Quarterly report pursuant to Section 13 or 15(d)

STOCKHOLDERS' EQUITY

v3.10.0.1
STOCKHOLDERS' EQUITY
9 Months Ended
Sep. 30, 2018
Equity [Abstract]  
STOCKHOLDERS' EQUITY

Serial Preferred Stock
The Company has the authority to issue up to 500,000 shares of serial preferred stock with a par value of $10.00 per share. As of September 30, 2018 and December 31, 2017, the Company had no shares issued or outstanding.

Accumulated Other Comprehensive Income (Loss)
The change in AOCI for the three and nine months ended September 30, 2018 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
 
Unrealized Gains (Losses) on BOLI
 
Total
Balance - June 30, 2018
$
(10,813
)
 
$
105

 
$
(2,273
)
 
$
(1,064
)
 
$
(14,045
)
Transfer of HTM securities to AFS securities

 

 

 

 

Cumulative effects from adoption of new accounting standard

 

 

 

 

Other comprehensive income (loss):
 
 
 
 
 
 
 
 
 
Other comprehensive income (loss) before reclassification
(11,310
)
 

 
575

 

 
(10,735
)
Amounts reclassified from AOCI into earnings
(77
)
 
(5
)
 
227

 
19

 
164

Net current period other comprehensive income (loss)
(11,387
)
 
(5
)
 
802

 
19

 
(10,571
)
Balance - September 30, 2018
$
(22,200
)
 
$
100

 
$
(1,471
)
 
$
(1,045
)
 
$
(24,616
)

 
Unrealized
Gains (Losses)
on AFS
Securities
 
Unrealized Gain
for AFS
Securities
Transferred to
HTM
 
Change in Fair
Value of Cash
Flow Hedge
 
Unrealized Gains (Losses) on 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 standard (2)
404

 
583

 
(1,094
)
 

 
(107
)
Other comprehensive income (loss):
 
 
 
 
 
 
 
 
 
Other comprehensive income (loss) before reclassification (1)
(27,087
)
 

 
3,214

 

 
(23,873
)
Amounts reclassified from AOCI into earnings
(176
)
 
(403
)
 
770

 
57

 
248

Net current period other comprehensive income (loss)
(27,263
)
 
(403
)
 
3,984

 
57

 
(23,625
)
Balance - September 30, 2018
$
(22,200
)
 
$
100

 
$
(1,471
)
 
$
(1,045
)
 
$
(24,616
)
(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.
(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, which resulted in a reclassification of these amounts from AOCI to retained earnings. 
The change in AOCI for the three and nine months ended September 30, 2017 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
 
Unrealized Gains (Losses) on BOLI
 
Total
Balance - June 30, 2017
$
7,733

 
$
3,033

 
$
(5,487
)
 
$
(1,271
)
 
$
4,008

Other comprehensive income (loss):
 
 
 
 
 
 
 
 
 
Other comprehensive income (loss) before reclassification
(2,729
)
 

 
41

 

 
(2,688
)
Amounts reclassified from AOCI into earnings
(119
)
 
(163
)
 
189

 
84

 
(9
)
Net current period other comprehensive income (loss)
(2,848
)
 
(163
)
 
230

 
84

 
(2,697
)
Balance - September 30, 2017
$
4,885

 
$
2,870

 
$
(5,257
)
 
$
(1,187
)
 
$
1,311


 
Unrealized Gains
(Losses) on AFS
Securities
 
Unrealized Gain
for AFS
Securities
Transferred to
HTM
 
Change in Fair
Value of Cash
Flow Hedge
 
Unrealized Gains (Losses) on BOLI
 
Total
Balance - December 31, 2016
$
(542
)
 
$
3,377

 
$
(5,179
)
 
$
(1,465
)
 
$
(3,809
)
Other comprehensive income (loss):
 
 
 
 
 
 
 
 
 
Other comprehensive income (loss) before reclassification
5,935

 

 
(766
)
 

 
5,169

Amounts reclassified from AOCI into earnings
(508
)
 
(507
)
 
688

 
278

 
(49
)
Net current period other comprehensive income (loss)
5,427

 
(507
)
 
(78
)
 
278

 
5,120

Balance - September 30, 2017
$
4,885

 
$
2,870

 
$
(5,257
)
 
$
(1,187
)
 
$
1,311