Quarterly report pursuant to Section 13 or 15(d)

Accumulated Other Comprehensive Income

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Accumulated Other Comprehensive Income
 3 Months Ended
Mar. 31, 2014
Equity [Abstract]  
Accumulated Other Comprehensive Income

Note 6 — Accumulated Other Comprehensive Income

Activity in accumulated other comprehensive income for the three months ended March 31, 2014 and 2013 was as follows:

 

    Unrealized Gains
and Losses on
Available-for-Sale
Securities 		    Unrealized Gains
and Losses on
Interest-Only
Strip 		    Tax (Expense)
Benefit		     Total  
    (In thousands)  

For the three months ended March 31 2014:

        

Balance at beginning of period

   $ (18,187 )    $ 16      $ 8,791      $ (9,380 ) 

Other comprehensive income (loss) before reclassification

     8,098        1        (2,807 )      5,292   

Reclassification from accumulated other comprehensive income

     (1,421 )      —          —          (1,421 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

Period change

     6,677        1        (2,807 )      3,871   
 

 

 

    

 

 

    

 

 

    

 

 

  

Balance at end of period

   $ (11,510 )    $ 17      $ 5,984      $ (5,509 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

For the three months ended March 31, 2013:

        

Balance at beginning of period

   $ 7,348      $ 16      $ (1,946 )    $ 5,418   

Other comprehensive (loss) income before reclassification

     (568 )      3        251        (314 ) 

Reclassification from accumulated other comprehensive income

     (9 )      —          —          (9 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

Period change

     (577 )      3        251        (323 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

Balance at end of period

   $ 6,771      $ 19      $ (1,695 )    $ 5,095   
 

 

 

    

 

 

    

 

 

    

 

 

  

For the three months ended March 31, 2014, there was a $5.3 million net unrealized gain on available-for-sale securities and interest-only strip, and a $1.4 million reclassification from accumulated other comprehensive income to gains in earnings resulting from the sale of available-for-sale securities. The $1.4 million reclassification adjustment out of accumulated other comprehensive income was included in net gain on sales of investment securities under non-interest income. The securities were previously recorded as unrealized gains of $59,000 in accumulated other comprehensive income.

 

For the three months ended March 31, 2013, there was a $314,000 net unrealized loss on available-for-sale securities and interest-only strip, and a $9,000 reclassification from accumulated other comprehensive income to gains in earnings resulting from the redemption of the available-for-sale securities. The $9,000 reclassification adjustment out of accumulated other comprehensive income was included in net gain on sales of investment securities under non-interest income. The securities were previously recorded as unrealized gains of $34,000 in accumulated other comprehensive income.