Accumulated Other Comprehensive Loss

3 Months Ended

Mar. 31, 2017

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, 2016 and the three-month period ended March 31, 2017:

(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, 2016	$	(1,942)	$	(2,024)	$	(1,971)	$	(39)	$	(12,663)	$	(305)	$	(18,944)
Other comprehensive income/(loss) before reclassifications		(421)		(929)		0		461		(2,086)		(466)		(3,441)
Amounts reclassified from accumulated other comprehensive loss		(5)		(265)		617		0		517		56		920
Balance - December 31, 2016	$	(2,368)	$	(3,218)	$	(1,354)	$	422	$	(14,232)	$	(715)	$	(21,465)
Other comprehensive income before reclassifications		100		73		0		52		32		0		257
Amounts reclassified from accumulated other comprehensive loss		(2)		5		61		0		162		22		248
Balance – March 31, 2017	$	(2,270)	$	(3,140)	$	(1,293)	$	474	$	(14,038)	$	(693)	$	(20,960)

The following tables present the components of comprehensive income for the three-month periods ended March 31, 2017 and 2016:

Components of Comprehensive Income (in thousands)	Before Tax Amount		Tax (Expense) Benefit		Net
For the three months ended March 31, 2017
Available for sale (AFS) securities with OTTI:
Unrealized holding gains	$	166	$	(66)	$	100
Less:  accretable yield recognized in income		2		0		2
Net unrealized gains on investments with OTTI		164		(66)		98
Available for sale securities – all other:
Unrealized holding gains		122		(49)		73
Less:  losses recognized in income		(9)		4		(5)
Net unrealized gains on all other AFS securities		131		(53)		78
Held to maturity securities:
Unrealized holding gains		0		0		0
Less:  amortization recognized in income		(101)		40		(61)
Net unrealized gains on HTM securities		101		(40)		61
Cash flow hedges:
Unrealized holding gains		86		(34)		52
Pension Plan:
Unrealized net actuarial gain		53		(21)		32
Less: amortization of unrecognized loss		(264)		105		(159)
Less: amortization of transition asset		0		0		0
Less: amortization of prior service costs		(3)		0		(3)
Net pension plan liability adjustment		320		(126)		194
SERP:
Unrealized net actuarial loss		0		0		0
Less: amortization of unrecognized loss		(37)		14		(23)
Less: amortization of prior service costs		1		0		1
Net SERP liability adjustment		36		(14)		22
Other comprehensive income	$	838	$	(333)	$	505

Components of Comprehensive Income (in thousands)	Before Tax Amount		Tax (Expense) Benefit		Net
For the three months ended March 31, 2016
Available for sale (AFS) securities with OTTI:
Unrealized holding losses	$	(1,496)	$	597	$	(899)
Less:  accretable yield recognized in income		36		(14)		22
Net unrealized losses on investments with OTTI		(1,532)		611		(921)
Available for sale securities – all other:
Unrealized holding gains		929		(371)		558
Less:  gains recognized in income		206		(82)		124
Net unrealized gains on all other AFS securities		723		(289)		434
Held to maturity securities:
Unrealized holding gains		0		0		0
Less:  amortization recognized in income		(237)		94		(143)
Net unrealized gains on HTM securities		237		(94)		143
Cash flow hedges:
Unrealized holding losses		(551)		220		(331)
Pension Plan:
Unrealized net actuarial loss		(571)		228		(343)
Less: amortization of unrecognized loss		(212)		85		(127)
Less: amortization of transition asset		0		0		0
Less: amortization of prior service costs		(3)		0		(3)
Net pension plan liability adjustment		(356)		143		(213)
SERP:
Unrealized net actuarial loss		0		0		0
Less: amortization of unrecognized loss		(19)		8		(11)
Less: amortization of prior service costs		(5)		1		(4)
Net SERP liability adjustment		24		(9)		15
Other comprehensive loss	$	(1,455)	$	582	$	(873)

The following table presents the details of amount reclassified from accumulated other comprehensive loss for the three-month periods ended March 31, 2017 and 2016:

Amounts Reclassified from Accumulated Other Comprehensive Loss (in thousands)	For the Three months ended March 31, 2017		For the Three months ended March 31, 2016		Affected Line Item in the Statement Where Net Income is Presented
Unrealized gains and losses on investment securities with OTTI:
Accretable yield	$	2	$	36	Interest income on taxable investment securities
Taxes		0		(14)	Tax expense
	$	2	$	22	Net of tax
Unrealized gains and losses on available for sale investment securities - all others:
(Losses)/gains on sales	$	(9)	$	206	Net gains
Taxes		4		(82)	Tax benefit/(expense)
	$	(5)	$	124	Net of tax
Unrealized losses on held to maturity securities:
Amortization	$	(101)	$	(237)	Interest income on taxable investment securities
Taxes		40		94	Tax benefit
	$	(61)	$	(143)	Net of tax
Net pension plan liability adjustment:
Amortization of unrecognized loss		(264)		(212)	Salaries and employee benefits
Amortization of transition asset		0		0	Salaries and employee benefits
Amortization of prior service costs		(3)		(3)	Salaries and employee benefits
Taxes		105		85	Tax benefit
	$	(162)	$	(130)	Net of tax
Net SERP liability adjustment:
Amortization of unrecognized loss		(37)		(19)	Salaries and employee benefits
Amortization of prior service costs		1		(5)	Salaries and employee benefits
Taxes		14		9	Tax benefit
	$	(22)	$	(15)	Net of tax
Total reclassifications for the period	$	(248)	$	(142)	Net of tax