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Accumulated Other Comprehensive Loss
 9 Months Ended
Sep. 30, 2015
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, 2014 and the three-month periods ended March 31, 2015, June 30, 2015 and September 30, 2015:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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, 2014

$
(7,623)

$
(11,292)

$
0 

$
(274)

$
(5,088)

$
64 

$
(24,213)

Other comprehensive income/(loss) before reclassifications

 
4,349 

 
8,712 

 
(2,395)

 
155 

 
(6,513)

 
(319)

 
3,989 

Amounts reclassified from accumulated other comprehensive loss

 
(405)

 
25 

 
140 

 
0 

 
209 

 
22 

 
(9)

Balance - December 31, 2014

$
(3,679)

$
(2,555)

$
(2,255)

$
(119)

$
(11,392)

$
(233)

$
(20,233)

Other comprehensive income/(loss) before reclassifications

 
1,670 

 
621 

 
0 

 
21 

 
(202)

 
0 

 
2,110 

Amounts reclassified from accumulated other comprehensive loss

 
(100)

 
58 

 
70 

 
0 

 
112 

 
10 

 
150 

Balance – March 31, 2015

$
(2,109)

$
(1,876)

$
(2,185)

$
(98)

$
(11,482)

$
(223)

$
(17,973)

Other comprehensive income/(loss) before reclassifications

 
1,350 

 
36 

 
0 

 
14 

 
(856)

 
0 

 
544 

Amounts reclassified from accumulated other comprehensive loss

 
(104)

 
(48)

 
91 

 
0 

 
110 

 
11 

 
60 

Balance – June 30, 2015

$
(863)

$
(1,888)

$
(2,094)

$
(84)

$
(12,228)

$
(212)

$
(17,369)

Other comprehensive income/(loss) before reclassifications

 
997 

 
700 

 
0 

 
20 

 
(1,737)

 
0 

 
(20)

Amounts reclassified from accumulated other comprehensive loss

 
(84)

 
27 

 
64 

 
0 

 
121 

 
10 

 
138 

Balance - September 30,2015

$
50 

$
(1,161)

$
(2,030)

$
(64)

$
(13,844)

$
(202)

$
(17,251)

 

The following tables present the components of comprehensive income for the nine- and three-month periods ended September 30, 2015 and 2014:

 

 

 

 

 

 

 

 

 

Components of Comprehensive Income (in thousands)

Before Tax Amount

Tax (Expense) Benefit

Net

For the nine months ended September 30, 2015

 

 

 

 

 

 

Available for sale (AFS) securities with OTTI:

 

 

 

 

 

 

   Unrealized holding gains

$
6,682 

$
(2,665)

$
4,017 

   Less:  accretable yield recognized in income

 
479 

 
(191)

 
288 

Net unrealized gains on investments with OTTI

 
6,203 

 
(2,474)

 
3,729 

 

 

 

 

 

 

 

Available for sale securities – all other:

 

 

 

 

 

 

   Unrealized holding gains

 
2,380 

 
(949)

 
1,431 

   Less:  gains recognized in income

 
62 

 
(25)

 
37 

Net unrealized gains on all other AFS securities

 
2,318 

 
(924)

 
1,394 

 

 

 

 

 

 

 

Held to maturity securities:

 

 

 

 

 

 

   Unrealized holding gains

 
0 

 
0 

 
0 

   Less:  amortization recognized in income

 
(374)

 
149 

 
(225)

Net unrealized gains on HTM securities

 
374 

 
(149)

 
225 

 

 

 

 

 

 

 

Cash flow hedges:

 

 

 

 

 

 

Unrealized holding gains

 
92 

 
(37)

 
55 

 

 

 

 

 

 

 

Pension Plan:

 

 

 

 

 

 

Unrealized net actuarial loss

 
(4,651)

 
1,856 

 
(2,795)

Less: amortization of unrecognized loss

 
(576)

 
229 

 
(347)

Less: amortization of transition asset

 
15 

 
(6)

 
9 

Less: amortization of prior service costs

 
(9)

 
4 

 
(5)

Net pension plan liability adjustment

 
(4,081)

 
1,629 

 
(2,452)

 

 

 

 

 

 

 

SERP:

 

 

 

 

 

 

Unrealized net actuarial loss

 
0 

 
0 

 
0 

Less: amortization of unrecognized loss

 
(37)

 
15 

 
(22)

Less: amortization of prior service costs

 
(15)

 
6 

 
(9)

Net SERP liability adjustment

 
52 

 
(21)

 
31 

Other comprehensive income

$
4,958 

$
(1,976)

$
2,982 

 

 

 

 

 

 

 

 

 

 

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 (in thousands)

Before Tax Amount

Tax (Expense) Benefit

Net

For the three months ended September 30, 2015

 

 

 

 

 

 

Available for sale (AFS) securities with OTTI:

 

 

 

 

 

 

   Unrealized holding gains

$
1,658 

$
(661)

$
997 

   Less:  accretable yield recognized in income

 
139 

 
(55)

 
84 

Net unrealized gains on investments with OTTI

 
1,519 

 
(606)

 
913 

 

 

 

 

 

 

 

Available for sale securities – all other:

 

 

 

 

 

 

   Unrealized holding gains

 
1,288 

 
(515)

 
773 

   Less:  gains recognized in income

 
79 

 
(33)

 
46 

Net unrealized gains on all other AFS securities

 
1,209 

 
(482)

 
727 

 

 

 

 

