|
OTHER COMPREHENSIVE INCOME (LOSS) (Tables)
|
6 Months Ended |
|
Jun. 30, 2014
|
| Equity [Abstract] |
|
| Other Comprehensive Income (Loss) Components and Related Tax Effects |
Other comprehensive income (loss) components and related tax
effects for the three and six month periods are as follows:
|
|
|
|
|
|
|
|
|
| |
|
Three months ended June 30, |
|
| |
|
2014 |
|
|
2013 |
|
| |
|
(Dollars in
thousands) |
|
|
Unrealized holding gain (loss) on securities available for sale
|
|
$ |
11,716 |
|
|
$ |
(31,065 |
) |
|
Unrealized holding gain (loss) on postretirement benefits
|
|
|
— |
|
|
|
— |
|
|
Reclassification adjustment for (gains) losses realized in
income
|
|
|
(31 |
) |
|
|
(1,857 |
) |
|
|
|
|
|
|
|
|
|
|
Net unrealized gains
|
|
|
11,685 |
|
|
|
(32,922 |
) |
|
Tax effect, including tax effect attributable to reversal of prior
quarter’s deferred tax valuation allowance
|
|
|
(8,489 |
) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
Net of tax amount
|
|
$ |
3,196 |
|
|
$ |
(32,922 |
) |
|
|
|
|
|
|
|
|
|
|
|
| |
|
Six months ended June 30, |
|
| |
|
2014 |
|
|
2013 |
|
| |
|
(Dollars in
thousands) |
|
|
Unrealized holding gain (loss) on securities available for sale
|
|
$ |
24,287 |
|
|
$ |
(33,307 |
) |
|
Unrealized holding gain (loss) on postretirement benefits
|
|
|
— |
|
|
|
— |
|
|
Reclassification adjustment for (gains) losses realized in
income
|
|
|
(34 |
) |
|
|
(2,578 |
) |
|
|
|
|
|
|
|
|
|
|
Net unrealized gains
|
|
|
24,253 |
|
|
|
(35,885 |
) |
|
Tax effect
|
|
|
(8,489 |
) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
Net of tax amount
|
|
$ |
15,764 |
|
|
$ |
(35,885 |
) |
|
|
|
|
|
|
|
|
|
|
| Summary of Accumulated Other Comprehensive Income (Loss) Balances, Net of Tax |
The following is a summary of accumulated other comprehensive
income (loss) balances, net of tax:
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Balance at
December 31,
2013 |
|
|
Current
Period
Change |
|
|
Balance at
June 30,
2014 |
|
|
Unrealized gains (losses) on securities available for sale
|
|
$ |
(43,364 |
) |
|
$ |
15,764 |
|
|
$ |
(27,600 |
) |
|
Unrealized gains (losses) on post-retirement benefits
|
|
|
1,699 |
|
|
|
— |
|
|
|
1,699 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
(41,665 |
) |
|
$ |
15,764 |
|
|
$ |
(25,901 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Balance at
December 31,
2012 |
|
|
Current
Period
Change |
|
|
Balance at
June 30,
2013 |
|
|
Unrealized gains (losses) on securities available for sale
|
|
$ |
5,082 |
|
|
$ |
(35,885 |
) |
|
$ |
(30,803 |
) |
|
Unrealized gains (losses) on post-retirement benefits
|
|
|
1,600 |
|
|
|
— |
|
|
|
1,600 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
6,682 |
|
|
$ |
(35,885 |
) |
|
$ |
(29,203 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Summary of Each Component of Accumulated Other Comprehensive Income (Loss), Net Income |
The following is a summary of each component of accumulated other
comprehensive income (loss) that was reclassified into net income
during the three and six months ended June 30, 2014, net of
tax:
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Unrealized
gains/losses on
Available for Sale
Securities |
|
|
Postretirement
Benefits |
|
|
Total |
|
| |
|
(Dollars in
thousands) |
|
|
Beginning balance (03/31/2014)
|
|
$ |
(30,796 |
) |
|
$ |
1,699 |
|
|
$ |
(29,097 |
) |
|
Other comprehensive income before reclassification, net of tax
|
|
|
3,216 |
|
|
|
— |
|
|
|
3,216 |
|
|
Amounts reclassified from accumulated other compressive income, net
of tax
|
|
|
(20 |
) |
|
|
— |
|
|
|
(20 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net current period other comprehensive income, net of tax
|
|
|
3,196 |
|
|
|
— |
|
|
|
3,196 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending balance (06/30/2014)
|
|
$ |
(27,600 |
) |
|
$ |
1,699 |
|
|
$ |
(25,901 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Unrealized
gains/losses on
Available for Sale
Securities |
|
|
Postretirement
Benefits |
|
|
Total |
|
| |
|
(Dollars in
thousands) |
|
|
Beginning balance (12/31/2013)
|
|
$ |
(43,364 |
) |
|
$ |
1,699 |
|
|
$ |
(41,665 |
) |
|
Other comprehensive income before reclassification, net of tax
|
|
|
15,786 |
|
|
|
— |
|
|
|
15,786 |
|
|
Amounts reclassified from accumulated other compressive income, net
of tax
|
|
|
(22 |
) |
|
|
— |
|
|
|
(22 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net current period other comprehensive income, net of tax
|
|
|
15,764 |
|
|
|
— |
|
|
|
15,764 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending balance (06/30/2014)
|
|
$ |
(27,600 |
) |
|
$ |
1,699 |
|
|
$ |
(25,901 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
