| Components of Accumulated Other Comprehensive Income |
The activity in
accumulated other comprehensive income for the six months ended
June 30, 2014 and 2013 is as follows:
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Accumulated Other
Comprehensive Income(1) |
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(unaudited, in thousands)
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Defined
Benefit
Pension
Plan |
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Unrealized Gains
(Losses)
on
Securities
Available-for-Sale |
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Unrealized Gains
on
Securities
Transferred
from
Available-
for-Sale
to
Held-to-Maturity |
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Total |
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Balance at
December 31, 2013
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$ |
(7,966 |
) |
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$ |
(6,126 |
) |
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$ |
1,358 |
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$ |
(12,734 |
) |
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Other comprehensive income
before reclassifications
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— |
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7,194 |
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— |
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7,194 |
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Amounts reclassified from
accumulated other comprehensive income
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475 |
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(157 |
) |
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$ |
(171 |
) |
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147 |
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Period change
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475 |
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7,037 |
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$ |
(171 |
) |
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7,341 |
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Balance at June 30,
2014
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$ |
(7,491 |
) |
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$ |
911 |
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$ |
1,187 |
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$ |
(5,393 |
) |
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Balance at
December 31, 2012
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$ |
(21,401 |
) |
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$ |
13,032 |
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$ |
2,004 |
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$ |
(6,365 |
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Other comprehensive income
before reclassifications
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— |
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(11,526 |
) |
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— |
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(11,526 |
) |
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Amounts reclassified from
accumulated other comprehensive income
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1,050 |
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(82 |
) |
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(406 |
) |
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562 |
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Period change
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1,050 |
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(11,608 |
) |
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(406 |
) |
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(10,964 |
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Balance at June 30,
2013
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$ |
(20,351 |
) |
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$ |
1,424 |
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$ |
1,598 |
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$ |
(17,329 |
) |
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| (1) |
All amounts are net of tax. Related income tax expense or
benefit is calculated using a combined Federal and State income tax
rate approximating 36.5%.
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| Schedule of Amounts Reclassified from Accumulated Other Comprehensive Income |
The following
table provides details about amounts reclassified from accumulated
other comprehensive income for the three and six months ended
June 30, 2014 and 2013:
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Details
about Accumulated Other Comprehensive
Income Components
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For the Three Months Ended
June 30, |
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For the Six Months
Ended
June 30, |
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Affected
Line Item in the
Statement of
Net Income
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(unaudited, in thousands)
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2014 |
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2013 |
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2014 |
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2013 |
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Securities
available-for-sale (1):
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Net securities gains
reclassified into earnings
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$ |
(170 |
) |
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$ |
(113 |
) |
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$ |
(248 |
) |
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$ |
(129 |
) |
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Net securities gains (Non-interest income) |
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Related income tax
expense
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63 |
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42 |
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|
91 |
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47 |
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Provision for income taxes |
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Net effect on accumulated
other comprehensive income for the period
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|
(107 |
) |
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(71 |
) |
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(157 |
) |
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(82 |
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Securities
held-to-maturity (1):
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Amortization of unrealized
gain transferred from available-for-sale
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(132 |
) |
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(362 |
) |
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(270 |
) |
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(650 |
) |
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Interest and dividends on securities (Interest and
dividend income) |
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Related income tax
expense
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48 |
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133 |
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|
99 |
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244 |
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Provision for income taxes |
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Net effect on accumulated
other comprehensive income for the period
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(84 |
) |
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(229 |
) |
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(171 |
) |
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(406 |
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Defined benefit pension
plan (2):
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Amortization of net loss
and prior service costs
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378 |
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909 |
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752 |
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1,743 |
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Employee benefits (Non-interest expense) |
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Related income tax
expense
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(139 |
) |
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(334 |
) |
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(277 |
) |
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(693 |
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Provision for income taxes |
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Net effect on accumulated
other comprehensive income for the period
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239 |
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575 |
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475 |
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1,050 |
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Total reclassifications for
the period
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$ |
48 |
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$ |
275 |
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|
147 |
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$ |
562 |
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| (1) |
For additional detail related to unrealized gains on securities
and related amounts reclassified from accumulated other
comprehensive income see Note 3,
“Securities.”
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| (2) |
Included in the computation of net periodic pension cost. See
Note 5, “Pension Plan” for additional
detail.
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