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Accumulated Other Comprehensive Loss
 9 Months Ended
Sep. 30, 2014
Accumulated Other Comprehensive Loss [Abstract]  
Accumulated Other Comprehensive Loss

Note 10 – Accumulated Other Comprehensive Loss

 

The following table presents the changes in each component of accumulated other comprehensive loss for the 12 months ended December 31, 2013 and each of the three-month periods ended March 31, 2014, June 30, 2014 and September 30, 2014:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in thousands)

Investment securities- with OTTI AFS

Investment securities- all other AFS

 

Investment securities- HTM

Cash Flow Hedge

Pension Plan

SERP

Total

Accumulated OCL, net:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance - January 1, 2013

$
(10,036)

$
(2,966)

$
0 

$
(507)

$
(8,262)

$
(52)

$
(21,823)

Other comprehensive income/(loss) before reclassifications

 
2,735 

 
(8,279)

 
0 

 
233 

 
2,871 

 
102 

 
(2,338)

Amounts reclassified from accumulated other comprehensive income

 
(322)

 
(47)

 
0 

 
0 

 
303 

 
14 

 
(52)

Balance - December 31, 2013

$
(7,623)

$
(11,292)

$
0 

$
(274)

$
(5,088)

$
64 

$
(24,213)

Other comprehensive income/(loss) before reclassifications

 
2,730 

 
2,995 

 
0 

 
55 

 
(179)

 
0 

 
5,601 

Amounts reclassified from accumulated other comprehensive income

 
(96)

 
41 

 
0 

 
0 

 
52 

 
1 

 
(2)

Balance – March 31, 2014

$
(4,989)

$
(8,256)

$
0 

$
(219)

$
(5,215)

$
65 

$
(18,614)

Other comprehensive income/(loss) before reclassifications

 
511 

 
5,254 

 
(2,391)

 
56 

 
112 

 
0 

 
3,542 

Amounts reclassified from accumulated other comprehensive income

 
(103)

 
52 

 
19 

 
0 

 
52 

 
0 

 
20 

Balance – June 30, 2014

$
(4,581)

$
(2,950)

$
(2,372)

$
(163)

$
(5,051)

$
65 

$
(15,052)

Other comprehensive income/(loss) before reclassifications

 
448 

 
1 

 
0 

 
26 

 
(739)

 
0 

 
(264)

Amounts reclassified from accumulated other comprehensive income

 
(102)

 
(88)

 
57 

 
0 

 
52 

 
0 

 
(81)

Balance - September 30,2014

$
(4,235)

$
(3,037)

$
(2,315)

$
(137)

$
(5,738)

$
65 

$
(15,397)

 

The following tables present the components of comprehensive income for the nine- and three-month periods ended September 30, 2014 and 2013:

 

 

 

 

 

 

 

 

 

Components of Comprehensive Income (in thousands)

Before Tax Amount

Tax (Expense) Benefit

Net

For the nine months ended September 30, 2014

 

 

 

 

 

 

Available for sale (AFS) securities with OTTI:

 

 

 

 

 

 

   Unrealized holding gains

$
6,149 

$
(2,460)

$
3,689 

   Less:  accretable yield recognized in income

 
501 

 
(200)

 
301 

Net unrealized gains on investments with OTTI

 
5,648 

 
(2,260)

 
3,388 

 

 

 

 

 

 

 

Available for sale securities – all other:

 

 

 

 

 

 

   Unrealized holding gains

 
13,746 

 
(5,496)

 
8,250 

   Less:  losses recognized in income

 
(7)

 
2 

 
(5)

Net unrealized gains on all other AFS securities

 
13,753 

 
(5,498)

 
8,255 

 

 

 

 

 

 

 

Held to maturity securities:

 

 

 

 

 

 

   Unrealized holding losses

 
(3,984)

 
1,593 

 
(2,391)

   Less:  amortization recognized in income

 
(127)

 
51 

 
(76)

Net unrealized losses on HTM securities

 
(3,857)

 
1,542 

 
(2,315)

 

 

 

 

 

 

 

Cash flow hedges:

 

 

 

 

 

 

Unrealized holding gains

 
229 

 
(92)

 
137 

 

 

 

 

 

 

 

Pension Plan:

 

 

 

 

 

 

Unrealized net actuarial loss

 
(1,345)

 
539 

 
(806)

Less: amortization of unrecognized loss

 
(280)

 
112 

 
(168)

Less: amortization of transition asset

 
30 

 
(12)

 
18 

Less: amortization of prior service costs

 
(9)

