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Accumulated Other Comprehensive Loss
 3 Months Ended
Mar. 31, 2014
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, 2013 and the three month period ended March 31, 2014:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment

Investment

 

 

 

 

 

 

 

 

 

securities-

securities-

Cash Flow

Pension

 

 

 

 

(in thousands)

with OTTI

all other

Hedge

Plan

SERP

Total

Accumulated OCL, net:

 

 

 

 

 

 

 

 

 

 

 

 

Balance - January 1, 2013

$
(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 income

 
(322)

 
(47)

 
0 

 
303 

 
14 

 
(52)

Balance - December 31, 2013

$
(7,623)

$
(11,292)

$
(274)

$
(5,088)

$
64 

$
(24,213)

Other comprehensive income/(loss) before reclassifications

 
2,730 

 
2,995 

 
55 

 
(179)

 
0 

 
5,601 

Amounts reclassified from accumulated other comprehensive income

 
(96)

 
41 

 
0 

 
52 

 
1 

 
(2)

Balance – March 31, 2014

$
(4,989)

$
(8,256)

$
(219)

$
(5,215)

$
65 

$
(18,614)

 

 

The following tables present the components of comprehensive income for the three months ended March 31, 2014 and 2013:

 

 

 

 

 

 

 

 

Components of Comprehensive Income (in thousands)

Before Tax Amount

Tax (Expense) Benefit

Net

For the three months ended March 31, 2014

 

 

 

 

 

 

Available for sale (AFS) securities with OTTI:

 

 

 

 

 

 

   Unrealized holding gains

$
4,549 

$
(1,819)

$
2,730 

   Less:  accretable yield recognized in income

 
160 

 
(64)

 
96 

Net unrealized gains on investments with OTTI

 
4,389 

 
(1,755)

 
2,634 

 

 

 

 

 

 

 

Available for sale securities – all other:

 

 

 

 

 

 

   Unrealized holding gains

 
4,990 

 
(1,995)

 
2,995 

   Less:  losses recognized in income

 
(68)

 
27 

 
(41)

Net unrealized gains on all other AFS securities

 
5,058 

 
(2,022)

 
3,036 

 

 

 

 

 

 

 

Cash flow hedges:

 

 

 

 

 

 

Unrealized holding gains

 
92 

 
(37)

 
55 

 

 

 

 

 

 

 

Pension Plan:

 

 

 

 

 

 

Unrealized net actuarial loss

 
(298)

 
119 

 
(179)

Less: amortization of unrecognized loss

 
(93)

 
37 

 
(56)

Less: amortization of transition asset

 
10 

 
(4)

 
6 

Less: amortization of prior service costs

 
(3)

 
1 

 
(2)

Net pension plan liability adjustment

 
(212)

 
85 

 
(127)

 

 

 

 

 

 

 

SERP:

 

 

 

 

 

 

Unrealized net actuarial loss

 
0 

 
0 

 
0 

Less: amortization of unrecognized gain

 
4 

 
(1)

 
3 

Less: amortization of prior service costs

 
(5)

 
1 

 
(4)

Net SERP liability adjustment

 
1 

 
0 

 
1 

Other comprehensive income

$
9,328 

$
(3,729)

$
5,599 

 

 

 

 

 

 

 

 

 

 

Components of Comprehensive Income (in thousands)

Before Tax Amount

Tax (Expense) Benefit

Net

For the three months ended March 31, 2013

 

 

 

 

 

 

Available for sale (AFS) securities with OTTI:

 

 

 

 

 

 

   Unrealized holding gains

$
1,788 

$
(718)

$
1,070 

   Less:  accretable yield recognized in income

 
125 

 
(50)

 
75 

Net unrealized gains on investments with OTTI

 
1,663 

 
(668)

 
995 

 

 

 

 

 

 

 

Available for sale securities – all other:

 

 

 

 

 

 

   Unrealized holding losses

 
(195)

 
79 

 
(116)

   Less:  gains recognized in income

 
250 

 
(101)

 
149 

Net unrealized gains on all other AFS securities

 
(445)

 
180 

 
(265)

 

 

 

 

 

 

 

Cash flow hedges:

 

 

 

 

 

 

Unrealized holding gains

 
101 

 
(41)

 
60 

 

 

 

 

 

 

 

Pension Plan:

 

 

 

 

 

 

Unrealized net actuarial gain

 
1,069 

 
(430)

 
639 

Less: amortization of unrecognized loss

 
(133)

 
53 

 
(80)

Less: amortization of transition asset

 
10 

 
(4)

 
6 

Less: amortization of prior service costs

 
(3)

 
1 

 
(2)

Net pension plan liability adjustment

 
1,195 

 
(480)

 
715 

 

 

 

 

 

 

 

SERP:

 

 

 

 

 

 

Unrealized net actuarial loss

 
0 

 
0 

 
0 

Less: amortization of unrecognized loss

 
(1)

 
0 

 
(1)

Less: amortization of prior service costs

 
(5)

 
2 

 
(3)

Net SERP liability adjustment

 
6 

 
(2)

 
4 

Other comprehensive income 

$
2,520 

$
(1,011)

$
1,509 

 

The following table presents the details of accumulated other comprehensive income components for the three months ended March 31, 2014:

 

 

 

 

 

 

Details of Accumulated Other Comprehensive Income Components (in thousands)

Amount Reclassified from Accumulated Other Comprehensive Income For the three months ended March 31, 2014

 

Affected Line Item in the Statement Where Net Income is Presented

Unrealized gains and losses on investment securities with OTTI:

 

 

 

 

    Accretable Yield

$
160 

 

Interest income on taxable investment securities

    Taxes

 
(64)

 

Tax expense

 

$
96 

 

Net of tax

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

 

 

 

 

    Losses on sales

$
(68)

 

Net losses - other

    Taxes

 
27 

 

Tax benefit

 

$
(41)

 

Net of tax

 

 

 

 

 

Net pension plan liability adjustment:

 

 

 

 

    Amortization of unrecognized loss

 
(93)

 

Salaries and employee benefits

    Amortization of transition asset

 
10 

 

Salaries and employee benefits

    Amortization of prior service costs

 
(3)

 

Salaries and employee benefits

    Taxes

 
34 

 

Tax benefit

 

$
(52)

 

Net of Tax

Net SERP liability adjustment:

 

 

 

 

    Amortization of unrecognized gain

 
4 

 

Salaries and employee benefits

    Amortization of prior service costs

 
(5)

 

Salaries and employee benefits

    Taxes

 
0 

 

Tax benefit

 

$
(1)

 

Net of Tax

 

 

 

 

 

Total reclassifications for the period

$
2 

 

Net of tax