ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)
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9 Months Ended |
Sep. 30, 2015 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] |
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Schedule of components of other comprehensive income (loss) |
The following table presents the components of other comprehensive income for the three and nine months ended September 30, 2015 and 2014, by component: | | | | | | | | | | | | | (dollars in thousands) | Before Tax | | Tax Effect | | Net of Tax | Three Months Ended September 30, 2015 | |
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| | |
| Net unrealized losses on investment securities: | |
| | |
| | |
| Net unrealized losses arising during the period | $ | 12,561 |
| | $ | 4,998 |
| | $ | 7,563 |
| Less: Reclassification adjustment for losses realized in net income | — |
| | — |
| | — |
| Net unrealized losses on investment securities | 12,561 |
| | 4,998 |
| | 7,563 |
| | | | | | | Defined benefit plans: | |
| | |
| | |
| Amortization of net actuarial losses | 419 |
| | 165 |
| | 254 |
| Amortization of net transition obligation | 4 |
| | 2 |
| | 2 |
| Amortization of prior service cost | 5 |
| | 2 |
| | 3 |
| Defined benefit plans, net | 428 |
| | 169 |
| | 259 |
| | | | | | | Other comprehensive loss | $ | 12,989 |
| | $ | 5,167 |
| | $ | 7,822 |
| | | | | | | Three Months Ended September 30, 2014 | |
| | |
| | |
| Net unrealized gains on investment securities: | |
| | |
| | |
| Net unrealized gains arising during the period | $ | (2,562 | ) | | $ | (897 | ) | | $ | (1,665 | ) | Less: Reclassification adjustment for losses realized in net income | — |
| | — |
| | — |
| Net unrealized gains on investment securities | (2,562 | ) | | (897 | ) | | (1,665 | ) | | | | | | | Defined benefit plans: | |
| | |
| | |
| Amortization of net actuarial losses | 305 |
| | 100 |
| | 205 |
| Amortization of net transition obligation | 4 |
| | 1 |
| | 3 |
| Amortization of prior service cost | 5 |
| | 1 |
| | 4 |
| Defined benefit plans, net | 314 |
| | 102 |
| | 212 |
| | | | | | | Other comprehensive income | $ | (2,248 | ) | | $ | (795 | ) | | $ | (1,453 | ) |
| | | | | | | | | | | | | (dollars in thousands) | Before Tax | | Tax Effect | | Net of Tax | Nine Months Ended September 30, 2015 | |
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| | |
| Net unrealized losses on investment securities: | |
| | |
| | |
| Net unrealized losses arising during the period | $ | 3,285 |
| | $ | 1,306 |
| | $ | 1,979 |
| Less: Reclassification adjustment for losses realized in net income | 1,866 |
| | 743 |
| | 1,123 |
| Net unrealized losses on investment securities | 5,151 |
| | 2,049 |
| | 3,102 |
| | | | | | | Defined benefit plans: | | | |
| | |
| Amortization of net actuarial losses | 1,260 |
| | 499 |
| | 761 |
| Amortization of net transition obligation | 12 |
| | 7 |
| | 5 |
| Amortization of prior service cost | 15 |
| | 6 |
| | 9 |
| Defined benefit plans, net | 1,287 |
| | 512 |
| | 775 |
| | | | | | | Other comprehensive loss | $ | 6,438 |
| | $ | 2,561 |
| | $ | 3,877 |
| | | | | | | Nine Months Ended September 30, 2014 | |
| | |
| | |
| Net unrealized gains on investment securities: | |
| | |
| | |
| Net unrealized gains arising during the period | $ | 29,323 |
| | $ | 11,744 |
| | $ | 17,579 |
| Less: Reclassification adjustment for losses realized in net income | 1,071 |
| | 429 |
| | 642 |
| Net unrealized gains on investment securities | 30,394 |
| | 12,173 |
| | 18,221 |
| | | | | | | Defined benefit plans: | |
| | |
| | |
| Amortization of net actuarial losses | 915 |
| | 343 |
| | 572 |
| Amortization of net transition obligation | 12 |
| | 5 |
| | 7 |
| Amortization of prior service cost | 15 |
| | 5 |
| | 10 |
| Defined benefit plans, net | 942 |
| | 353 |
| | 589 |
| | | | | | | Other comprehensive income | $ | 31,336 |
| | $ | 12,526 |
| | $ | 18,810 |
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Schedule of changes in each component of AOCI, net of tax |
The following table presents the changes in each component of AOCI, net of tax, for the three and nine months ended September 30, 2015 and 2014: | | | | | | | | | | | | | (dollars in thousands) | Investment Securities | | Defined Benefit Plans | | Accumulated Other Comprehensive Income (Loss) | Three Months Ended September 30, 2015 | |
