Quarterly report pursuant to Section 13 or 15(d)

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

v2.4.1.9
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
 3 Months Ended
Mar. 31, 2015
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, 2015 is summarized as follows, net of tax (dollars in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized Gains (Losses) on Securities

 

Change in Fair Value of Cash Flow Hedge

 

Total

Balance - December 31, 2014

$
17,439 

 

$
(5,184)

 

$
12,255 

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss)

 
3,783 

 

 
(1,490)

 

 
2,293 

Amounts reclassified from accumulated other comprehensive income

 
(125)

 

 
272 

 

 
147 

Net current period other comprehensive income (loss)

 
3,658 

 

 
(1,218)

 

 
2,440 

 

 

 

 

 

 

 

 

 

Balance - March 31, 2015

$
21,097 

 

$
(6,402)

 

$
14,695 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 Hedge

 

Total

Balance - December 31, 2013

$
1,192 

 

$
(3,382)

 

$
(2,190)

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss)

 
6,313 

 

 
575 

 

 
6,888 

Amounts reclassified from accumulated other comprehensive income

 
(19)

 

 
47 

 

 
28 

Net current period other comprehensive income (loss)

 
6,294 

 

 
622 

 

 
6,916 

 

 

 

 

 

 

 

 

 

Balance - March 31, 2014

$
7,486 

 

$
(2,760)

 

$
4,726 

 

 

 

 

 

 

 

 

 

 

 

 

Reclassifications of unrealized gains (losses) on available for sale securities are reported in the Company’s Consolidated Statements of Income 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 $193,000 and $29,000 for the three months ended March, 31, 2015 and 2014, respectively, related to gains and losses on the sale of securities.  The tax effect of these transactions during the three months ended March  31, 2015 and 2014 was $68,000 and $10,000, respectively, which amounts 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 Company’s Consolidated Statements of Income with the corresponding income tax effect being reflected as a component of income tax expense.  The Company reported net interest expense of $418,000 and $72,000 for the three months ended March  31, 2015 and 2014, respectively.  The tax effect of these transactions during the three months ended March  31, 2015 and 2014 was $146,000 and $25,000, respectively, which amounts were included as a component of income tax expense.