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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