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ACCUMULATED OTHER COMPREHENSIVE LOSS
 12 Months Ended
Dec. 31, 2013
ACCUMULATED OTHER COMPREHENSIVE LOSS [Abstract]  
ACCUMULATED OTHER COMPREHENSIVE INCOME
NOTE 24 – ACCUMULATED OTHER COMPREHENSIVE LOSS

A summary of changes in accumulated other comprehensive loss (“AOCL”) during the years ended December 31 follows (1):

 
 
Unrealized
Losses on
Available for
 Sale
Securities
  
Dispropor-
tionate Tax
 Effects from
 Securities
Available for
 Sale
  
Unrealized
Losses on
Cash Flow
Hedges
  
Unrealized
 Losses on
Settled
Derivatives
  
Dispropor-
tionate Tax
 Effects from
Cash Flow
Hedges
  
Total
 
 
 
(In thousands)
 
2013
 
  
  
  
  
  
 
Balances at beginning of period
 
$
(516
)
 
$
(5,617
)
 
$
(739
)
 
$
-
  
$
(1,186
)
 
$
(8,058
)
Income tax
  
181
   
(181
)
  
258
   
-
   
(258
)
  
-
 
Balances at beginning of period, net of tax
  
(335
)
  
(5,798
)
  
(481
)
  
-
   
(1,444
)
  
(8,058
)
Terminated cash flow hedge
  
-
   
-
   
370
   
(370
)
  
-
   
-
 
Other comprehensive income (loss) before reclassifications
  
(2,877
)
  
-
   
(24
)
  
-
   
-
   
(2,901
)
Amounts reclassified from AOCL
  
12
   
-
   
135
   
123
   
1,444
   
1,714
 
Net current period other comprehensive income (loss)
  
(2,865
)
  
-
   
111
   
123
   
1,444
   
(1,187
)
Balances at end of period
 
$
(3,200
)
 
$
(5,798
)
 
$
-
  
$
(247
)
 
$
-
  
$
(9,245
)
 
                        
2012
                        
Balances at beginning of period
 
$
(3,579
)
 
$
(5,617
)
 
$
(1,103
)
 
$
(436
)
 
$
(1,186
)
 
$
(11,921
)
Other comprehensive income (loss) before reclassifications
  
3,917
   
-
   
(127
)
  
-
   
-
   
3,790
 
Amounts reclassified from AOCL
  
(854
)
  
-
   
491
   
436
   
-
   
73
 
Net current period other comprehensive income (loss)
  
3,063
   
-
   
364
   
436
   
-
   
3,863
 
Balances at end of period
 
$
(516
)
 
$
(5,617
)
 
$
(739
)
 
$
-
  
$
(1,186
)
 
$
(8,058
)
 
                        
2011
                        
Balances at beginning of period
 
$
(4,448
)
 
$
(5,313
)
 
$
(1,420
)
 
$
(1,095
)
 
$
(844
)
 
$
(13,120
)
Disproportionate tax effects
  
-
   
(304
)
  
-
   
-
   
(342
)
  
(646
)
Other comprehensive income (loss) before reclassifications
  
313
   
-
   
(482
)
  
-
   
-
   
(169
)
Amounts reclassified from AOCL
  
556
   
-
   
799
   
659
   
-
   
2,014
 
Net current period other comprehensive income (loss)
  
869
   
(304
)
  
317
   
659
   
(342
)
  
1,199
 
Balances at end of period
 
$
(3,579
)
 
$
(5,617
)
 
$
(1,103
)
 
$
(436
)
 
$
(1,186
)
 
$
(11,921
)
 
(1)2013 amounts are presented net of tax as we removed substantially all of the valuation allowance on our deferred tax assets during the second quarter of 2013 (see note #13).
 