 
3 

 
(6)

Net pension plan liability adjustment

 
(1,086)

 
436 

 
(650)

 

 

 

 

 

 

 

SERP:

 

 

 

 

 

 

Unrealized net actuarial loss

 
0 

 
0 

 
0 

Less: amortization of unrecognized gain

 
13 

 
(5)

 
8 

Less: amortization of prior service costs

 
(15)

 
6 

 
(9)

Net SERP liability adjustment

 
2 

 
(1)

 
1 

Other comprehensive income

$
14,689 

$
(5,873)

$
8,816 

 

 

 

 

 

 

 

 

 

 

Components of Comprehensive Income/(Loss) (in thousands)

Before Tax Amount

Tax (Expense) Benefit

Net

For the nine months ended September 30, 2013

 

 

 

 

 

 

Available for sale (AFS) securities with OTTI:

 

 

 

 

 

 

   Unrealized holding gains

$
3,500 

$
(1,405)

$
2,095 

   Less:  accretable yield recognized in income

 
406 

 
(163)

 
243 

Net unrealized gains on investments with OTTI

 
3,094 

 
(1,242)

 
1,852 

 

 

 

 

 

 

 

Available for sale securities – all other:

 

 

 

 

 

 

   Unrealized holding losses

 
(10,520)

 
4,225 

 
(6,295)

   Less:  gains recognized in income

 
124 

 
(50)

 
74 

Net unrealized losses on all other AFS securities

 
(10,644)

 
4,275 

 
(6,369)

 

 

 

 

 

 

 

Cash flow hedges:

 

 

 

 

 

 

Unrealized holding gains

 
301 

 
(121)

 
180 

 

 

 

 

 

 

 

Pension Plan:

 

 

 

 

 

 

Unrealized net actuarial gain

 
499 

 
(200)

 
299 

Less: amortization of unrecognized loss

 
(399)

 
160 

 
(239)

Less: amortization of transition asset

 
30 

 
(12)

 
18 

Less: amortization of prior service costs

 
(9)

 
4 

 
(5)

Net pension plan liability adjustment

 
877 

 
(352)

 
525 

 

 

 

 

 

 

 

SERP:

 

 

 

 

 

 

Unrealized net actuarial loss

 
0 

 
0 

 
0 

Less: amortization of unrecognized loss

 
(3)

 
1 

 
(2)

Less: amortization of prior service costs

 
(15)

 
6 

 
(9)

Net SERP liability adjustment

 
18 

 
(7)

 
11 

Other comprehensive loss

$
(6,354)

$
2,553 

$
(3,801)

 

 

 

 

 

 

 

 

 

 

Components of Comprehensive Income (in thousands)

Before Tax Amount

Tax (Expense) Benefit

Net

For the three months ended September 30, 2014

 

 

 

 

 

 

Available for sale (AFS) securities with OTTI:

 

 

 

 

 

 

   Unrealized holding gains

$
748 

$
(300)

$
448 

   Less:  accretable yield recognized in income

 
170 

 
(68)

 
102 

Net unrealized gains on investments with OTTI

 
578 

 
(232)

 
346 

 

 

 

 

 

 

 

Available for sale securities – all other:

 

 

 

 

 

 

   Unrealized holding gains

 
3 

 
(2)

 
1 

   Less:  losses recognized in income

 
147 

 
(59)

 
88 

Net unrealized losses on all other AFS securities

 
(144)

 
57 

 
(87)

 

 

 

 

 

 

 

Held to maturity securities:

 

 

 

 

 

 

   Unrealized holding losses

 
0 

 
0 

 
0 

   Less:  amortization recognized in income

 
(95)

 
38 

 
(57)

Net unrealized gains on HTM securities

 
95 

 
(38)

 
57 

 

 

 

 

 

 

 

Cash flow hedges:

 

 

 

 

 

 

Unrealized holding gains

 
44 

 
(18)

 
26 

 

 

 

 

 

 

 

Pension Plan:

 

 

 

 

 

 

Unrealized net actuarial loss

 
(1,233)

 
494 

 
(739)

Less: amortization of unrecognized loss

 
(93)

 
37 

 
(56)

Less: amortization of transition asset

 
10 

 
(4)

 
6 

Less: amortization of prior service costs

 
(3)

 
1 

 
(2)

Net pension plan liability adjustment

 
(1,147)

 
460 

 
(687)

 

 

 

 

 

 

 

SERP:

 

 

 

 

 

 

