Annual report pursuant to Section 13 and 15(d)

Accumulated Other Comprehensive Income (Loss)

v3.20.4
Accumulated Other Comprehensive Income (Loss)
 12 Months Ended
Dec. 31, 2020
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract]  
Accumulated Other Comprehensive Income (Loss)

Note 12 — Accumulated Other Comprehensive Income (Loss)

Activity in accumulated other comprehensive income for the year ended December 31, 2020, 2019 and 2018 was as follows:

 

 

 

Unrealized

Gains and

Losses on

Available-for-

Sale Securities

 

 

Tax Benefit

(Expense)

 

 

Total

 

 

 

(in thousands)

 

For the year ended December 31, 2020

 

 

 

 

 

 

 

 

 

 

 

 

Balance at beginning of period

 

$

4,752

 

 

$

(1,370

)

 

$

3,382

 

Other comprehensive income (loss) before reclassification

 

 

15,283

 

 

 

123

 

 

 

15,406

 

Reclassification from accumulated other comprehensive income

 

 

(15,712

)

 

 

—

 

 

 

(15,712

)

Net current period other comprehensive income

 

 

(429

)

 

 

123

 

 

 

(306

)

Balance at end of period

 

$

4,323

 

 

$

(1,247

)

 

$

3,076

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the year ended December 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

Balance at beginning of period

 

$

(8,536

)

 

$

2,457

 

 

$

(6,079

)

Other comprehensive income (loss) before reclassification

 

 

14,583

 

 

 

(3,827

)

 

 

10,756

 

Reclassification from accumulated other comprehensive income

 

 

(1,295

)

 

 

—

 

 

 

(1,295

)

Net current period other comprehensive income

 

 

13,288

 

 

 

(3,827

)

 

 

9,461

 

Balance at end of period

 

$

4,752

 

 

$

(1,370

)

 

$

3,382

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the year ended December 31, 2018

 

 

 

 

 

 

 

 

 

 

 

 

Balance at beginning of period

 

$

(3,188

)

 

$

1,319

 

 

$

(1,869

)

Other comprehensive income (loss) before reclassification

 

 

(5,790

)

 

 

1,684

 

 

 

(4,106

)

Reclassification from accumulated other comprehensive income

 

 

(87

)

 

 

—

 

 

 

(87

)

Adjustments to accumulated other comprehensive income

 

 

529

 

 

 

(546

)

 

 

(17

)

Net current period other comprehensive income

 

 

(5,348

)

 

 

1,138

 

 

 

(4,210

)

Balance at end of period

 

$

(8,536

)

 

$

2,457

 

 

$

(6,079

)

 

The Company recorded 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 adjustment includes a $529,000 reduction of unrealized losses related to 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. All mutual fund equity securities were sold during the three months ended March 31, 2018. See Notes 3 and 11 to the Consolidated Financial Statements for additional information on adoption of ASU 2016-01 and ASU 2018-02, respectively.

For the year ended December 31, 2020, there was a reclassification from accumulated other comprehensive income to net gain on sales of securities in noninterest income. Net unrealized gain of $15.3 million related to these sold securities had previously been recorded in accumulated other comprehensive income or loss.

For the year ended December 31, 2019, there was a $1.3 million reclassification from accumulated other comprehensive income to net gain on sales of securities in noninterest income. Net unrealized gains of $586,000 related to these sold securities had previously been recorded in accumulated other comprehensive income or loss. For the year ended December 31, 2018, there was a $87,000 reclassification from accumulated other comprehensive income to net gain on sales of securities in noninterest income. Net unrealized losses of $413,000 related to these sold securities had previously been recorded in accumulated other comprehensive income or loss.