STOCKHOLDERS' EQUITY (Tables)
|
6 Months Ended |
Jun. 30, 2014
|
STOCKHOLDERS' EQUITY |
|
Schedule of actual and required capital ratios |
|
|
|
|
|
|
FDIC Minimum |
|
|
|
June 30, 2014 |
|
December 31, 2013 |
|
to be Well Capitalized |
|
|
|
|
|
|
|
|
|
Total capital to risk weighted assets |
|
11.0 |
% |
11.6 |
% |
10.0 |
% |
|
|
|
|
|
|
|
|
Tier 1 capital to risk weighted assets |
|
9.5 |
|
10.0 |
|
6.0 |
|
|
|
|
|
|
|
|
|
Tier 1 capital to average assets |
|
7.3 |
|
8.0 |
|
5.0 |
| |
Schedule of components of accumulated other comprehensive income (loss) |
(In thousands) |
|
June 30, 2014 |
|
December 31, 2013 |
|
Other accumulated comprehensive income (loss), before tax: |
|
|
|
|
|
Net unrealized holding gain (loss) on AFS securities |
|
$ |
7,839 |
|
$ |
(9,294 |
) |
Net loss on effective cash flow hedging derivatives |
|
(1,023 |
) |
(2,289 |
) |
Net loss on terminated swap |
|
— |
|
(3,237 |
) |
Net unrealized holding gain on pension plans |
|
17 |
|
17 |
|
|
|
|
|
|
|
Income taxes related to items of accumulated other comprehensive income (loss): |
|
|
|
|
|
Net unrealized holding gain (loss) on AFS securities |
|
(2,963 |
) |
3,518 |
|
Net loss on effective cash flow hedging derivatives |
|
413 |
|
923 |
|
Net loss on terminated swap |
|
— |
|
1,312 |
|
Net unrealized holding gain on pension plans |
|
(7 |
) |
(7 |
) |
Accumulated other comprehensive income (loss) |
|
$ |
4,276 |
|
$ |
(9,057 |
) | |
Schedule of components of other comprehensive income (loss) |
(In thousands) |
|
Before Tax |
|
Tax Effect |
|
Net of Tax |
|
Three Months Ended June 30, 2014 |
|
|
|
|
|
|
|
Net unrealized holding gain on AFS securities: |
|
|
|
|
|
|
|
Net unrealized gain arising during the period |
|
$ |
11,316 |
|
$ |
(4,344 |
) |
$ |
6,972 |
|
Less: reclassification adjustment for (gains) realized in net income |
|
(203 |
) |
83 |
|
(120 |
) |
Net unrealized holding gain on AFS securities |
|
11,113 |
|
(4,261 |
) |
6,852 |
|
|
|
|
|
|
|
|
|
Net loss on cash flow hedging derivatives: |
|
|
|
|
|
|
|
Net unrealized (losses) arising during the period |
|
(3,267 |
) |
1,322 |
|
(1,945 |
) |
Less: reclassification adjustment for losses realized in net income |
|
— |
|
— |
|
— |
|
Net gain on cash flow hedging derivatives |
|
(3,267 |
) |
1,322 |
|
(1,945 |
) |
|
|
|
|
|
|
|
|
Other Comprehensive Income |
|
$ |
7,846 |
|
$ |
(2,939 |
) |
$ |
4,907 |
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, 2013 |
|
|
|
|
|
|
|
Net unrealized holding loss on AFS securities: |
|
|
|
|
|
|
|
Net unrealized (loss) arising during the period |
|
$ |
(12,427 |
) |
$ |
4,672 |
|
$ |
(7,755 |
) |
Less: reclassification adjustment for losses realized in net income |
|
(1,004 |
) |
405 |
|
(599 |
) |
Net unrealized holding loss on AFS securities |
|
(13,431 |
) |
5,077 |
|
(8,354 |
) |
|
|
|
|
|
|
|
|
Net gain on cash flow hedging derivatives: |
|
|
|
|
|
|
|
Net unrealized gain arising during the period |
|
5,256 |
|
(2,118 |
) |
3,138 |
|
Less: reclassification adjustment for losses realized in net income |
|
899 |
|
(363 |
) |
536 |
|
Net gain on cash flow hedging derivatives |
|
6,155 |
|
(2,481 |
) |
3,674 |
|
|
|
|
|
|
|
|
|
Net gain on terminated swap: |
|
|
|
|
|
|
|
Net unrealized loss arising during the period |
|
— |
|
— |
|
— |
|
Less: reclassification adjustment for losses realized in net income |
|
236 |
|
(95 |
) |
141 |
|
Net gain on terminated swap |
|
236 |
|
(95 |
) |
141 |
|
|
|
|
|
|
|
|
|
