Annual report pursuant to Section 13 and 15(d)

STOCKHOLDERS' EQUITY (Tables)

v3.20.4
STOCKHOLDERS' EQUITY (Tables)
12 Months Ended
Dec. 31, 2020
Equity [Abstract]  
Change in Accumulated Other Comprehensive Income

The change in accumulated other comprehensive income (loss) for the year ended December 31, 2020 is summarized as follows, net of tax (dollars in thousands):

    

    

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, 2019

$

37,877

$

75

$

(782)

$

(1,595)

$

35,575

Other comprehensive income (loss):

 

  

 

  

 

  

 

  

 

  

Other comprehensive income (loss) before reclassification

 

45,996

 

 

(699)

 

(2,098)

 

43,199

Amounts reclassified from AOCI into earnings

 

(9,712)

 

(20)

 

1,481

 

492

 

(7,759)

Net current period other comprehensive income (loss)

 

36,284

 

(20)

 

782

 

(1,606)

 

35,440

Balance - December 31, 2020

$

74,161

$

55

$

$

(3,201)

$

71,015

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):

    

    

Unrealized

    

    

    

Gains 

(Losses) for 

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, 2018

$

(5,949)

$

95

$

(3,393)

$

(1,026)

$

(10,273)

Other comprehensive income (loss):

 

  

 

  

 

  

 

  

 

  

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):

    

    

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, 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):

 

 

 

 

 

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.

(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.

(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.