Quarterly report pursuant to Section 13 or 15(d)

Accumulated Other Comprehensive Income

v3.19.1
Accumulated Other Comprehensive Income
 3 Months Ended
Mar. 31, 2019
Equity [Abstract]  
Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income

Activity in accumulated other comprehensive income for the three months ended March 31, 2019 and 2018 was as follows:
 
Unrealized Gains
and Losses on
Available for Sale
Securities
 
Tax Benefit (Expense)
 
Total
 
(in thousands)
March 31, 2019
 
 
 
 
 
Balance at beginning of period
$
(8,536
)
 
$
2,457

 
$
(6,079
)
Other comprehensive loss before reclassification
6,619

 
(1,697
)
 
4,922

Reclassification from accumulated other comprehensive income
(725
)
 
—

 
(725
)
Period change
5,894

 
(1,697
)
 
4,197

Balance at end of period
$
(2,642
)
 
$
760

 
$
(1,882
)
 
 
 
 
 
 
March 31, 2018
 
 
 
 
 
Balance at beginning of period
$
(3,188
)
 
$
1,319

 
$
(1,869
)
Other comprehensive income before reclassification
(8,864
)
 
2,543

 
(6,321
)
Adjustment to accumulated other comprehensive income related to adoption of ASU 2016-01 and 2018-02 (see Notes 2 and 5)
529

 
(546
)
 
(17
)
Period change
(8,335
)
 
1,997

 
(6,338
)
Balance at end of period
$
(11,523
)
 
$
3,316

 
$
(8,207
)


For the three months ended March 31, 2019, there was a $725,000 reclassification from accumulated other comprehensive income to gains in earnings resulting from the sale of available-for-sale securities. The $725,000 reclassification adjustment out of accumulated other comprehensive income was included in net gain on sales of securities under noninterest income. Net unrealized loss of $206,000 related to these sold securities had previously been recorded in accumulated other comprehensive income as of the beginning of the period.

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 2 and 5 to the unaudited consolidated financial statements for additional information on adoption of ASU 2016-01 and ASU 2018-02, respectively.