Other Comprehensive Loss |
|
$ |
(7,040 |
) |
$ |
2,501 |
|
$ |
(4,539 |
) |
(In thousands) |
|
Before Tax |
|
Tax Effect |
|
Net of Tax |
|
Six Months Ended June 30, 2014 |
|
|
|
|
|
|
|
Net unrealized holding gain on AFS securities: |
|
|
|
|
|
|
|
Net unrealized gain arising during the period |
|
$ |
17,370 |
|
$ |
(6,576 |
) |
$ |
10,794 |
|
Less: reclassification adjustment for (gains) realized in net income |
|
(237 |
) |
95 |
|
(142 |
) |
Net unrealized holding gain on AFS securities |
|
17,133 |
|
(6,481 |
) |
10,652 |
|
|
|
|
|
|
|
|
|
Net loss on cash flow hedging derivatives: |
|
|
|
|
|
|
|
Net unrealized (loss) arising during the period |
|
(4,127 |
) |
1,691 |
|
$ |
(2,436 |
) |
Less: reclassification adjustment for losses realized in net income |
|
5,393 |
|
(2,201 |
) |
3,192 |
|
Net gain on cash flow hedging derivatives |
|
1,266 |
|
(510 |
) |
756 |
|
|
|
|
|
|
|
|
|
Net loss on terminated swap: |
|
|
|
|
|
|
|
Net unrealized loss arising during the period |
|
— |
|
— |
|
— |
|
Less: reclassification adjustment for losses realized in net income |
|
3,237 |
|
(1,312 |
) |
1,925 |
|
Net loss on terminated swap |
|
3,237 |
|
(1,312 |
) |
1,925 |
|
Other Comprehensive Income |
|
$ |
21,636 |
|
$ |
(8,303 |
) |
$ |
13,333 |
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2013 |
|
|
|
|
|
|
|
Net unrealized holding loss on AFS securities: |
|
|
|
|
|
|
|
Net unrealized (loss) arising during the period |
|
$ |
(11,694 |
) |
$ |
4,353 |
|
$ |
(7,341 |
) |
Less: reclassification adjustment for (gains) realized in net income |
|
(1,004 |
) |
405 |
|
(599 |
) |
Net unrealized holding loss on AFS securities |
|
(12,698 |
) |
4,758 |
|
(7,940 |
) |
|
|
|
|
|
|
|
|
Net gain on cash flow hedging derivatives: |
|
|
|
|
|
|
|
Net unrealized gain arising during the period |
|
5,687 |
|
(2,285 |
) |
3,402 |
|
Less: reclassification adjustment for losses realized in net income |
|
1,911 |
|
(772 |
) |
1,139 |
|
Net gain on cash flow hedging derivatives |
|
7,598 |
|
(3,057 |
) |
4,541 |
|
|
|
|
|
|
|
|
|
Net gain on terminated swap: |
|
|
|
|
|
|
|
Net unrealized loss arising during the period |
|
— |
|
— |
|
— |
|
Less: reclassification adjustment for losses realized in net income |
|
471 |
|
(303 |
) |
168 |
|
Net gain on terminated swap |
|
471 |
|
(303 |
) |
168 |
|
|
|
|
|
|
|
|
|
Other Comprehensive Loss |
|
$ |
(4,629 |
) |
$ |
1,398 |
|
$ |
(3,231 |
) | |
Schedule of gross changes in each component of accumulated other comprehensive income (loss) |
|
|
Net unrealized |
|
Net loss on |
|
Net loss |
|
Net unrealized |
|
|
|
|
|
holding (loss) gain |
|
effective cash |
|
on |
|
holding loss |
|
|
|
|
|
on AFS |
|
flow hedging |
|
terminated |
|
on |
|
|
|
(in thousands) |
|
Securities |
|
derivatives |
|
swap |
|
pension plans |
|
Total |
|
Three Months Ended June 30, 2014 |
|
|
|
|
|
|
|
|
|
|
|
Balance at Beginning of Period |
|
$ |
(1,976 |
) |
$ |
1,335 |
|
$ |
— |
|
$ |
10 |
|
$ |
(631 |
) |
Other Comprehensive Loss Before reclassifications |
|
6,972 |
|
(1,945 |
) |
— |
|
— |
|
5,027 |
|
Amounts Reclassified from Accumulated other comprehensive income |
|
(120 |
) |
— |
|
— |
|
— |
|
(120 |
) |
Total Other Comprehensive Income |
|
6,852 |
|
(1,945 |
) |
— |
|
— |
|
4,907 |
|
Balance at End of Period |
|
$ |
4,876 |
|
$ |
(610 |
) |
$ |
— |
|
$ |
10 |
|
$ |
4,276 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, 2013 |
|
|
|
|
|
|
|
|
|
|
|
Balance at Beginning of Period |
|
$ |
