Quarterly report pursuant to Section 13 or 15(d)

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

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ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
 3 Months Ended
Mar. 31, 2014
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) [Abstract]  
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

9.ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

The change in accumulated other comprehensive income (loss) for the three months ended March 31, 2014 is summarized as follows, net of tax (dollars in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized Gains (Losses) on Securities

 

Change in Fair Value of Cash Flow Hedges

 

Total

Balance - December 31, 2013

$
1,192 

 

$
(3,382)

 

$

(2,190)

 

 

 

 

 

 

 

 

 

Other comprehensive income

 
6,313 

 

 
575 

 

 
6,888 

Amounts reclassified from accumulated other comprehensive income

 
(19)

 

 
47 

 

 
28 

Net current period other comprehensive income

 
6,294 

 

 
622 

 

 
6,916 

 

 

 

 

 

 

 

 

 

Balance - March 31, 2014

$
7,486 

 

$
(2,760)

 

$
4,726 

 

 

 

 

 

 

 

 

 

 

The change in accumulated other comprehensive income (loss) for the three months ended March 31, 2013 is summarized as follows, net of tax (dollars in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized Gains (Losses) on Securities

 

Change in Fair Value of Cash Flow Hedges

 

Total

Balance - December 31, 2012

$
14,573 

 

$
(4,489)

 

$
10,084 

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss)

 
(2,107)

 

 
98 

 

 
(2,009)

Amounts reclassified from accumulated other comprehensive income

 
7 

 

 
188 

 

 
195 

Net current period other comprehensive income (loss)

 
(2,100)

 

 
286 

 

 
(1,814)

 

 

 

 

 

 

 

 

 

Balance - March 31, 2013

$
12,473 

 

$
(4,203)

 

$
8,270 

 

 

 

 

 

 

 

 

 

 

 

Reclassifications of unrealized gains (losses) on available for sale securities are reported in the Consolidated 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 $29,000 and losses of $11,000 for the three months ended March 31, 2014 and 2013, respectively, related to gains/losses on the sale of securities.  The tax effect of these transactions during the three months ended March 31, 2014 and 2013 were $10,000 and  $4,000, respectively, which were included as a component of income tax expense. 

 

Reclassifications of the change in fair value of cash flow hedges are reported in interest income and interest expense in the Consolidated Income Statement with the corresponding income tax effect being reflected as a component of income tax expense.  The Company reported net interest expense of $72,000 and $289,000 for the three months ended March 31, 2014 and 2013, respectively.  The tax effect of these transactions during the three months ended March 31, 2014 and 2013 were $25,000 and $101,000, respectively, which were included as a component of income tax expense.