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Note 12 - Other Comprehensive Income (Loss)
 12 Months Ended
Dec. 31, 2018
Notes to Financial Statements  
Comprehensive Income (Loss) Note [Text Block]
(
12
) Other Comprehensive Income (Loss)
 
The following table illustrates activity within the balances in accumulated other comprehensive income (loss) by component, and is shown for the years ended
December 31, 2018,
2017,
and
2016.
The tables also include
$506
thousand reclassified from AOCI to retained earnings related to the adoption of ASU
2018
-
02
in the
first
quarter of
2018.
ASU
2018
-
02
provided for the reclassification of tax effects stranded in other comprehensive income as a result of the
2017
Tax Cuts and Jobs Act into retained earnings. The Tax Reform reduced the US Federal corporate tax rate from
35%
to
21%
effective
January 1, 2018.
As a result, Bancorp was required to remeasure its net deferred tax assets at the lower rate and recognize the adjustment through income tax expense in
2017.
The adjustment through income tax expense left items presented in AOCI, for which the related income tax effects were originally recognized in other comprehensive income, unadjusted for the new tax rate. The reclassification upon adoption of ASU
2018
-
02
results in AOCI reflecting the new tax rate.
 
   
Net unrealized
    
Net unrealized
    
Minimum
    
 
 
 
   
gains (losses)
    
gains (losses)
    
pension
    
 
 
 
   
on securities
    
on cash
    
liability
    
 
 
 
(In thousands)
  
available for sale
    
flow hedges
    
adjustment
    
Total
  
                                 
Balance at December 31, 2015
   $
965
     $
(60
 )   $
(273
 )   $
632
  
                                 
Other comprehensive (loss) income before reclassifications
    
(2,176
 )    
44
      
1
      
(2,131
 )
Amounts reclassified from accumulated other comprehensive income
    
–
      
–
      
–
      
–
  
                                 
Net current period other comprehensive (loss) income
    
(2,176
 )    
44
      
1
      
(2,131
 )
Balance at December 31, 2016
   $
(1,211
 )   $
(16
 )   $
(272
 )   $
(1,499
 )
                                 
Other comprehensive (loss) income before reclassifications
    
(721
 )    
209
      
(70
 )    
(582
 )
Amounts reclassified from accumulated other comprehensive income
    
151
      
–
      
–
      
151
  
Net current period other comprehensive (loss) income
    
(570
 )    
209
      
(70
 )    
(431
 )
Balance at December 31, 2017 (1)
   $
(1,781
 )   $
193
     $
(342
 )   $
(1,930
 )
                                 
Other comprehensive income (loss) before reclassifications
    
(3,053
 )    
174
      
173
      
(2,706
 )
Amounts reclassified from accumulated other comprehensive income
    
–
      
–
      
–
      
–
  
Net current period other comprehensive income (loss)
    
(3,053
 )    
174
      
173
      
(2,706
 )
Reclassification adjustment for adoption of ASU 2018-02
    
(496
 )    
41
      
(51
 )    
(506
 )
                                 
Balance at December 31, 2018
   $
(5,330
 )   $
408
     $
(220
 )   $
(5,142
 )
 
 
(
1
)
December 31, 2017
AOCI component balances reflect a correction of incorrectly reported year-end balances in Note
12
of the
2017
Form
10
-K, which were presented as $(
2,278
),
$234,
and $(
392
) for securities available for sale, cash flow hedges, and minimum pension liability, respectively.
 
The following table illustrates activity within the reclassifications out of accumulated other comprehensive income (loss), for the years ended
December 31, 2018,
2017
and
2016.
 
Details
of accumulated
  
 
 
 
  
 
 
 
  
 
 
 
Affected line item in
o
ther
c
omprehensive
  
A
mount reclassified from
a
ccumulated
  
the c
onsolidated
i
ncome (
l
oss)
c
omponents
  
o
ther
c
omprehensive
i
ncome (
l
oss)
  
s
tatements of
i
ncome
                           
   
For the years ended December 31,
    
(In thousands)
  
2018
    
2017
    
2016
    
Unrealized gains (losses) on securities available for sale:
                          
Realized loss on sale of available for sale securities
   $ –     $
(232
 )   $ –  
Loss on sale of securities
Effect of income taxes
     –      
81
       –  
Income tax expense
Reclassifications, net of income taxes
   $ –     $
(151
 )   $ –