Quarterly report pursuant to Section 13 or 15(d)

Accumulated Other Comprehensive Income

v3.7.0.1
Accumulated Other Comprehensive Income
 6 Months Ended
Jun. 30, 2017
Equity [Abstract]  
Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income

Activity in accumulated other comprehensive income for the three months ended June 30, 2017 and 2016 was as follows:
 
Unrealized Gains
and Losses on
Available for Sale
Securities
 
Unrealized Gains
and Losses on
Interest-Only
Strip
 
Tax Benefit (Expense)
 
Total
 
(in thousands)
June 30, 2017
 
 
 
 
 
 
 
Balance at beginning of period
$
(2,737
)
 
$
—

 
$
1,134

 
$
(1,603
)
Other comprehensive income before reclassification
3,910

 
—

 
(1,232
)
 
2,678

Reclassification from accumulated other comprehensive income
(938
)
 
—

 
—

 
(938
)
Period change
2,972

 
—

 
(1,232
)
 
1,740

Balance at end of period
$
235

 
$
—

 
$
(98
)
 
$
137

 
 
 
 
 
 
 
 
June 30, 2016
 
 
 
 
 
 
 
Balance at beginning of period
$
7,392

 
$
9

 
$
(2,037
)
 
$
5,364

Other comprehensive income (loss)
6,424

 
(9
)
 
(2,658
)
 
3,757

Balance at end of period
$
13,816

 
$
—

 
$
(4,695
)
 
$
9,121



For the three months ended June 30, 2017, there was a $938,000 reclassification from accumulated other comprehensive income to gains in earnings resulting from the sale of available-for-sale securities. The $938,000 reclassification adjustment out of accumulated other comprehensive income was included in net gain on sales of securities under noninterest income. Net unrealized gains of $430,000 related to these sold securities had previously been recorded in accumulated other comprehensive income as of the beginning of the period. There was no sale of securities during the three months ended June 30, 2016.

Activity in accumulated other comprehensive income for the six months ended June 30, 2017 and 2016 was as follows:
 
Unrealized Gains
and Losses on
Available for Sale
Securities
 
Unrealized Gains
and Losses on
Interest-Only
Strip
 
Tax Benefit (Expense)
 
Total
 
(in thousands)
June 30, 2017
 
 
 
 
 
 
 
Balance at beginning of period
$
(4,089
)
 
$
—

 
$
1,695

 
$
(2,394
)
Other comprehensive income before reclassification
5,530

 
—

 
(1,793
)
 
3,737

Reclassification from accumulated other comprehensive income
(1,206
)
 
—

 
—

 
(1,206
)
Period change
4,324

 
—

 
(1,793
)
 
2,531

Balance at end of period
$
235

 
$
—

 
$
(98
)
 
$
137

 
 
 
 
 
 
 
 
June 30, 2016
 
 
 
 
 
 
 
Balance at beginning of period
$
(2,331
)
 
$
9

 
$
2,007

 
$
(315
)
Other comprehensive income (loss)
16,147

 
(9
)
 
(6,702
)
 
9,436

Balance at end of period
$
13,816

 
$
—

 
$
(4,695
)
 
$
9,121



For the six months ended June 30, 2017, there was a $1.2 million reclassification from accumulated other comprehensive income to gains in earnings resulting from the sale of available-for-sale securities. The $1.2 million reclassification adjustment out of accumulated other comprehensive income was included in net gain on sales of securities under noninterest income. Net unrealized gains of $744,000 related to these sold securities had previously been recorded in accumulated other comprehensive income as of the beginning of the period. There was no sale of securities during the six months ended June 30, 2016.