 

 

 

Held to maturity securities:

 

 

 

 

 

 

   Unrealized holding gains

 
0 

 
0 

 
0 

   Less:  amortization recognized in income

 
(106)

 
42 

 
(64)

Net unrealized gains on HTM securities

 
106 

 
(42)

 
64 

 

 

 

 

 

 

 

Cash flow hedges:

 

 

 

 

 

 

Unrealized holding gains

 
33 

 
(13)

 
20 

 

 

 

 

 

 

 

Pension Plan:

 

 

 

 

 

 

Unrealized net actuarial loss

 
(2,892)

 
1,153 

 
(1,739)

Less: amortization of unrecognized loss

 
(204)

 
80 

 
(124)

Less: amortization of transition asset

 
5 

 
(2)

 
3 

Less: amortization of prior service costs

 
(3)

 
1 

 
(2)

Net pension plan liability adjustment

 
(2,690)

 
1,074 

 
(1,616)

 

 

 

 

 

 

 

SERP:

 

 

 

 

 

 

Unrealized net actuarial loss

 
0 

 
0 

 
0 

Less: amortization of unrecognized loss

 
(13)

 
5 

 
(8)

Less: amortization of prior service costs

 
(5)

 
3 

 
(2)

Net SERP liability adjustment

 
18 

 
(8)

 
10 

Other comprehensive income

$
195 

$
(77)

$
118 

 

 

 

 

 

 

 

 

 

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:  gains recognized in income

 
147 

 
(59)

 
88 

Net unrealized losses on all other AFS securities

 
(144)

 
57 

 
(87)

 

 

 

 

 

 

 

Held to maturity securities:

 

 

 

 

 

 

   Unrealized holding gains

 
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)

 

 

The following table presents the details of amount reclassified from accumulated other comprehensive loss for the nine- and three-month periods ended September 30, 2015 and 2014:

 

 

 

 

 

 

 

 

 

 

 

 

 

Amounts Reclassified From Accumulated Other Comprehensive Loss (in thousands)

For the nine months ended September 30, 2015

For the Nine 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

$
479 

$
501 

 

Interest income on taxable investment securities

    Taxes

 
(191)

 
(200)

 

Tax expense

 

$
288 

$
301 

 

Net of tax

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

 

 

 

 

 

 

   Gains/(losses) on sales

$
62 

$
(7)

 

Net gains/(losses) - other

    Taxes

 
(25)

 
2 

 

Tax (expense)/benefit

 

$
37 

$
(5)

 

Net of tax

Unrealized losses on held to maturity securities:

 

 

 

 

 

 

    Amortization

$
(374)

$
(127)

 

Interest income on taxable investment securities

    Taxes

 
149 

 
51 

 

Tax benefit

 

$
(225)

$
(76)

 

Net of tax

Net pension plan liability adjustment:

 

 

 

 

 

 

    Amortization of unrecognized loss

 
(576)

 
(280)

 

Salaries and employee benefits

    Amortization of transition asset

 
15 

 
30 

 

Salaries and employee benefits

    Amortization of prior service costs

 
(9)

 
(9)

 

Salaries and employee benefits

    Taxes

 
227 

 
103 

 

Tax benefit

 

$
(343)

$
(156)

 

Net of tax

Net SERP liability adjustment:

 

 

 

 

 

 

    Amortization of unrecognized (loss)/gain

 
(37)

 
13 

 

Salaries and employee benefits

    Amortization of prior service costs

 
(15)

 
(15)

 

Salaries and employee benefits

    Taxes

 
21 

 
1 

 

Tax benefit

 

$
(31)

$
(1)

 

Net of tax

 

 

 

 

 

 

 

Total reclassifications for the period

$
(274)

$
63 

 

Net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amounts Reclassified From Accumulated Other Comprehensive Loss (in thousands)

For the Three months ended September 30, 2015

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

$
139 

$
170 

 

Interest income on taxable investment securities

    Taxes

 
(55)

 
(68)

 

Tax expense

 

$
84 

$
102 

 

Net of tax

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

 

 

 

 

 

 

   Gains on sales

$
79 

$
147 

 

Net gains - other

    Taxes

 
(33)

 
(59)

 

Tax expense

 

$
46 

$
88 

 

Net of tax

Unrealized losses on held to maturity securities:

 

 

 

 

 

 

    Amortization

$
(106)

$
(95)

 

Interest income on taxable investment securities

    Taxes

 
42 

 
38 

 

Tax benefit

 

$
(64)

$
(57)

 

Net of tax

Net pension plan liability adjustment:

 

 

 

 

 

 

    Amortization of unrecognized loss

 
(204)

 
(93)

 

Salaries and employee benefits

    Amortization of transition asset

 
5 

 
10 

 

Salaries and employee benefits

    Amortization of prior service costs

 
(3)

 
(3)

 

Salaries and employee benefits

    Taxes

 
79 

 
34 

 

Tax benefit

 

$
(123)

$
(52)

 

Net of tax

Net SERP liability adjustment:

 

 

 

 

 

 

    Amortization of unrecognized (loss)/gain

 
(13)

 
4 

 

Salaries and employee benefits

    Amortization of prior service costs

 
(5)

 
(5)

 

Salaries and employee benefits

    Taxes

 
8 

 
1 

 

Tax benefit

 

$
(10)

$
0 

 

Net of tax

 

 

 

 

 

 

 

Total reclassifications for the period

$
(67)

$
81 

 

Net of tax