassifications
  
3,917
   
-
   
(127
)
  
-
   
-
   
3,790
 
Amounts reclassified from AOCL
  
(854
)
  
-
   
491
   
436
   
-
   
73
 
Net current period other comprehensive income
  
3,063
   
-
   
364
   
436
   
-
   
3,863
 
Balances at end of period
 
$
(516
)
 
$
(5,617
)
 
$
(739
)
 
$
-
  
$
(1,186
)
 
$
(8,058
)
____________________________________
(1) 2014 and 2013 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 #13).


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.  During the second quarter of 2013, we terminated our last remaining cash flow hedge and cleared the disproportionate tax effects relating to cash flow hedges from accumulated other comprehensive income (see note #13).

A summary of reclassifications out of each component of AOCL for the years ended December 31 follows:

  
Reclassified
  
  
From
 
 Affected Line Item in
   AOCL Component
 
AOCL
 
 Consolidated Statements of Operations
  
(In thousands)
  
2014
    
Unrealized losses on available for sale securities
    
  
$
329
 
Net gains on securities
   
(9
)
Net impairment loss recognized in earnings
   
320
 
Total reclassifications before tax
   
112
 
Tax expense (benefit)
  
$
208
 
Reclassifications, net of tax
Unrealized losses on settled derivatives
      
  
$
(380
)
Interest expense
   
(133
)
Tax expense (benefit)
  
$
(247
)
Reclassification, net of tax
  
$
(39
)
Total reclassifications for the period, net of tax
2013
      
Unrealized losses on available for sale securities
      
  
$
7
 
Net gains on securities
   
(26
)
Net impairment loss recognized in earnings
   
(19
)
Total reclassifications before tax
   
(7
)
Tax expense (benefit)
  
$
(12
)
Reclassifications, net of tax
Unrealized losses on cash flow hedges
      
  
$
(208
)
Interest expense
   
(73
)
Tax expense (benefit)
  
$
(135
)
Reclassification, net of tax
Unrealized losses on settled derivatives
      
  
$
(189
)
Interest expense
   
(66
)
Tax expense (benefit)
  
$
(123
)
Reclassification, net of tax
Disproportionate tax effects from cash flow hedges
 
$
1,444
 
Tax expense (benefit)
  
$
(1,714
)
Total reclassifications for the period, net of tax


  
Reclassified
  
  
From
 
 Affected Line Item in
   AOCL Component
 
AOCL
 
 Consolidated Statements of Operations
  
(In thousands)
  
2012
    
Unrealized losses on available for sale securities
    
  
$
1,193
 
Net gains on securities
   
(339
)
Net impairment loss recognized in earnings
   
854
 
Total reclassifications before tax
   
-
 
Tax expense (benefit)
  
$
854
 
Reclassifications, net of tax
Unrealized losses on cash flow hedges
      
  
$
(491
)
Interest expense
   
-
 
Tax expense (benefit)
  
$
(491
)
Reclassification, net of tax
Unrealized losses on settled derivatives
      
  
$
(436
)
Interest expense
   
-
 
Tax expense (benefit)
  
$
(436
)
Reclassification, net of tax
  
$
(73
)
Total reclassifications for the period, net of tax