Quarterly report pursuant to Section 13 or 15(d)

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

v2.4.0.8
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
 6 Months Ended
Jun. 30, 2013
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) [Abstract]  
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

8.            ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

The change in accumulated other comprehensive income (loss) for the three and six months ended June 30, 2013 are summarized as follows net of tax (dollars in thousands):

 

 

 

 

 

 

 

 

 

 

 

Unrealized Gains (losses) on Securities

 

Change in FV of Cash Flow Hedge

 

Total

Balance - March 31, 2013

$
12,473 

 

$
(4,203)

 

$
8,270 

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss)

 
(9,720)

 

 
849 

 

 
(8,871)

Reclassification adjustment for losses included in net income

 
(34)

 

 

 -

 

 
(34)

Net current period other comprehensive income (loss)

 
(9,754)

 

 
849 

 

 
(8,905)

 

 

 

 

 

 

 

 

 

Balance - June 30, 2013

$
2,719 

 

$
(3,354)

 

$
(635)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized Gains (losses) on Securities

 

Change in FV of Cash Flow Hedge

 

Total

Balance - December 31, 2012

$
14,573 

 

$
(4,489)

 

$
10,084 

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss)

 
(11,827)

 

 
1,135 

 

 
(10,692)

Reclassification adjustment for losses included in net income

 
(27)

 

 

 -

 

 
(27)

Net current period other comprehensive income (loss)

 
(11,854)

 

 
1,135 

 

 
(10,719)

 

 

 

 

 

 

 

 

 

Balance - June 30, 2013

$
2,719 

 

$
(3,354)

 

$
(635)

 

 

 

 

 

 

 

 

 

 

 

 

The change in accumulated other comprehensive income (loss) for the three and six months ended June 30, 2012 are summarized as follows net of tax (dollars in thousands):

 

 

 

 

 

 

 

 

 

 

 

Unrealized Gains (losses) on Securities

 

Change in FV of Cash Flow Hedge

 

Total

Balance - March 31, 2012

$
14,607 

 

$
(4,096)

 

$
10,511 

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss)

 
992 

 

 
(487)

 

 
505 

Reclassification adjustment for losses included in net income

 
(6)

 

 

 -

 

 
(6)

Net current period other comprehensive income (loss)

 
986 

 

 
(487)

 

 
499 

 

 

 

 

 

 

 

 

 

Balance - June 30, 2012

$
15,593 

 

$
(4,583)

 

$
11,010 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized Gains (losses) on Securities

 

Change in FV of Cash Flow Hedge

 

Total

Balance - December 31, 2011

$
13,943 

 

$
(4,293)

 

$
9,650 

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss)

 
1,653 

 

 
(290)

 

 
1,363 

Reclassification adjustment for losses included in net income

 
(3)

 

 

 -

 

 
(3)

Net current period other comprehensive income (loss)

 
1,650 

 

 
(290)

 

 
1,360 

 

 

 

 

 

 

 

 

 

Balance - June 30, 2012

$
15,593 

 

$
(4,583)

 

$
11,010 

 

 

 

 

 

 

 

 

 

 

 

Reclassifications of unrealized gains (losses) on available-for-sale (“AFS”) securities are reported in the income statement as "Gains on securities transactions, net" with the corresponding income tax effect being reflected as a component of income tax expense.  The Company reported gains of $53,000 and $42,000 for the three and six months ended June 30, 3013, respectively, and gains of $10,000 and $5,000 for the three and six months ended June 30, 2012, respectively, related to gains/losses on the sale of securities.  The tax effect of these transactions during the three and six months ended for June 30, 2013 and 2012 was $19,000 and $15,000 and $4,000 and $2,000, respectively, which was included as a component of income tax expense.