Quarterly report pursuant to Section 13 or 15(d)

Accumulated Other Comprehensive Income

v2.4.0.8
Accumulated Other Comprehensive Income
 6 Months Ended
Jun. 30, 2014
Equity [Abstract]  
Accumulated Other Comprehensive Income

Note 8 — Accumulated Other Comprehensive Income

Activity in accumulated other comprehensive income for the three months ended June 30, 2014 and 2013 was as follows:

 

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

For the three months ended June 30 2014:

        

Balance at beginning of period

   $ (11,510 )    $ 17      $ 5,984      $ (5,509 ) 

Other comprehensive income (loss) before reclassification

     6,340        —          (2,617 )      3,723   

Reclassification from accumulated other comprehensive income

     (364 )      —          —          (364 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

Period change

     5,976        —          (2,617 )      3,359   
 

 

 

    

 

 

    

 

 

    

 

 

  

Balance at end of period

   $ (5,534 )    $ 17      $ 3,367      $ (2,150 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

For the three months ended June 30, 2013:

        

Balance at beginning of period

   $ 6,771      $ 19      $ (1,695 )    $ 5,095   

Other comprehensive (loss) income before reclassification

     (5,553 )      (2 )      2,397        (3,158 ) 

Reclassification from accumulated other comprehensive income

     (303 )      —          —          (303 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

Period change

     (5,856 )      (2 )      2,397        (3,461 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

Balance at end of period

   $ 915      $ 17      $ 702      $ 1,634   
 

 

 

    

 

 

    

 

 

    

 

 

  

For the three months ended June 30, 2014, there were a $3.7 million of net unrealized gain on available-for-sale securities and interest-only strip, and a $364,000 reclassification from accumulated other comprehensive income to gains in earnings resulting from the sale of available-for-sale securities. The $364,000 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 unrealized gains of $100,000 in accumulated other comprehensive income.

For the three months ended June 30, 2013, there were a $3.2 million of net unrealized loss on available-for-sale securities and interest-only strip, and a $303,000 reclassification from accumulated other comprehensive income to gains in earnings resulting from the redemption and sale of available-for-sale securities. The $303,000 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 unrealized gains of $812,000 in accumulated other comprehensive income.

Activity in accumulated other comprehensive income for the six months ended June 30, 2014 and 2013 was as follows:

 

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

For the six months ended June 30 2014:

        

Balance at beginning of period

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

Other comprehensive income (loss) before reclassification

     14,438        1        (5,424 )      9,015   

Reclassification from accumulated other comprehensive income

     (1,785 )      —          —          (1,785 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

Period change

     12,653        1        (5,424 )      7,230   
 

 

 

    

 

 

    

 

 

    

 

 

  

Balance at end of period

   $ (5,534 )    $ 17      $ 3,367      $ (2,150 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

For the six months ended June 30, 2013:

        

Balance at beginning of period

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

Other comprehensive (loss) income before reclassification

     (6,121 )      1        2,648        (3,472 ) 

Reclassification from accumulated other comprehensive income

     (312 )      —          —          (312 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

Period change

     (6,433 )      1        2,648        (3,784 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

Balance at end of period

   $ 915      $ 17      $ 702      $ 1,634   
 

 

 

    

 

 

    

 

 

    

 

 

  

 

For the six months ended June 30, 2014, there were a $9.0 million of net unrealized gain on available-for-sale securities and interest-only strip, and a $1.8 million reclassification from accumulated other comprehensive income to gains in earnings resulting from the sale of available-for-sale securities. The $1.8 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 unrealized losses of $177,000 in accumulated other comprehensive income.

For the six months ended June 30, 2013, there were a $3.5 million of net unrealized loss on available-for-sale securities and interest-only strip, and a $312,000 reclassification from accumulated other comprehensive income to gains in earnings resulting from the redemption of available-for-sale securities. The $312,000 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 unrealized gains of $856,000 in accumulated other comprehensive income.