Annual report pursuant to Section 13 and 15(d)

Accumulated Other Comprehensive Income

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Accumulated Other Comprehensive Income
 12 Months Ended
Dec. 31, 2013
Equity [Abstract]  
Accumulated Other Comprehensive Income

Note 10 — Accumulated Other Comprehensive Income

Activity in accumulated other comprehensive income for the year ended December 31, 2013 and 2012 was as follows:

 

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

For the year ended December 31 2013:

           

Balance at beginning of period

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

Other comprehensive (loss) income before reclassification

      (24,496 )      —          —          10,737        (13,759 ) 

Reclassification from accumulated other comprehensive income

      (1,039 )      —          —          —          (1,039 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Period change

      (25,535 )      —          —          10,737        (14,798 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Balance at end of period

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

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

For the year ended December 31, 2012:

           

Balance at beginning of period

    $ 4,115      $ (9 )    $ 20      $ (602 )    $ 3,524   

Other comprehensive income (loss) before reclassification

      4,337        9        (4 )      (1,344 )      2,998   

Reclassification from accumulated other comprehensive income

      (1,104 )      —          —          —          (1,104 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Period change

      3,233        9        (4 )      (1,344 )      1,894   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Balance at end of period

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

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

For the year ended December 31, 2013, there was a $1.0 million reclassification from accumulated other comprehensive income to gains in earnings resulting from the redemption and sale of available-for-sale securities. The $1.0 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 an unrealized gain of $3.3 million in accumulated other comprehensive income.

For the years ended December 31, 2012, there was a $1.1 million reclassification from accumulated other comprehensive income to gains in earnings, which resulted from the redemption and sale of available-for-sale securities, and a $292,000 reclassification from other comprehensive loss to OTTI charge in earnings, which resulted from write-down of the value of investment securities to its fair value. The reclassification adjustments of a $1.4 million gain and a $292,000 loss out of accumulated other comprehensive income were included in net gain on sales of investment securities and impairment loss on investment securities, respectively, under non-interest income. The securities were previously recorded as an unrealized gain of $1.7 million in accumulated other comprehensive income.