Quarterly report pursuant to Section 13 or 15(d)

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

v2.4.0.8
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
 9 Months Ended
Sep. 30, 2014
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) [Abstract]  
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

9.ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

The change in accumulated other comprehensive income (loss) for the three and nine months ended September 30, 2014 is summarized as follows, net of tax (dollars in thousands):

 

 

 

 

 

 

 

 

 

 

 

Unrealized Gains (Losses) on Securities

 

Change in Fair Value of Cash Flow Hedge

 

Total

Balance - June 30, 2014

$
14,202 

 

$
(3,321)

 

$
10,881 

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss)

 
1,798 

 

 
(228)

 

 
1,570 

Amounts reclassified from accumulated other comprehensive income

 
(647)

 

 
164 

 

 
(483)

Net current period other comprehensive income (loss)

 
1,151 

 

 
(64)

 

 
1,087 

 

 

 

 

 

 

 

 

 

Balance - September 30, 2014

$
15,353 

 

$
(3,385)

 

$
11,968 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized Gains (Losses) on Securities

 

Change in Fair Value of Cash Flow Hedges

 

Total

Balance - December 31, 2013

$
1,192 

 

$
(3,382)

 

$
(2,190)

 

 

 

 

 

 

 

 

 

Other comprehensive income

 
14,843 

 

 
(431)

 

 
14,412 

Amounts reclassified from accumulated other comprehensive income

 
(682)

 

 
428 

 

 
(254)

Net current period other comprehensive income

 
14,161 

 

 
(3)

 

 
14,158 

 

 

 

 

 

 

 

 

 

Balance - September 30, 2014

$
15,353 

 

$
(3,385)

 

$
11,968 

 

 

 

 

 

 

 

 

 

 

 

 

The change in accumulated other comprehensive income (loss) for the three and nine months ended September 30, 2013 is summarized as follows, net of tax (dollars in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized Gains (Losses) on Securities

 

Change in Fair Value of Cash Flow Hedge

 

Total

Balance - June 30, 2013

$
2,719 

 

$
(3,354)

 

$
(635)

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss)

 
(393)

 

 
293 

 

 
(100)

Amounts reclassified from accumulated other comprehensive income

 
(3)

 

 
161 

 

 
158 

Net current period other comprehensive income (loss)

 
(396)

 

 
454 

 

 
58 

 

 

 

 

 

 

 

 

 

Balance - September 30, 2013

$
2,323 

 

$
(2,900)

 

$
(577)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized Gains (Losses) on Securities

 

Change in Fair Value of Cash Flow Hedges

 

Total

Balance - December 31, 2012

$
14,573 

 

$
(4,489)

 

$
10,084 

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss)

 
(12,220)

 

 
1,049 

 

 
(11,171)

Amounts reclassified from accumulated other comprehensive income

 
(30)

 

 
540 

 

 
510 

Net current period other comprehensive income (loss)

 
(12,250)

 

 
1,589 

 

 
(10,661)

 

 

 

 

 

 

 

 

 

Balance - September 30, 2013

$
2,323 

 

$
(2,900)

 

$
(577)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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.  Excluding OTTI recovery of $400,000 in the second quarter of 2014, the Company reported gains of $995,000 and $1.0 million for the three and nine months ended September 30, 2014, respectively, and gains of $5,000 and $47,000 for the three and nine months ended September, 30, 2013, respectively, related to gains/losses on the sale of securities.  The tax effect of these transactions during the three and nine months ended September 30, 2014 and 2013 were $348,000 and $367,000 and $2,000 and $17,000, 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 $253,000 and $659,000 and $248,000 and $831,000 for the three and nine months ended September 30, 2014 and 2013, respectively.  The tax effect of these transactions during the three and nine months ended September 30, 2014 and 2013 were $89,000 and $231,000 and $87,000 and $291,000, respectively, which were included as a component of income tax expense.