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| | |
| Balance at beginning of period | $ | 9,125 |
| | $ | (9,911 | ) | | $ | (786 | ) | | | | | | | Other comprehensive loss before reclassifications | 7,563 |
| | — |
| | 7,563 |
| Amounts reclassified from AOCI | — |
| | 259 |
| | 259 |
| Total other comprehensive income (loss) | 7,563 |
| | 259 |
| | 7,822 |
| | | | | | | Balance at end of period | $ | 16,688 |
| | $ | (9,652 | ) | | $ | 7,036 |
| | | | | | | Three Months Ended September 30, 2014 | |
| | |
| | |
| Balance at beginning of period | $ | 10,761 |
| | $ | (6,343 | ) | | $ | 4,418 |
| Other comprehensive income before reclassifications | (1,665 | ) | | — |
| | (1,665 | ) | Amounts reclassified from AOCI | — |
| | 212 |
| | 212 |
| Total other comprehensive income | (1,665 | ) | | 212 |
| | (1,453 | ) | | | | | | | Balance at end of period | $ | 9,096 |
| | $ | (6,131 | ) | | $ | 2,965 |
| | | | | | | Nine Months Ended September 30, 2015 | |
| | |
| | |
| Balance at beginning of period | $ | 13,586 |
| | $ | (10,427 | ) | | $ | 3,159 |
| Other comprehensive loss before reclassifications | 1,979 |
| | — |
| | 1,979 |
| Amounts reclassified from AOCI | 1,123 |
| | 775 |
| | 1,898 |
| Total other comprehensive income (loss) | 3,102 |
| | 775 |
| | 3,877 |
| | | | | | | Balance at end of period | $ | 16,688 |
| | $ | (9,652 | ) | | $ | 7,036 |
| | | | | | | Nine Months Ended September 30, 2014 | |
| | |
| | |
| Balance at beginning of period | $ | (9,125 | ) | | $ | (6,720 | ) | | $ | (15,845 | ) | Other comprehensive income before reclassifications | 17,579 |
| | — |
| | 17,579 |
| Amounts reclassified from AOCI | 642 |
| | 589 |
| | 1,231 |
| Total other comprehensive income | 18,221 |
| | 589 |
| | 18,810 |
| | | | | | | Balance at end of period | $ | 9,096 |
| | $ | (6,131 | ) | | $ | 2,965 |
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Schedule of amounts reclassified out of each component of AOCI |
The following table presents the amounts reclassified out of each component of AOCI for the three and nine months ended September 30, 2015 and 2014: | | | | | | | | | | | | Amount Reclassified from AOCI | | Affected Line Item in the Statement Where Net Income is Presented | Details about AOCI Components | Three months ended September 30, | | (dollars in thousands) | 2015 | | 2014 | | Sale of investment securities available for sale | $ | — |
| | $ | — |
| | Investment securities gains (losses) | | — |
| | — |
| | Tax benefit | | $ | — |
| | $ | — |
| | Net of tax | Amortization of defined benefit plan items | |
| | |
| | | Net actuarial losses | $ | (419 | ) | | $ | (305 | ) | | (1) | Net transition obligation | (4 | ) | | (4 | ) | | (1) | Prior service cost | (5 | ) | | (5 | ) | | (1) | | (428 | ) | | (314 | ) | | Total before tax | | 169 |
| | 102 |
| | Tax benefit | | $ | (259 | ) | | $ | (212 | ) | | Net of tax | | | | | | | Total reclassifications for the period | $ | (259 | ) | | $ | (212 | ) | | Net of tax |
| | | | | | | | | | | | Amount Reclassified from AOCI | | Affected Line Item in the Statement Where Net Income is Presented | Details about AOCI Components | Nine months ended September 30, | | (dollars in thousands) | 2015 | | 2014 | | Sale of investment securities available for sale | $ | (1,866 | ) | | $ | (1,071 | ) | | Investment securities gains (losses) | | 743 |
| | 429 |
| | Tax benefit | | $ | (1,123 | ) | | $ | (642 | ) | | Net of tax | | | | | | | Amortization of defined benefit plan items | |
| | |
| | | Net actuarial losses | $ | (1,260 | ) | | $ | (915 | ) | | (1) | Net transition obligation | (12 | ) | | (12 | ) | | (1) | Prior service cost | (15 | ) | | (15 | ) | | (1) | | (1,287 | ) | | (942 | ) | | Total before tax | | 512 |
| | 353 |
| | Tax benefit | | $ | (775 | ) | | $ | (589 | ) | | Net of tax | | | | | | | Total reclassifications for the period | $ | (1,898 | ) | | $ | (1,231 | ) | | Net of tax |
| | (1) | These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 14 for additional details). |
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