Quarterly report pursuant to Section 13 or 15(d)

Accumulated Other Comprehensive Income

v3.8.0.1
Accumulated Other Comprehensive Income
 3 Months Ended
Mar. 31, 2018
Equity [Abstract]  
Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income

Activity in accumulated other comprehensive income for the three months ended March 31, 2018 and 2017 was as follows:
 
Unrealized Gains
and Losses on
Available for Sale
Securities
 
Tax Benefit (Expense)
 
Total
 
(in thousands)
March 31, 2018
 
 
 
 
 
Balance at beginning of period
$
(3,188
)
 
$
1,319

 
$
(1,869
)
Other comprehensive loss before reclassification
(8,864
)
 
2,543

 
(6,321
)
Adjustment to accumulated other comprehensive income related to adoption of ASU 2016-01 and 2018-02 (see Notes 2 and 5)
529

 
(546
)
 
(17
)
Period change
(8,335
)
 
1,997

 
(6,338
)
Balance at end of period
$
(11,523
)
 
$
3,316

 
$
(8,207
)
 
 
 
 
 
 
March 31, 2017
 
 
 
 
 
Balance at beginning of period
$
(4,089
)
 
$
1,695

 
$
(2,394
)
Other comprehensive income before reclassification
1,620

 
(560
)
 
1,060

Reclassification from accumulated other comprehensive income
(269
)
 
—

 
(269
)
Period change
1,351

 
(560
)
 
791

Balance at end of period
$
(2,738
)
 
$
1,135

 
$
(1,603
)


For the three months ended March 31, 2018, there was a net $17,000 adjustment related to adoption of two new accounting standards (ASU 2016-01 and ASU 2018-02) effective January 1, 2018. The $17,000 includes a $529,000 reduction of unrealized losses related to all of the Company's mutual funds equity securities upon adoption of ASU 2016-01 and a $546,000 reduction in tax benefits upon adoption of ASU 2016-01 and ASU 2018-02.

For the three months ended March 31, 2017, there was a $269,000 reclassification from accumulated other comprehensive income to gains in earnings resulting from the sale of available-for-sale securities. The $269,000 reclassification adjustment out of accumulated other comprehensive income was included in net gain on sales of securities under noninterest income. Net unrealized gains of $319,000 related to these sold securities had previously been recorded in accumulated other comprehensive income as of the beginning of the period.