The disproportionate tax effects from securities available for sale and cash flow hedges arose due to tax effects of other comprehensive income (“OCI”) in the presence of a valuation allowance against our deferred tax assets and a pretax loss from operations. Generally, the amount of income tax expense or benefit allocated to operations is determined without regard to the tax effects of other categories of income or loss, such as OCI. However, an exception to the general rule is provided when, in the presence of a valuation allowance against deferred tax assets, there is a pretax loss from operations and pretax income from other categories in the current period. In such instances, income from other categories must offset the current loss from operations, the tax benefit of such offset being reflected in operations. During the second quarter of 2013, we terminated our last remaining cash flow hedge and cleared the disproportionate tax effects relating to cash flow hedges from accumulated other comprehensive income (see note #13).

A summary of reclassifications out of each component of AOCL for the years ended December 31 follows:

AOCL Component
 
Reclassified
From AOCL
 
Affected Line Item in
Consolidated Statements of Operations
 
 
(In thousands)
 
 
2013
 
 
   
Unrealized losses on available for sale securities
 
 
   
 
 
$
7
 
Net gains on securities
 
  
(26
)
Net impairment loss recognized in earnings
 
  
(19
)
Total reclassifications before tax
 
  
(7
)
Tax expense (benefit)
 
 
$
(12
)
Reclassifications, net of tax
 
    
    
Unrealized losses on cash flow hedges
    
   
 
 
$
(208
)
Interest expense
 
  
(73
)
Tax expense (benefit)
 
 
$
(135
)
Reclassification, net of tax
 
    
    
Unrealized losses on settled derivatives
    
   
 
 
$
(189
)
Interest expense
 
  
(66
)
Tax expense (benefit)
 
 
$
(123
)
Reclassification, net of tax
 
    
    
Disproportionate tax effects from cash flow
    
   
hedges
 
$
1,444
 
Tax expense (benefit)
 
    
    
 
 
$
(1,714
)
Total reclassifications for the period, net of tax
 
    
    
2012
    
   
Unrealized losses on available for sale securities
    
   
 
 
$
1,193
 
Net gains on securities
 
  
(339
)
Net impairment loss recognized in earnings
 
  
854
 
Total reclassifications before tax
 
  
-
 
Tax expense (benefit)
 
 
$
854
 
Reclassifications, net of tax
 
    
    
Unrealized losses on cash flow hedges
    
   
 
 
$
(491
)
Interest expense
 
  
-
 
Tax expense (benefit)
 
 
$
(491
)
Reclassification, net of tax
 
    
    
Unrealized losses on settled derivatives
    
   
 
 
$
(436
)
Interest expense
 
  
-
 
Tax expense (benefit)
 
 
$
(436
)
Reclassification, net of tax
 
    
    
 
 
$
(73
)
Total reclassifications for the period, net of tax
 
AOCL Component
 
Reclassified From AOCL
 
Affected Line Item in
Consolidated Statements of Operations
 
 
(In thousands)
 
 
2011
 
 
   
Unrealized losses on available for sale securities
 
 
   
 
 
$
204
 
Net gains on securities
 
  
(760
)
Net impairment loss recognized in earnings
 
  
(556
)
Total reclassifications before tax
 
  
-
 
Tax expense (benefit )
 
 
$
(556
)
Reclassifications, net of tax
 
    
    
Disproportionate tax effects from available for sale securities
 
$
(304
)
Tax expense (benefit )
 
    
    
Unrealized losses on cash flow hedges
    
   
 
 
$
(799
)
Interest expense
 
  
-
 
Tax expense (benefit )
 
 
$
(799
)
Reclassification, net of tax
 
    
    
Unrealized losses on settled derivatives
    
   
 
 
$
(659
)
Interest expense
 
  
-
 
Tax expense (benefit )
 
 
$
(659
)
Reclassification, net of tax
 
    
    
Disproportionate tax effects from cash flow hedges
 
$
(342
)
Tax expense (benefit )
 
    
    
 
 
$
(1,368
)
Total reclassifications for the period, net of tax