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Accumulated Other Comprehensive Income (Loss)
 3 Months Ended
Mar. 31, 2014
Accumulated Other Comprehensive Income (Loss) [Abstract]  
Accumulated Other Comprehensive Income (Loss)

(7.) ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

The following table presents the components of other comprehensive income (loss) for the three month periods ended March 31, 2014 and 2013 (in thousands):

  Pre-tax           Net-of-tax  
    Amount     Tax Effect     Amount  
March 31, 2014                  
Securities available for sale and transferred securities:                  
Change in unrealized gain/loss during the period $ 6,650   $ 2,634   $ 4,016  
Reclassification adjustment for net gains included in net income (1)   (450 )   (178 )   (272 )
Total securities available for sale and transferred securities   6,200     2,456     3,744  
Amortization of pension and post-retirement items:                  
Prior service credit   (12 )   (5 )   (7 )
Net actuarial losses   44     18     26  
Total pension and post-retirement obligations   32     13     19  
Other comprehensive income $ 6,232   $ 2,469   $ 3,763  
 
March 31, 2013                  
Securities available for sale:                  
Change in unrealized gain/loss during the period $ (2,942 ) $ (1,166 ) $ (1,776 )
Reclassification adjustment for net gains included in net income   (892 )   (353 )   (539 )
Total securities available for sale   (3,834 )   (1,519 )   (2,315 )
Amortization of pension and post-retirement items:                  
Prior service credit   (12 )   (5 )   (7 )
Net actuarial losses   341     135     206  
Total pension and post-retirement obligations   329     130     199  
Other comprehensive loss $ (3,505 ) $ (1,389 ) $ (2,116 )

 

(1)      Includes amounts related to the amortization/accretion of unrealized net gains and losses related to the Company's reclassification of available for sale investment securities to the held to maturity category. The unrealized net gains/losses will be amortized/accreted over the remaining life of the investment securities as an adjustment of yield.
 

Activity in accumulated other comprehensive income (loss), net of tax, for the three month periods ended March 31, 2014 and 2013 was as follows (in thousands):

    Securities              
    Available for     Pension and     Accumulated  
    Sale and   Post-     Other  
    Transferred     retirement     Comprehensive  
    Securities     Obligations     Income (Loss)  
March 31, 2014                  
Balance at beginning of year $ (5,337 ) $ (4,850 ) $ (10,187 )
Other comprehensive income before reclassifications   4,016     -     4,016  
Amounts reclassified from accumulated other comprehensive income   (272 )   19     (253 )
Net current period other comprehensive income   3,744     19     3,763  
Balance at end of period $ (1,593 ) $ (4,831 ) $ (6,424 )
 
March 31, 2013                  
Balance at beginning of year $ 16,060   $ (12,807 ) $ 3,253  
Other comprehensive (loss) income before reclassifications   (1,776 )   -     (1,776 )
Amounts reclassified from accumulated other comprehensive income   (539 )   199     (340 )
Net current period other comprehensive (loss) income   (2,315 )   199     (2,116 )
Balance at end of period $ 13,745   $ (12,608 ) $ 1,137  

 

The following table presents the amounts reclassified out of each component of accumulated other comprehensive income (loss) for the three month periods ended March 31, 2014 and 2013 (in thousands):

    Amount Reclassified from    
Details About Accumulated Other   Accumulated Other   Affected Line Item in the
Comprehensive Income Components   Comprehensive Income   Consolidated Statement of Income
    Three months ended    
    March 31,    
    2014     2013    
Realized gain on sale of investment securities $ 313   $ 892   Net gain on disposal of investment securities
Amortization of unrealized holding gains (losses)              
on investment securities transferred from              
available for sale to held to maturity   137     -   Interest income
    450     892   Total before tax
    (178 )   (353 ) Income tax expense
    272     539   Net of tax
Amortization of pension and post-retirement items:              
Prior service credit (1)   12     12   Salaries and employee benefits
Net actuarial losses (1)   (44 )   (341 ) Salaries and employee benefits
    (32 )   (329 ) Total before tax
    13     130   Income tax benefit
    (19 )   (199 ) Net of tax
Total reclassified for the period $ 253   $ 340    

 

(1)      These items are included in the computation of net periodic pension expense.  See Note 9 – Employee Benefit Plans for additional information.