Unrealized net actuarial loss

 
0 

 
0 

 
0 

Less: amortization of unrecognized gain

 
4 

 
(1)

 
3 

Less: amortization of prior service costs

 
(5)

 
2 

 
(3)

Net SERP liability adjustment

 
1 

 
(1)

 
0 

Other comprehensive loss

$
(573)

$
228 

$
(345)

 

 

 

 

 

 

 

 

 

Components of Comprehensive Income/(Loss) (in thousands)

Before Tax Amount

Tax (Expense) Benefit

Net

For the three months ended September 30, 2013

 

 

 

 

 

 

Available for sale (AFS) securities with OTTI:

 

 

 

 

 

 

   Unrealized holding gains

$
882 

$
(354)

$
528 

   Less:  accretable yield recognized in income

 
140 

 
(56)

 
84 

Net unrealized gains on investments with OTTI

 
742 

 
(298)

 
444 

 

 

 

 

 

 

 

Available for sale securities – all other:

 

 

 

 

 

 

   Unrealized holding losses

 
(1,174)

 
472 

 
(702)

   Less:  gains recognized in income

 
(103)

 
41 

 
(62)

Net unrealized losses on all other AFS securities

 
(1,071)

 
431 

 
(640)

 

 

 

 

 

 

 

Cash flow hedges:

 

 

 

 

 

 

Unrealized holding gains

 
71 

 
(29)

 
42 

 

 

 

 

 

 

 

Pension Plan:

 

 

 

 

 

 

Unrealized net actuarial gain

 
599 

 
(241)

 
358 

Less: amortization of unrecognized loss

 
(133)

 
53 

 
(80)

Less: amortization of transition asset

 
10 

 
(4)

 
6 

Less: amortization of prior service costs

 
(3)

 
1 

 
(2)

Net pension plan liability adjustment

 
725 

 
(291)

 
434 

 

 

 

 

 

 

 

SERP:

 

 

 

 

 

 

Unrealized net actuarial loss

 
0 

 
0 

 
0 

Less: amortization of unrecognized loss

 
(1)

 
0 

 
(1)

Less: amortization of prior service costs

 
(5)

 
2 

 
(3)

Net SERP liability adjustment

 
6 

 
(2)

 
4 

Other comprehensive income

$
473 

$
(189)

$
284 

The following table presents the details of accumulated other comprehensive income components for the nine- and three-month periods ended September 30, 2014:

 

 

 

 

 

 

 

 

 

 

 

Amount Reclassified from Accumulated Other Comprehensive Income

 

 

Details of Accumulated Other Comprehensive Income Components (in thousands)

For the Nine months ended September 30, 2014

For the Three months ended September 30, 2014

 

Affected Line Item in the Statement Where Net Income is Presented

Unrealized gains and losses on investment securities with OTTI:

 

 

 

 

 

 

    Accretable Yield

$
501 

$
170 

 

Interest income on taxable investment securities

    Taxes

 
(200)

 
(68)

 

Tax benefit

 

$
301 

$
102 

 

Net of tax

Unrealized gains and losses on available for sale investment securities - all others:

 

 

 

 

 

 

   (Gains)/losses on sales

$
(7)

$
147 

 

Net gains - other

    Taxes

 
2 

 
(59)

 

Tax expense/(benefit)

 

$
(5)

$
88 

 

Net of tax

Unrealized gains and losses on held to maturity securities:

 

 

 

 

 

 

    Amortization

$
(127)

$
(95)

 

Interest income on taxable investment securities

    Taxes

 
51 

 
38 

 

Tax expense

 

$
(76)

$
(57)

 

Net of tax

 

 

 

 

 

 

 

Net pension plan liability adjustment:

 

 

 

 

 

 

    Amortization of unrecognized loss

 
(280)

 
(93)

 

Salaries and employee benefits

    Amortization of transition asset

 
30 

 
10 

 

Salaries and employee benefits

    Amortization of prior service costs

 
(9)

 
(3)

 

Salaries and employee benefits

    Taxes

 
103 

 
34 

 

Tax expense

 

$
(156)

$
(52)

 

Net of tax

Net SERP liability adjustment:

 

 

 

 

 

 

    Amortization of unrecognized gain

 
13 

 
4 

 

Salaries and employee benefits

    Amortization of prior service costs

 
(15)

 
(5)

 

Salaries and employee benefits

    Taxes

 
1 

 
1 

 

Tax expense

 

$
(1)

$
0 

 

Net of tax

 

 

 

 

 

 

 

Total reclassifications for the period

$
63 

$
81 

 

Net of tax