| Change in Accumulated Other Comprehensive Income |
The change in accumulated other comprehensive income (loss) for the year ended December 31, 2019 is summarized as follows, net of tax (dollars in thousands):
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|
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Unrealized |
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Gains |
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|
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|
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(Losses) for |
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Unrealized |
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AFS |
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|
Unrealized |
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|
|
|
Gains (Losses) |
|
Securities |
|
Change in Fair |
|
Gains |
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|
|
|
on AFS |
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Transferred |
|
Value of Cash |
|
(Losses) |
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|
|
|
|
Securities |
|
to HTM |
|
Flow Hedges |
|
on BOLI |
|
Total |
Balance - December 31, 2018 |
|
$ |
(5,949) |
|
$ |
95 |
|
$ |
(3,393) |
|
$ |
(1,026) |
|
$ |
(10,273) |
Other comprehensive income (loss): |
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|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income (loss) before reclassification |
|
|
49,890 |
|
|
— |
|
|
(5,103) |
|
|
(646) |
|
|
44,141 |
Amounts reclassified from AOCI into earnings |
|
|
(6,064) |
|
|
(20) |
|
|
7,714 |
|
|
77 |
|
|
1,707 |
Net current period other comprehensive income (loss) |
|
|
43,826 |
|
|
(20) |
|
|
2,611 |
|
|
(569) |
|
|
45,848 |
Balance - December 31, 2019 |
|
$ |
37,877 |
|
$ |
75 |
|
$ |
(782) |
|
$ |
(1,595) |
|
$ |
35,575 |
The change in accumulated other comprehensive income (loss) for the year ended December 31, 2018 is summarized as follows, net of tax (dollars in thousands):
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|
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|
|
|
|
|
|
|
|
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Unrealized |
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|
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Gains |
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|
|
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|
|
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|
|
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(Losses) for |
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|
|
|
|
|
|
|
|
|
Unrealized |
|
AFS |
|
|
|
|
Unrealized |
|
|
|
|
|
Gains (Losses) |
|
Securities |
|
Change in Fair |
|
Gains |
|
|
|
|
|
on AFS |
|
Transferred |
|
Value of Cash |
|
(Losses) on |
|
|
|
|
|
Securities |
|
to HTM |
|
Flow Hedges |
|
BOLI |
|
Total |
Balance - December 31, 2017 |
|
$ |
1,874 |
|
$ |
2,705 |
|
$ |
(4,361) |
|
$ |
(1,102) |
|
$ |
(884) |
Transfer of HTM securities to AFS securities(1) |
|
|
2,785 |
|
|
(2,785) |
|
|
— |
|
|
— |
|
|
— |
Cumulative effects from adoption of new accounting standards (2) (3) |
|
|
465 |
|
|
583 |
|
|
(1,094) |
|
|
— |
|
|
(46) |
Other comprehensive income (loss): |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income (loss) before reclassification |
|
|
(10,711) |
|
|
— |
|
|
1,087 |
|
|
— |
|
|
(9,624) |
Amounts reclassified from AOCI into earnings |
|
|
(362) |
|
|
(408) |
|
|
975 |
|
|
76 |
|
|
281 |
Net current period other comprehensive income (loss) |
|
|
(11,073) |
|
|
(408) |
|
|
2,062 |
|
|
76 |
|
|
(9,343) |
Balance - December 31, 2018 |
|
$ |
(5,949) |
|
$ |
95 |
|
$ |
(3,393) |
|
$ |
(1,026) |
|
$ |
(10,273) |
____________________
| (1) |
During the second quarter of 2018, the Company adopted ASU No. 2017-12, "Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities". As part of this adoption, the Company made a one-time election to transfer eligible HTM securities to the AFS category. The transfer of these securities resulted in an increase of approximately $400,000 to AOCI and is included as unrealized gains (losses) on AFS securities above.
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| (2) |
During the second quarter of 2018, the Company adopted ASU No. 2018-02 "Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income." As part of this adoption, the Company reclassified approximately $107,000 of these amounts from AOCI to retained earnings.
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| (3) |
During the first quarter of 2018, the Company adopted ASU No. 2016-01 "Financial Instruments - Overall (Subtopic 825-10) Recognition and Measurement of Financial Assets and Financial Liabilities." As part of this adoption, the Company reclassified approximately $61,000 of these amounts from AOCI to retained earnings.
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The change in accumulated other comprehensive income (loss) for the year ended December 31, 2017 is summarized as follows, net of tax (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Unrealized |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gains |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Losses) for |
|
|
|
|
|
|
|
|
|
|
|
Unrealized |
|
AFS |
|
|
|
|
Unrealized |
|
|
|
|
|
Gains (Losses) |
|
Securities |
|
Change in Fair |
|
Gains |
|
|
|
|
|
on AFS |
|
Transferred |
|
Value of Cash |
|
(Losses) |
|
|
|
|
|
Securities |
|
to HTM |
|
Flow Hedges |
|
on BOLI |
|
Total |
Balance - December 31, 2016 |
|
$ |
(542) |
|
$ |
3,377 |
|
$ |
(5,179) |
|
$ |
(1,465) |
|
$ |
(3,809) |
Other comprehensive income (loss): |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income (loss) before reclassification |
|
|
2,936 |
|
|
— |
|
|
(44) |
|
|
— |
|
|
2,892 |
Amounts reclassified from AOCI into earnings |
|
|
(520) |
|
|
(672) |
|
|
862 |
|
|
363 |
|
|
33 |
Net current period other comprehensive income (loss) |
|
|
2,416 |
|
|
(672) |
|
|
818 |
|
|
363 |
|
|
2,925 |
Balance - December 31, 2017 |
|
$ |
1,874 |
|
$ |
2,705 |
|
$ |
(4,361) |
|
$ |
(1,102) |
|
$ |
(884) |
|