Quarterly report pursuant to Section 13 or 15(d)

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

v2.4.0.8
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
 9 Months Ended
Sep. 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 nine months ended September 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 - June 30, 2013

$
2,719 

 

$
(3,354)

 

$
(635)

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss)

 
(393)

 

 
454 

 

 
61 

Reclassification adjustment for losses included in net income

 
(3)

 

 

 -

 

 
(3)

Net current period other comprehensive income (loss)

 
(396)

 

 
454 

 

 
58 

 

 

 

 

 

 

 

 

 

Balance - September 30, 2013

$
2,323 

 

$
(2,900)

 

$
(577)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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)

 
(12,220)

 

 
1,589 

 

 
(10,631)

Reclassification adjustment for losses included in net income

 
(30)

 

 

 -

 

 
(30)

Net current period other comprehensive income (loss)

 
(12,250)

 

 
1,589 

 

 
(10,661)

 

 

 

 

 

 

 

 

 

Balance - September 30, 2013

$
2,323 

 

$
(2,900)

 

$
(577)

 

 

 

 

 

 

 

 

 

 

 

 

 

The change in accumulated other comprehensive income (loss) for the three and nine months ended September 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 - June 30, 2012

$
15,593 

 

$
(4,583)

 

$
11,010 

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss)

 
2,175 

 

 
(202)

 

 
1,973 

Reclassification adjustment for losses included in net income

 
1 

 

 

 -

 

 
1 

Net current period other comprehensive income (loss)

 
2,176 

 

 
(202)

 

 
1,974 

 

 

 

 

 

 

 

 

 

Balance - September 30, 2012

$
17,769 

 

$
(4,785)

 

$
12,984 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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)

 
3,829 

 

 
(492)

 

 
3,337 

Reclassification adjustment for losses included in net income

 
(3)

 

 

 -

 

 
(3)

Net current period other comprehensive income (loss)

 
3,826 

 

 
(492)

 

 
3,334 

 

 

 

 

 

 

 

 

 

Balance - September 30, 2012

$
17,769 

 

$
(4,785)

 

$
12,984 

 

 

 

 

 

 

 

 

 

 

 

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 $5,000 and $47,000 for the three and nine months ended September 30, 2013, respectively, and a loss of $1,000 and a gain of $4,000 for the three and nine months ended September 30, 2012, respectively, related to gains/losses on the sale of securities.  The tax effect of these transactions during the three and nine months ended September 30, 2013 and 2012 was $2,000 and $17,000 and $0 and $1,000, respectively, which were included as a component of income tax expense.