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.