7,124 |
|
$ |
(5,690 |
) |
$ |
(2,350 |
) |
$ |
(755 |
) |
$ |
(1,671 |
) |
Other Comprehensive Loss Before reclassifications |
|
(7,755 |
) |
3,138 |
|
— |
|
— |
|
(4,617 |
) |
Amounts Reclassified from Accumulated other comprehensive income |
|
(599 |
) |
536 |
|
141 |
|
— |
|
78 |
|
Total Other Comprehensive Income |
|
(8,354 |
) |
3,674 |
|
141 |
|
— |
|
(4,539 |
) |
Balance at End of Period |
|
$ |
(1,230 |
) |
$ |
(2,016 |
) |
$ |
(2,209 |
) |
$ |
(755 |
) |
$ |
(6,210 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2014 |
|
|
|
|
|
|
|
|
|
|
|
Balance at Beginning of Period |
|
$ |
(5,776 |
) |
$ |
(1,366 |
) |
$ |
(1,925 |
) |
$ |
10 |
|
$ |
(9,057 |
) |
Other Comprehensive Loss Before reclassifications |
|
10,794 |
|
(2,436 |
) |
— |
|
— |
|
8,358 |
|
Amounts Reclassified from Accumulated other comprehensive income |
|
(142 |
) |
3,192 |
|
1,925 |
|
— |
|
4,975 |
|
Total Other Comprehensive Income |
|
10,652 |
|
756 |
|
1,925 |
|
— |
|
13,333 |
|
Balance at End of Period |
|
$ |
4,876 |
|
$ |
(610 |
) |
$ |
— |
|
$ |
10 |
|
$ |
4,276 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2013 |
|
|
|
|
|
|
|
|
|
|
|
Balance at Beginning of Period |
|
$ |
6,710 |
|
$ |
(6,557 |
) |
$ |
(2,377 |
) |
$ |
(755 |
) |
$ |
(2,979 |
) |
Other Comprehensive Loss Before reclassifications |
|
(7,341 |
) |
3,402 |
|
— |
|
— |
|
(3,939 |
) |
Amounts Reclassified from Accumulated other comprehensive income |
|
(599 |
) |
1,139 |
|
168 |
|
— |
|
708 |
|
Total Other Comprehensive Income |
|
(7,940 |
) |
4,541 |
|
168 |
|
— |
|
(3,231 |
) |
Balance at End of Period |
|
$ |
(1,230 |
) |
$ |
(2,016 |
) |
$ |
(2,209 |
) |
$ |
(755 |
) |
$ |
(6,210 |
) | |
Schedule of amounts reclassified out of each component of accumulated other comprehensive income (loss) |
|
|
|
|
|
|
Affected Line Item in the |
|
|
|
Three Months Ended June 30, |
|
Statement where Net Income |
|
(in thousands) |
|
2014 |
|
2013 |
|
is Presented |
|
Realized (gains) on AFS securities: |
|
|
|
|
|
|
|
|
|
$ |
(203 |
) |
$ |
(1,004 |
) |
Non-interest income |
|
|
|
83 |
|
405 |
|
Tax expense |
|
|
|
(120 |
) |
(599 |
) |
Net of tax |
|
|
|
|
|
|
|
|
|
Realized losses on cash flow hedging derivatives: |
|
|
|
|
|
|
|
|
|
— |
|
899 |
|
Non-interest income |
|
|
|
— |
|
(363 |
) |
Tax expense |
|
|
|
— |
|
536 |
|
Net of tax |
|
|
|
|
|
|
|
|
|
Amortization of realized gains on terminated swap: |
|
|
|
|
|
|
|
|
|
— |
|
236 |
|
Non-interest income |
|
|
|
— |
|
(95 |
) |
Tax expense |
|
|
|
— |
|
141 |
|
Net of tax |
|
Total reclassifications for the period |
|
$ |
(120 |
) |
$ |
78 |
|
Net of tax |
|
|
|
|
|
|
|
Affected Line Item in the |
|
|
|
Six Months Ended June 30, |
|
Statement Where Net Income |
|
(in thousands) |
|
2014 |
|
2013 |
|
Is Presented |
|
Realized (gains) on AFS securities: |
|
|
|
|
|
|
|
|
|
$ |
(237 |
) |
$ |
(1,004 |
) |
Non-interest income |
|
|
|
95 |
|
405 |
|
Tax expense |
|
|
|
(142 |
) |
(599 |
) |
Net of tax |
|
|
|
|
|
|
|
|
|
Realized losses on cash flow hedging derivatives: |
|
|
|
|
|
|
|
|
|
5,393 |
|
1,911 |
|
Interest income |
|
|
|
(2,201 |
) |
(772 |
) |
Tax expense |
|
|
|
3,192 |
|
1,139 |
|
Net of tax |
|
|
|
|
|
|
|
|
|
Amortization of realized gains on terminated swap: |
|
|
|
|
|
|
|
|
|
3,237 |
|
471 |
|
Interest income |
|
|
|
(1,312 |
) |
(303 |
) |
Tax expense |
|
|
|
1,925 |
|
168 |
|
Net of tax |
|
Total reclassifications for the period |
|
$ |
4,975 |
|
$ |
708 |
|
Net of tax |
| |