ACCUMULATED OTHER COMPREHENSIVE LOSS

12 Months Ended

Dec. 31, 2016

ACCUMULATED OTHER COMPREHENSIVE LOSS [Abstract]

ACCUMULATED OTHER COMPREHENSIVE LOSS

NOTE 23 – ACCUMULATED OTHER COMPREHENSIVE LOSS

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

	Unrealized Gains (Losses) on Securities Available for Sale			Dispropor- tionate Tax Effects from Securities Available for Sale			Unrealized Losses on Settled Derivatives			Total
2016
Balances at beginning of period	$	(238	)	$	(5,798	)	$	—		$	(6,036	)
Other comprehensive loss before reclassifications		(2,876	)		—			—			(2,876	)
Amounts reclassified from AOCL		(196	)		—			—			(196	)
Net current period other comprehensive loss		(3,072	)		—			—			(3,072	)
Balances at end of period	$	(3,310	)	$	(5,798	)	$	—		$	(9,108	)
2015
Balances at beginning of period	$	162		$	(5,798	)	$	—		$	(5,636	)
Other comprehensive loss before reclassifications		(351	)		—			—			(351	)
Amounts reclassified from AOCL		(49	)		—			—			(49	)
Net current period other comprehensive loss		(400	)		—			—			(400	)
Balances at end of period	$	(238	)	$	(5,798	)	$	—		$	(6,036	)
2014
Balances at beginning of period	$	(3,200	)	$	(5,798	)	$	(247	)	$	(9,245	)
Other comprehensive income before reclassifications		3,570			—			—			3,570
Amounts reclassified from AOCL		(208	)		—			247			39
Net current period other comprehensive income		3,362			—			247			3,609
Balances at end of period	$	162		$	(5,798	)	$	—		$	(5,636	)

The disproportionate tax effects from securities available for sale 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.

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)
2016
Unrealized gains (losses) on securities available for sale
	$	301		Net gains on securities
		—		Net impairment loss recognized in earnings
		301		Total reclassifications before tax
		105		Income tax expense
	$	196		Reclassifications, net of tax
2015
Unrealized gains (losses) on securities available for sale
	$	75		Net gains on securities
		—		Net impairment loss recognized in earnings
		75		Total reclassifications before tax
		26		Income tax expense
	$	49		Reclassifications, net of tax
2014
Unrealized gains (losses) on securities available for sale
	$	329		Net gains on securities
		(9	)	Net impairment loss recognized in earnings
		320		Total reclassifications before tax
		112		Income tax expense
	$	208		Reclassifications, net of tax
Unrealized losses on settled derivatives
	$	(380	)	Interest expense
		(133	)	Income tax benefit
	$	(247	)	Reclassification, net of tax
	$	(39	)	Total reclassifications for the period, net of tax