Annual report pursuant to Section 13 and 15(d)

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

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ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
 12 Months Ended
Dec. 31, 2013
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) [Abstract]  
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

10.ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

The change in accumulated other comprehensive income (loss) for the year ended December 31, 2013 is summarized as follows, net of tax (dollars in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized Gains (losses) on Securities

 

Change in FV of Cash Flow Hedges

 

Total

Balance - December 31, 2012

$
14,573 

 

$
(4,489)

 

$
10,084 

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss)

 
(13,367)

 

 
583 

 

 
(12,784)

Amounts reclassified from accumulated other comprehensive income

 
(14)

 

 
524 

 

 
510 

Net current period other comprehensive income (loss)

 
(13,381)

 

 
1,107 

 

 
(12,274)

 

 

 

 

 

 

 

 

 

Balance - December 31, 2013

$
1,192 

 

$
(3,382)

 

$
(2,190)

 

 

 

 

 

 

 

 

 

 

 

The change in accumulated other comprehensive income (loss) for the year ended December 31, 2012 is summarized as follows, net of tax (dollars in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized Gains (losses) on Securities

 

Change in FV of Cash Flow Hedge

 

Total

Balance - December 31, 2011

$
13,943 

 

$
(4,293)

 

$
9,650 

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss)

 
753 

 

 
(922)

 

 
(169)

Amounts reclassified from accumulated other comprehensive income

 
(123)

 

 
726 

 

 
603 

Net current period other comprehensive income (loss)

 
630 

 

 
(196)

 

 
434 

 

 

 

 

 

 

 

 

 

Balance - December 31, 2012

$
14,573 

 

$
(4,489)

 

$
10,084 

 

 

 

 

 

 

 

 

 

 

The change in accumulated other comprehensive income (loss) for the year ended December 31, 2011 is summarized as follows, net of tax (dollars in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized Gains (losses) on Securities

 

Change in FV of Cash Flow Hedge

 

Total

Balance - December 31, 2010

$
5,046 

 

$
(1,475)

 

$
3,571 

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss)

 
9,231 

 

 
(3,233)

 

 
5,998 

Amounts reclassified from accumulated other comprehensive income

 
(334)

 

 
415 

 

 
81 

Net current period other comprehensive income (loss)

 
8,897 

 

 
(2,818)

 

 
6,079 

 

 

 

 

 

 

 

 

 

Balance - December 31, 2011

$
13,943 

 

$
(4,293)

 

$
9,650 

 

 

 

 

 

 

 

 

 

 

Reclassifications of unrealized gains (losses) on available-for-sale securities are reported in the Consolidated Income Statement 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 $21,000,  $190,000, and $913,000 for the years ended December 31, 2013, 2012, and 2011, respectively, related to gains/losses on the sale of securities.  As discussed in Note 2 “Securities”, the Company determined that a single issuer trust preferred security incurred credit-related OTTI of $400,000 during the year ended December 31, 2011, which is included in the reclassification above.  The tax effect of these transactions during the years ended December 31, 2013, 2012, and 2011 were $7,000,  $67,000, and $179,000, respectively, which 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 Consolidated Income Statement with the corresponding income tax effect being reflected as a component of income tax expense.  The Company reported net interest expense of $805,000,  $1.1 million, and $638,000 for the years ended December 31, 2013, 2012, and 2011, respectively.  The tax effect of these transactions during the years ended December 31, 2013, 2012, and 2011 were $281,000,  $391,000, and $223,000, respectively, which were included as a component of income tax expense.