The following is a summary of each component of accumulated other
comprehensive income (loss) that was reclassified into net income
during the three and six months ended June 30, 2013:
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Unrealized
gains/losses on
Available for Sale
Securities |
|
|
Postretirement
Benefits |
|
|
Total |
|
| |
|
(Dollars in
thousands) |
|
|
Beginning balance (03/31/2013)
|
|
$ |
2,119 |
|
|
$ |
1,600 |
|
|
$ |
3,719 |
|
|
Other comprehensive income before reclassification
|
|
|
(31,065 |
) |
|
|
— |
|
|
|
(31,065 |
) |
|
Amounts reclassified from accumulated other compressive income
|
|
|
(1,857 |
) |
|
|
— |
|
|
|
(1,857 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net current period other comprehensive income
|
|
|
(32,922 |
) |
|
|
— |
|
|
|
(32,922 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending balance (06/30/2013)
|
|
$ |
(30,803 |
) |
|
$ |
1,600 |
|
|
$ |
(29,203 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Unrealized
gains/losses on
Available for Sale
Securities |
|
|
Postretirement
Benefits |
|
|
Total |
|
| |
|
(Dollars in
thousands) |
|
|
Beginning balance (12/31/2013)
|
|
$ |
5,082 |
|
|
$ |
1,600 |
|
|
$ |
6,682 |
|
|
Other comprehensive income before reclassification
|
|
|
(33,307 |
) |
|
|
— |
|
|
|
(33,307 |
) |
|
Amounts reclassified from accumulated other compressive income
|
|
|
(2,578 |
) |
|
|
— |
|
|
|
(2,578 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net current period other comprehensive income
|
|
|
(35,885 |
) |
|
|
— |
|
|
|
(35,885 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending balance (06/30/2013)
|
|
$ |
(30,803 |
) |
|
$ |
1,600 |
|
|
$ |
(29,203 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Summary of Reclassification Out of Each Component of Accumulated Comprehensive Income (Loss) |
The following are significant amounts reclassified out of each
component of accumulated comprehensive income (loss) for the three
months ended June 30, 2014:
|
|
|
|
|
|
|
|
Details About Accumulated Other Comprehensive
Income Components
|
|
Amount Reclassified
From Accumulated
Other Comprehensive
Income |
|
|
Affected Line Item on
the Statement Where
Net Income is Presented
|
| |
|
(Dollars in thousands) |
|
|
|
|
Realized net gains on the sale of available for sale securities
|
|
$ |
(31 |
) |
|
Net gains on securities
available for sale |
|
|
|
11 |
|
|
Tax expense (benefit) |
|
|
|
|
|
|
|
|
|
|
(20 |
) |
|
Net of tax |
|
Total reclassification during the period
|
|
$ |
(20 |
) |
|
|
|
|
|
|
|
|
|
The following is significant amounts reclassified out of each
component of accumulated comprehensive income (loss) for the three
months ended June 30, 2013:
|
|
|
|
|
|
|
|
Details About Accumulated Other Comprehensive
Income Components
|
|
Amount Reclassified
From Accumulated
Other Comprehensive
Income |
|
|
Affected Line Item on
the Statement Where
Net Income is Presented
|
| (Dollars in
thousands) |
|
Realized net gains on the sale of available for sale securities
|
|
$ |
(1,857 |
) |
|
Net gains on securities
available for sale |
|
|
|
— |
|
|
Tax expense (benefit) |
|
|
|
|
|
|
|
|
|
|
(1,857 |
) |
|
Net of tax |
|
Total reclassification during the period
|
|
$ |
(1,857 |
) |
|
|
|
|
|
|
|
|
|
The following is significant amounts reclassified out of each
component of accumulated comprehensive income (loss) for the six
months ended June 30, 2014:
|
|
|
|
|
|
|
|
Details About Accumulated Other Comprehensive
Income Components
|
|
Amount Reclassified
From Accumulated
Other Comprehensive
Income |
|
|
Affected Line Item on
the Statement Where
Net Income is Presented
|
| (Dollars in
thousands) |
|
Realized net gains on the sale of available for sale securities
|
|
$ |
(34 |
) |
|
Net gains on securities
available for sale |
|
|
|
12 |
|
|
Tax expense (benefit) |
|
|
|
|
|
|
|
|
|
|
(22 |
) |
|
Net of tax |
|
Total reclassification during the period
|
|
$ |
(22 |
) |
|
|
|
|
|
|
|
|
|
The following is significant amounts reclassified out of each
component of accumulated comprehensive income (loss) for the six
months ended June 30, 2013:
|
|
|
|
|
|
|
|
Details About Accumulated Other Comprehensive
Income Components
|
|
Amount Reclassified
From Accumulated
Other Comprehensive
Income |
|
|
Affected Line Item on
the Statement Where
Net Income is Presented
|
| (Dollars in
thousands) |
|
Realized net gains on the sale of available for sale securities
|
|
$ |
(2,578 |
) |
|
Net gains on securities
available for sale |
|
|
|
— |
|
|
Tax expense (benefit) |
|
|
|
|
|
|
|
|
|
|
(2,578 |
) |
|
Net of tax |
|
Total reclassification during the period
|
|
$ |
(2,578 |
) |
|
|
|
|
|
|
|
|
|
|