Quarterly report pursuant to Section 13 or 15(d)

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

v3.4.0.3
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
 3 Months Ended
Mar. 31, 2016
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 months ended March  31, 2016 is summarized as follows, net of tax (dollars in thousands):





 

 

 

 

 

 

 

 

 

 

 



Unrealized Gains (Losses) on AFS Securities

 

 

Unrealized Gain for AFS Securities Transferred to HTM

Change in Fair Value of Cash Flow Hedge

 

Total

Balance - December 31, 2015

$

 7,777 

 

$

 4,432 

 

$

 (5,957)

 

$

 6,252 



 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss)

 

 3,032 

 

 

 (292)

 

 

 (2,681)

 

 

 59 

Amounts reclassified from accumulated other comprehensive income

 

 (93)

 

 

 -

 

 

 141 

 

 

 48 

Net current period other comprehensive income (loss)

 

 2,939 

 

 

 (292)

 

 

 (2,540)

 

 

 107 



 

 

 

 

 

 

 

 

 

 

 

Balance - March 31, 2016

$

 10,716 

 

$

 4,140 

 

$

 (8,497)

 

$

 6,359 



 

 

 

 

 

 

 

 

 

 

 



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 AFS 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 

 



 

 

 

 

 

 

 

 

 



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 $143,000 and $193,000 for the three months ended March 31, 2016 and 2015, respectively, related to the sale of securities. The tax effect of these transactions during the three months ended March  31, 2016 and 2015 were $50,000 and $68,000, 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 $217,000 and $418,000 for the three months ended March  31, 2016 and 2015, respectively.  The tax effect of these transactions during the three months ended March  31, 2016 and 2015 were $76,000 and $146,000, respectively, which were included as a component of income tax expense.