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Accumulated Other Comprehensive Loss
 3 Months Ended
Mar. 31, 2016
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, 2015 and the three-months ended March 31, 2016:





 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in thousands)

Investment securities- with OTTI AFS

Investment securities- all other AFS

 

Investment securities- HTM

Cash Flow Hedge

Pension Plan

SERP

Total

Accumulated OCL, net:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance - January 1, 2015

$

 (3,679)

$

 (2,555)

$

 (2,255)

$

 (119)

$

 (11,392)

$

 (233)

$

 (20,233)

Other comprehensive income/(loss) before reclassifications

 

 1,154 

 

 1,344 

 

 0 

 

 80 

 

 (1,736)

 

 (113)

 

 729 

Amounts reclassified from accumulated other comprehensive loss

 

 2,059 

 

 (174)

 

 284 

 

 0 

 

 465 

 

 41 

 

 2,675 

Balance - December 31, 2015

$

 (466)

$

 (1,385)

$

 (1,971)

$

 (39)

$

 (12,663)

$

 (305)

$

 (16,829)

Other comprehensive income/(loss) before reclassifications

 

 (899)

 

 558 

 

 0 

 

 (331)

 

 (343)

 

 0 

 

 (1,015)

Amounts reclassified from accumulated other comprehensive loss

 

 (22)

 

 (124)

 

 143 

 

 0 

 

 130 

 

 15 

 

 142 

Balance – March 31, 2016

$

 (1,387)

$

 (951)

$

 (1,828)

$

 (370)

$

 (12,876)

$

 (290)

$

 (17,702)



The following tables present the components of comprehensive income for the three-month periods ended March 31, 2016 and 2015:







 

 

 

 

 

 

Components of Comprehensive Loss (in thousands)

Before Tax Amount

Tax (Expense) Benefit

Net

For the three months ended March 31, 2016

 

 

 

 

 

 

Available for sale (AFS) securities with OTTI:

 

 

 

 

 

 

    Unrealized holding losses

$

 (1,496)

$

 597 

$

 (899)

    Less:  accretable yield recognized in income

 

 36 

 

 (14)

 

 22 

Net unrealized losses on investments with OTTI

 

 (1,532)

 

 611 

 

 (921)



 

 

 

 

 

 

Available for sale securities – all other:

 

 

 

 

 

 

    Unrealized holding gains

 

 929 

 

 (371)

 

 558 

    Less:  gains recognized in income

 

 206 

 

 (82)

 

 124 

Net unrealized gains on all other AFS securities

 

 723 

 

 (289)

 

 434 



 

 

 

 

 

 

Held to maturity securities:

 

 

 

 

 

 

    Unrealized holding gains

 

 0 

 

 0 

 

 0 

    Less:  amortization recognized in income

 

 (237)

 

 94 

 

 (143)

Net unrealized gains on HTM securities

 

 237 

 

 (94)

 

 143 



 

 

 

 

 

 

Cash flow hedges:

 

 

 

 

 

 

Unrealized holding losses

 

 (551)

 

 220 

 

 (331)



 

 

 

 

 

 

Pension Plan:

 

 

 

 

 

 

Unrealized net actuarial loss

 

 (571)

 

 228 

 

 (343)

Less: amortization of unrecognized loss

 

 (212)

 

 85 

 

 (127)

Less: amortization of transition asset

 

 0 

 

 0 

 

 0 

Less: amortization of prior service costs

 

 (3)

 

 0 

 

 (3)

Net pension plan liability adjustment

 

 (356)

 

 143 

 

 (213)



 

 

 

 

 

 

SERP:

 

 

 

 

 

 

Unrealized net actuarial loss

 

 0 

 

 0 

 

 0 

Less: amortization of unrecognized loss

 

 (19)

 

 8 

 

 (11)

Less: amortization of prior service costs

 

 (5)

 

 1 

 

 (4)

Net SERP liability adjustment

 

 24 

 

 (9)

 

 15 

Other comprehensive loss

$

 (1,455)

$

 582 

$

 (873)









 

 

 

 

 

 

Components of Comprehensive Income (in thousands)

Before Tax Amount

Tax (Expense) Benefit

Net

For the three months ended March 31, 2015

 

 

 

 

 

 

Available for sale (AFS) securities with OTTI:

 

 

 

 

 

 

