Annual report pursuant to Section 13 and 15(d)

Accumulated Other Comprehensive Income (Loss)

v3.10.0.1
Accumulated Other Comprehensive Income (Loss)
 12 Months Ended
Dec. 31, 2018
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss)
Activity in accumulated other comprehensive income for the year ended December 31, 2018, 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)
 
 
For the year ended December 31, 2018
 
 
 
 
 
 
 
Balance at beginning of period
$
(3,188
)
 
$
—

 
$
1,319

 
$
(1,869
)
Other comprehensive loss before reclassification
(5,790
)
 
—

 
1,684

 
(4,106
)
Reclassification from accumulated other comprehensive loss
(87
)
 
—

 
—

 
(87
)
Adjustments to accumulated other comprehensive income
529

 
—

 
(546
)
 
(17
)
Period change
(5,348
)
 
—

 
1,138

 
(4,210
)
Balance at end of period
$
(8,536
)
 
$
—

 
$
2,457

 
$
(6,079
)
 
 
 
 
 
 
 
 
For the year ended December 31, 2017
 
 
 
 
 
 
 
Balance at beginning of period
$
(4,089
)
 
$
—

 
$
1,695

 
$
(2,394
)
Other comprehensive income before reclassification
2,649

 
—

 
(376
)
 
2,273

Reclassification from accumulated other comprehensive income
(1,748
)
 
—

 
—

 
(1,748
)
Period change
901

 
—

 
(376
)
 
525

Balance at end of period
$
(3,188
)
 
$
—


$
1,319


$
(1,869
)
 
 
 
 
 
 
 
 
For the year ended December 31, 2016
 
 
 
 
 
 
 
Balance at beginning of period
$
(2,331
)
 
$
9

 
$
2,007

 
$
(315
)
Other comprehensive loss before reclassification
(1,712
)
 
(9
)
 
(312
)
 
(2,033
)
Reclassification from accumulated other comprehensive loss
(46
)
 
—

 
—

 
(46
)
Period change
(1,758
)
 
(9
)
 
(312
)
 
(2,079
)
Balance at end of period
$
(4,089
)
 
$
—


$
1,695


$
(2,394
)

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, 2018, there was a $87,000 reclassification from accumulated other comprehensive income to gains in earnings resulting from the redemption and sale of available-for-sale securities. The $87,000 reclassification adjustment out of accumulated other comprehensive income was included in 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.
For the year ended December 31, 2017, there was a $1.7 million reclassification from accumulated other comprehensive income to gains in earnings resulting from the redemption and sale of available-for-sale securities. The $1.7 million reclassification adjustment out of accumulated other comprehensive income was included in net gain on sales of securities in noninterest income. Net unrealized losses of $1.3 million related to these sold securities had previously been recorded in accumulated other comprehensive income or loss.
For the year ended December 31, 2016, there was a $46,000 reclassification from accumulated other comprehensive income to gains in earnings resulting from the redemption and sale of available-for-sale securities. The $46,000 reclassification adjustment out of accumulated other comprehensive income was included in net gain on sales of securities in noninterest income. Net unrealized gains of $314,000 related to these sold securities had previously been recorded in accumulated other comprehensive income.