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Accumulated Other Comprehensive Loss
 12 Months Ended
Dec. 31, 2013
Accumulated Other Comprehensive Loss [Abstract]  
Accumulated Other Comprehensive Loss

1.

Accumulated Other Comprehensive Loss (“AOCL”)

 

The following table presents the changes in each component of accumulated other comprehensive loss for the years ended December 31, 2013 and 2012:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment

Investment

 

 

 

 

 

 

 

 

 

securities-

securities-

Cash Flow

Pension

 

 

 

 

(in thousands)

with OTTI

all other

Hedge

Plan

SERP

Total

Accumulated OCL, net:

 

 

 

 

 

 

 

 

 

 

 

 

Balance - January 1, 2012

$
(10,572)

$
(2,633)

$
(616)

$
(6,945)

$
(196)

$
(20,962)

Net gain/(loss) during period

 
536 

 
(333)

 
109 

 
(1,317)

 
144 

 
(861)

Balance - December 31, 2012

$
(10,036)

$
(2,966)

$
(507)

$
(8,262)

$
(52)

$
(21,823)

Other comprehensive income/(loss) before reclassifications

 
2,735 

 
(8,279)

 
233 

 
2,871 

 
102 

 
(2,338)

Amounts reclassified from accumulated other comprehensive loss

 
(322)

 
(47)

 
0 

 
303 

 
14 

 
(52)

Balance - December 31,2013

$
(7,623)

$
(11,292)

$
(274)

$
(5,088)

$
64 

$
(24,213)

 

 

The following tables present the components of comprehensive income for the years ended December 31, 2013 and 2012:

 

 

 

 

 

 

 

 

 

 

 

Components of Other Comprehensive loss (in thousands)

Before Tax Amount

Tax (Expense) Benefit

Net

For the year ended December 31, 2013

 

 

 

 

 

 

Available for sale (AFS) securities with OTTI:

 

 

 

 

 

 

   Unrealized holding gains

$
4,626 

$
(1,891)

$
2,735 

   Less:  accretable yield recognized in income

 
537 

 
(215)

 
322 

Net unrealized gains on investments with OTTI

 
4,089 

 
(1,676)

 
2,413 

 

 

 

 

 

 

 

Available for sale securities – all other:

 

 

 

 

 

 

   Unrealized holding losses

 
(13,879)

 
5,600 

 
(8,279)

   Less:  gains recognized in income

 
78 

 
(31)

 
47 

Net unrealized losses on all other AFS securities

 
(13,957)

 
5,631 

 
(8,326)

 

 

 

 

 

 

 

Cash flow hedges:

 

 

 

 

 

 

Unrealized holding gains

 
392 

 
(159)

 
233 

 

 

 

 

 

 

 

Pension Plan:

 

 

 

 

 

 

Unrealized net actuarial gain

 
4,790 

 
(1,919)

 
2,871 

Less: amortization of unrecognized loss

 
(532)

 
213 

 
(319)

Less: amortization of transition asset

 
39 

 
(16)

 
23 

Less: amortization of prior service costs

 
(12)

 
5 

 
(7)

Net pension plan liability adjustment

 
5,295 

 
(2,121)

 
3,174 

 

 

 

 

 

 

 

SERP:

 

 

 

 

 

 

Unrealized net actuarial gain

 
170 

 
(68)

 
102 

Less: amortization of unrecognized loss

 
(3)

 
1 

 
(2)

Less: amortization of prior service costs

 
(20)

 
8 

 
(12)

Net SERP liability adjustment

 
193 

 
(77)

 
116 

Other comprehensive loss

$
(3,988)

$
1,598 

$
(2,390)

 

 

 

 

 

 

 

 

 

 

Components of Other Comprehensive Income (in thousands)

Before Tax Amount

Tax (Expense) Benefit

Net

For the year ended December 31, 2012

 

 

 

 

 

 

Available for sale (AFS) securities with OTTI:

 

 

 

 

 

 

   Unrealized holding gains

$
1,315 

$
(501)

$
814 

   Less:  accretable yield recognized in income

 
465 

 
(187)

 
278 

Net unrealized gains on investments with OTTI

 
850 

 
(314)

 
536 

 

 

 

 

 

 

 

Available for sale securities – all other:

 

 

 

 

 

 

   Unrealized holding gains

 
999 

 
(408)

 
591 

   Less:  gains recognized in income

 
1,545 

 
(621)

 
924 

Net unrealized losses on all other AFS securities

 
(546)

 
213 

 
(333)

 

 

 

 

 

 

 

Cash flow hedges:

 

 

 

 

 

 

Unrealized holding gains

 
185 

 
(76)

 
109 

 

 

 

 

 

 

 

Pension Plan:

 

 

 

 

 

 

Unrealized net actuarial loss

 
(2,547)

 
1,019 

 
(1,528)

Less: amortization of unrecognized loss

 
(379)

 
152 

 
(227)

Less: amortization of transition asset

 
39 

 
(16)

 
23 

Less: amortization of prior service costs

 
(12)

 
5 

 
(7)

Net pension plan liability adjustment

 
(2,195)

 
878 

 
(1,317)

 

 

 

 

 

 

 

SERP:

 

 

 

 

 

 

Unrealized net actuarial gain

 
102 

 
(41)

 
61 

Less: amortization of unrecognized loss

 
(15)

 
6 

 
(9)

Less: amortization of prior service costs

 
(123)

 
49 

 
(74)

Net SERP liability adjustment

 
240 

 
(96)

 
144 

Other comprehensive income 

$
(1,466)

$
605 

$
(861)

 

 

The following table presents the details of accumulated other comprehensive income components for the years ended December 31, 2013:

 

 

 

 

 

 

 

 

Amount Reclassified from Accumulated Other Comprehensive Income

 

 

Details of Accumulated Other Comprehensive Income Components (in thousands)

For the year ended December 31, 2013

 

Affected Line Item in the Statement Where Net Income is Presented

Unrealized gains and losses on investment securities with OTTI:

 

 

 

 

    Accretable Yield

$
537 

 

Interest income on taxable investment securities

    Taxes

 
(215)

 

Tax expense

 

$
322 

 

Net of tax

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

 

 

 

 

    Gains on sales

$
78 

 

Net gains - other

    Taxes

 
(31)

 

Tax expense

 

$
47 

 

Net of tax

 

 

 

 

 

Net pension plan liability adjustment:

 

 

 

 

    Amortization of unrecognized loss

 
(532)

 

Salaries and employee benefits

    Amortization of transition asset

 
39 

 

Salaries and employee benefits

    Amortization of prior service costs

 
(12)

 

Salaries and employee benefits

    Taxes

 
202 

 

Tax benefit

 

$
(303)

 

Net of tax

Net SERP liability adjustment:

 

 

 

 

    Amortization of unrecognized loss

 
(3)

 

Salaries and employee benefits

    Amortization of prior service costs

 
(20)

 

Salaries and employee benefits

    Taxes

 
9 

 

Tax benefit

 

$
(14)

 

Net of tax

 

 

 

 

 

Total reclassifications for the period

$
52 

 

Net of tax