    Unrealized holding gains

$

 2,778 

$

 (1,108)

$

 1,670 

    Less:  accretable yield recognized in income

 

 167 

 

 (67)

 

 100 

Net unrealized gains on investments with OTTI

 

 2,611 

 

 (1,041)

 

 1,570 



 

 

 

 

 

 

Available for sale securities – all other:

 

 

 

 

 

 

    Unrealized holding gains

 

 1,032 

 

 (411)

 

 621 

    Less:  losses recognized in income

 

 (97)

 

 39 

 

 (58)

Net unrealized gains on all other AFS securities

 

 1,129 

 

 (450)

 

 679 



 

 

 

 

 

 

Held to maturity securities:

 

 

 

 

 

 

    Unrealized holding gains

 

 0 

 

 0 

 

 0 

    Less:  amortization recognized in income

 

 (116)

 

 46 

 

 (70)

Net unrealized gains on HTM securities

 

 116 

 

 (46)

 

 70 



 

 

 

 

 

 

Cash flow hedges:

 

 

 

 

 

 

Unrealized holding gains

 

 35 

 

 (14)

 

 21 



 

 

 

 

 

 

Pension Plan:

 

 

 

 

 

 

Unrealized net actuarial loss

 

 (334)

 

 132 

 

 (202)

Less: amortization of unrecognized loss

 

 (186)

 

 74 

 

 (112)

Less: amortization of transition asset

 

 5 

 

 (2)

 

 3 

Less: amortization of prior service costs

 

 (3)

 

 -

 

 (3)

Net pension plan liability adjustment

 

 (150)

 

 60 

 

 (90)



 

 

 

 

 

 

SERP:

 

 

 

 

 

 

Unrealized net actuarial loss

 

 0 

 

 0 

 

 0 

Less: amortization of unrecognized loss

 

 (12)

 

 5 

 

 (7)

Less: amortization of prior service costs

 

 (5)

 

 2 

 

 (3)

Net SERP liability adjustment

 

 17 

 

 (7)

 

 10 

Other comprehensive income

$

 3,758 

$

 (1,498)

$

 2,260 



The following table presents the details of amount reclassified from accumulated other comprehensive income/(loss) for the three-month periods ended March 31, 2016 and 2015:





 

 

 

 

 

 



 

 

 

Amounts Reclassified From Accumulated Other Comprehensive Income/(Loss) (in thousands)

For the three months ended March 31, 2016

For the three months ended March 31, 2015

 

Affected Line Item in the Statement Where Net Income is Presented

Unrealized gains and losses on investment securities with OTTI:

 

 

 

 

 

 

     Accretable yield

$

 36 

$

 167 

 

Interest income on taxable investment securities

     Taxes

 

 (14)

 

 (67)

 

Tax expense



$

 22 

$

 100 

 

Net of tax

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

 

 

 

 

 

 

    Gains/(losses) on sales

$

 206 

$

 (97)

 

Net gains/(losses)

     Taxes

 

 (82)

 

 39 

 

Tax (expense)/benefit



$

 124 

$

 (58)

 

Net of tax

Unrealized losses on held to maturity securities:

 

 

 

 

 

 

     Amortization

$

 (237)

$

 (116)

 

Interest income on taxable investment securities

     Taxes

 

 94 

 

 46 

 

Tax benefit



$

 (143)

$

 (70)

 

Net of tax

Net pension plan liability adjustment:

 

 

 

 

 

 

     Amortization of unrecognized loss

 

 (212)

 

 (186)

 

Salaries and employee benefits

     Amortization of transition asset

 

 0 

 

 5 

 

Salaries and employee benefits

     Amortization of prior service costs

 

 (3)

 

 (3)

 

Salaries and employee benefits

     Taxes

 

 85 

 

 72 

 

Tax benefit



$

 (130)

$

 (112)

 

Net of tax

Net SERP liability adjustment:

 

 

 

 

 

 

     Amortization of unrecognized loss

 

 (19)

 

 (12)

 

Salaries and employee benefits

     Amortization of prior service costs

 

 (5)

 

 (5)

 

Salaries and employee benefits

     Taxes

 

 9 

 

 7 

 

Tax benefit



$

 (15)

$

 (10)

 

Net of tax



 

 

 

 

 

 

Total reclassifications for the period

$

 (142)

$

 (150)

 

Net of tax