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Accumulated Other Comprehensive Loss ("AOCL") (Tables)
 12 Months Ended
Dec. 31, 2017
Accumulated Other Comprehensive Loss ("AOCL") [Abstract]  
Schedule of Accumulated Other Comprehensive Loss

The following table presents the changes in each component of accumulated other comprehensive loss for the years ended December 31, 2017 and 2016:









 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 



Investment

Investment

 

Investment

 

 

 

 

 

 

 

 



securities-

securities-

 

securities-

Cash Flow

Pension

 

 

 

 

(in thousands)

with OTTI AFS

all other AFS

 

HTM

Hedge

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/(loss) before reclassifications

 

 31 

 

 638 

 

 0 

 

 59 

 

 (445)

 

 (82)

 

 201 

Amounts reclassified from accumulated other comprehensive loss

 

 (121)

 

 36 

 

 253 

 

 0 

 

 781 

 

 105 

 

 1,054 

Reclassification of certain tax effects 1

 

 (481)

 

 (435)

 

 (246)

 

 101 

 

 (3,170)

 

 (152)

 

 (4,383)

Balance - December 31, 2017

$

 (2,939)

$

 (2,979)

$

 (1,347)

$

 582 

$

 (17,066)

$

 (844)

$

 (24,593)

(1) Refer to Note 1  for more discussion of tax reform

 

 

 

 

 

 

 

 

 

 

 

 

 

 



Components of Comprehensive Income



The following tables present the components of other comprehensive income/(loss) for the years ended December 31, 2017 and 2016:









 

 

 

 

 

 

Components of Other Comprehensive Income (in thousands)

Before Tax Amount

Tax (Expense) Benefit

Net

For the year ended December 31, 2017

 

 

 

 

 

 

Available for sale (AFS) securities with OTTI:

 

 

 

 

 

 

    Unrealized holding gains

$

 42 

$

 (11)

$

 31 

    Less:  accretable yield recognized in income

 

 166 

 

 (45)

 

 121 

Net unrealized losses on investments with OTTI

 

 (124)

 

 34 

 

 (90)



 

 

 

 

 

 

Available for sale securities – all other:

 

 

 

 

 

 

    Unrealized holding gains

 

 874 

 

 (236)

 

 638 

    Plus:  losses recognized in income

 

 (49)

 

 13 

 

 (36)

Net unrealized gains on all other AFS securities

 

 923 

 

 (249)

 

 674 



 

 

 

 

 

 

Held to maturity securities:

 

 

 

 

 

 

    Unrealized holding gains

 

 0 

 

 0 

 

 0 

    Less:  amortization recognized in income

 

 (346)

 

 93 

 

 (253)

Net unrealized gains on HTM securities

 

 346 

 

 (93)

 

 253 



 

 

 

 

 

 

Cash flow hedges:

 

 

 

 

 

 

Unrealized holding gains

 

 81 

 

 (22)

 

 59 

Net unrealized gains on cash flow hedges

 

 81 

 

 (22)

 

 59 



 

 

 

 

 

 

Pension Plan:

 

 

 

 

 

 

Unrealized net actuarial loss

 

 (609)

 

 164 

 

 (445)

Less: amortization of unrecognized loss

 

 (1,057)

 

 285 

 

 (772)

Less: amortization of transition asset

 

 0 

 

 0 

 

 0 

Less: amortization of prior service costs

 

 (12)

 

 3 

 

 (9)

Net pension plan liability adjustment

 

 460 

 

 (124)

 

 336 



 

 

 

 

 

 

SERP:

 

 

 

 

 

 

Unrealized net actuarial loss

 

 (112)

 

 30 

 

 (82)

Less: amortization of unrecognized loss

 

 (146)

 

 39 

 

 (107)

Less: amortization of prior service costs

 

 3 

 

 (1)

 

 2 

Net SERP liability adjustment

 

 31 

 

 (8)

 

 23 

Other comprehensive income

$

 1,717 

$

 (462)

$

 1,255 







 

 

 

 

 

 

Components of Other Comprehensive Loss (in thousands)

Before Tax Amount

Tax (Expense) Benefit

Net

For the year ended December 31, 2016

 

 

 

 

 

 

Available for sale (AFS) securities with OTTI:

 

 

 

 

 

 

    Unrealized holding losses

$

 (700)

$

 279 

$

 (421)

    Less:  accretable yield recognized in income

 

 9 

 

 (4)

 

 5 

Net unrealized losses on investments with OTTI

 

 (709)

 

 283 

 

 (426)



 

 

 

 

 

 

Available for sale securities – all other:

 

 

 

 

 

 

    Unrealized holding losses

 

 (1,545)

 

 616 

 

 (929)

    Plus:  gains recognized in income

 

 440 

 

 (175)

 

 265 

Net unrealized losses on all other AFS securities

 

 (1,985)

 

 791 

 

 (1,194)



 

 

 

 

 

 

Held to maturity securities:

 

 

 

 

 

 

    Unrealized holding gains

 

 0 

 

 0 

 

 0 

    Less:  amortization recognized in income

 

 (1,026)

 

 409 

 

 (617)

Net unrealized gains on HTM securities

 

 1,026 

 

 (409)

 

 617 



 

 

 

 

 

 

Cash flow hedges:

 

 

