Quarterly report pursuant to Section 13 or 15(d)

Accumulated Other Comprehensive Income

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

Note 10 – Accumulated Other Comprehensive Income

Activity in accumulated other comprehensive income for the three months ended September 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 Benefit     Total  
    (In thousands)  

For the three months ended September 30 2014:

        

Balance at beginning of period

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

Other comprehensive (loss) income before reclassification

     (4,947 )      (3 )      2,102        (2,848 ) 

Reclassification from accumulated other comprehensive income

     (67 )      —          —          (67 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

Period change

     (5,014 )      (3 )      2,102        (2,915 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

Balance at end of period

   $ (10,548 )    $ 14      $ 5,469      $ (5,065 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

For the three months ended September 30, 2013:

        

Balance at beginning of period

   $ 915      $ 17      $ 702      $ 1,634   

Other comprehensive (loss) income before reclassification

     (10,020 )      —          4,528        (5,492 ) 

Reclassification from accumulated other comprehensive income

     (611 )      —          —          (611 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

Period change

     (10,631 )      —          4,528        (6,103 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

Balance at end of period

   $ (9,716 )    $ 17      $ 5,230      $ (4,469 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

For the three months ended September 30, 2014, there were a $2.8 million of net unrealized loss on available-for-sale securities and interest-only strip, and a $67,000 reclassification from accumulated other comprehensive income to gains in earnings resulting from the sale of available-for-sale securities. The $67,000 reclassification adjustment out of accumulated other comprehensive income was included in net gain on sales of investment securities under noninterest income. The securities were previously recorded as unrealized gains of $23,000 in accumulated other comprehensive income.

For the three months ended September 30, 2013, there were a $5.5 million of net unrealized loss on available-for-sale securities and interest-only strip, and a $611,000 reclassification from accumulated other comprehensive income to gains in earnings resulting from the redemption and sale of available-for-sale securities. The $611,000 reclassification adjustment out of accumulated other comprehensive income was included in net gain on sales of investment securities under noninterest income. The securities were previously recorded as unrealized gains of $899,000 in accumulated other comprehensive income.

 

Activity in accumulated other comprehensive income for the nine months ended September 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 Benefit
(Expense) 		    Total  
    (In thousands)  

For the nine months ended September 30 2014:

        

Balance at beginning of period

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

Other comprehensive income (loss) before reclassification

     9,491        (2 )      (3,322 )      6,167   

Reclassification from accumulated other comprehensive income

     (1,852 )      —          —          (1,852 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

Period change

     7,639        (2 )      (3,322 )      4,315   
 

 

 

    

 

 

    

 

 

    

 

 

  

Balance at end of period

   $ (10,548 )    $ 14      $ 5,469      $ (5,065 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

For the nine months ended September 30, 2013:

        

Balance at beginning of period

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

Other comprehensive (loss) income before reclassification

     (16,141 )      1        7,176        (8,964 ) 

Reclassification from accumulated other comprehensive income

     (923 )      —          —          (923 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

Period change

     (17,064 )      1        7,176        (9,887 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

Balance at end of period

   $ (9,716 )    $ 17      $ 5,230      $ (4,469 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

For the nine months ended September 30, 2014, there were a $6.2 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 noninterest income. The securities were previously recorded as unrealized losses of $498,000 in accumulated other comprehensive income.

For the nine months ended September 30, 2013, there were a $9.0 million of net unrealized loss on available-for-sale securities and interest-only strip, and a $923,000 reclassification from accumulated other comprehensive income to gains in earnings resulting from the redemption of available-for-sale securities. The $923,000 reclassification adjustment out of accumulated other comprehensive income was included in net gain on sales of investment securities under noninterest income. The securities were previously recorded as unrealized gains of $2.4 million in accumulated other comprehensive income.