 

 

 

 

Unrealized holding gains

 

 766 

 

 (305)

 

 461 



 

 

 

 

 

 

Pension Plan:

 

 

 

 

 

 

Unrealized net actuarial loss

 

 (3,468)

 

 1,382 

 

 (2,086)

Less: amortization of unrecognized loss

 

 (848)

 

 338 

 

 (510)

Less: amortization of transition asset

 

 0 

 

 0 

 

 0 

Less: amortization of prior service costs

 

 (12)

 

 5 

 

 (7)

Net pension plan liability adjustment

 

 (2,608)

 

 1,039 

 

 (1,569)



 

 

 

 

 

 

SERP:

 

 

 

 

 

 

Unrealized net actuarial loss

 

 (775)

 

 309 

 

 (466)

Less: amortization of unrecognized loss

 

 (73)

 

 29 

 

 (44)

Less: amortization of prior service costs

 

 (20)

 

 8 

 

 (12)

Net SERP liability adjustment

 

 (682)

 

 272 

 

 (410)

Other comprehensive loss

$

 (4,192)

$

 1,671 

$

 (2,521)



Reclassification out of Accumulated Other Comprehensive Income

The following tables present the details of accumulated other comprehensive loss components for the years ended December 31, 2017 and 2016:





 

 

 

 



Amount Reclassified from Accumulated Other Comprehensive Loss

 

 

Details of Accumulated Other Comprehensive Loss Components (in thousands)

2017

 

Affected Line Item in the Statement Where Net Income is Presented

Net unrealized losses on investment securities with OTTI:

 

 

 

 

     Accretable Yield

$

 166 

 

Interest income on taxable investment securities

     Taxes

 

 (45)

 

Tax expense

Reclassification of certain tax effects

 

 481 

 

Retained Earnings



$

 602 

 

Net of tax

Net unrealized gains on available for sale investment securities - all other:

 

 

 

 

     Losses on sales

$

 (49)

 

Net gains - other

     Taxes

 

 13 

 

Tax benefit

Reclassification of certain tax effects

 

 435 

 

Retained Earnings



$

 399 

 

Net of tax

Net unrealized gains on held to maturity investment securities:

 

 

 

 

     Amortization

$

 (346)

 

Interest income on taxable investment securities

     Taxes

 

 93 

 

Tax benefit

Reclassification of certain tax effects

 

 246 

 

Retained Earnings



$

 (7)

 

Net of tax

Net unrealized gains on cash flow hedges:

 

 

 

 

Reclassification of certain tax effects

 

 (101)

 

Retained Earnings



$

 (101)

 

Net of tax

Net pension plan liability adjustment:

 

 

 

 

     Amortization of unrecognized loss

$

 (1,057)

 

Salaries and employee benefits

     Amortization of transition asset

 

 0 

 

Salaries and employee benefits

     Amortization of prior service costs

 

 (12)

 

Salaries and employee benefits

     Taxes

 

 288 

 

Tax benefit

Reclassification of certain tax effects

 

 3,170 

 

Retained Earnings



$

 2,389 

 

Net of tax

Net SERP liability adjustment:

 

 

 

 

     Amortization of unrecognized loss

$

 (146)

 

Salaries and employee benefits

     Amortization of prior service costs

 

 3 

 

Salaries and employee benefits

     Taxes

 

 38 

 

Tax benefit

Reclassification of certain tax effects

 

 152 

 

Retained Earnings



$

 47 

 

Net of tax



 

 

 

 

Total reclassifications for the period

$

 3,329 

 

Net of tax





 

 

 

 



Amount Reclassified from Accumulated Other Comprehensive Loss

 

 

Details of Accumulated Other Comprehensive Loss Components (in thousands)

2016

 

Affected Line Item in the Statement Where Net Income is Presented

Net unrealized losses on investment securities with OTTI:

 

 

 

 

     Accretable Yield

 

 9 

 

Interest income on taxable investment securities

     Taxes

 

 (4)

 

Tax expense



$

 5 

 

Net of tax

Net unrealized losses on available for sale investment securities - all other:

 

 

 

 

     Gain on Sales

$

 440 

 

Net gains - other

     Taxes

 

 (175)

 

Tax expense



$

 265 

 

Net of tax



 

 

 

 

Net unrealized gains on held to maturity investment securities:

 

 

 

 

     Amortization

$

 (1,026)

 

Interest income on taxable investment securities

     Taxes

 

 409 

 

Tax benefit



$

 (617)

 

Net of tax



 

 

 

 

Net pension plan liability adjustment:

 

 

 

 

     Amortization of unrecognized loss

 

 (848)

 

Salaries and employee benefits

     Amortization of transition asset

 

 0 

 

Salaries and employee benefits

     Amortization of prior service costs

 

 (12)

 

Salaries and employee benefits

     Taxes

 

 343 

 

Tax benefit



$

 (517)

 

Net of tax

Net SERP liability adjustment:

 

 

 

 

     Amortization of unrecognized loss

 

 (73)

 

Salaries and employee benefits

     Amortization of prior service costs

 

 (20)

 

Salaries and employee benefits

     Taxes

 

 37 

 

Tax benefit



$

 (56)

 

Net of tax



 

 

 

 

Total reclassifications for the period

$

 (920)

 

Net of tax