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Accumulated Other Comprehensive Loss (Tables)
 9 Months Ended
Sep. 30, 2018
Accumulated Other Comprehensive Loss [Abstract]  
Schedule of Accumulated Other Comprehensive Loss

The following table presents the changes in each component of accumulated other comprehensive loss for the 12 months ended December 31, 2017 and the three-month periods ended March 31, 2018, June 30, 2018 and September 30, 2018:





 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in thousands)

Investment securities- with OTTI AFS

Investment securities- all other AFS

 

Investment securities- HTM

Cash Flow Hedge

Pension Plan

SERP

Total

Accumulated OCL, net:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance - January 1, 2017

$

 (2,368)

$

 (3,218)

$

 (1,354)

$

 422 

$

 (14,232)

$

 (715)

$

 (21,465)

Other comprehensive income/(loss) before reclassifications

 

 31 

 

 638 

 

 0 

 

 59 

 

 (445)

 

 (82)

 

 201 

Amounts reclassified from accumulated other comprehensive loss

 

 (121)

 

 36 

 

 253 

 

 0 

 

 781 

 

 105 

 

 1,054 

Reclassification of certain tax effects

 

 (481)

 

 (435)

 

 (246)

 

 101 

 

 (3,170)

 

 (152)

 

 (4,383)

Balance – December 31, 2017

$

 (2,939)

$

 (2,979)

$

 (1,347)

$

 582 

$

 (17,066)

$

 (844)

$

 (24,593)

Other comprehensive income/(loss) before reclassifications

 

 685 

 

 (1,085)

 

 0 

 

 443 

 

 516 

 

 0 

 

 559 

Amounts reclassified from accumulated other comprehensive loss

 

 (40)

 

 7 

 

 45 

 

 0 

 

 220 

 

 29 

 

 261 

Balance – March 31, 2018

$

 (2,294)

$

 (4,057)

$

 (1,302)

$

 1,025 

$

 (16,330)

$

 (815)

$

 (23,773)

Other comprehensive income/(loss) before reclassifications

 

 1,089 

 

 (237)

 

 0 

 

 108 

 

 (1,750)

 

 0 

 

 (790)

Amounts reclassified from accumulated other comprehensive loss

 

 (144)

 

 7 

 

 38 

 

 0 

 

 220 

 

 29 

 

 150 

Balance - June 30, 2018

$

 (1,349)

$

 (4,287)

$

 (1,264)

$

 1,133 

$

 (17,860)

$

 (786)

$

 (24,413)

Other comprehensive income/(loss) before reclassifications

 

 300 

 

 (672)

 

 0 

 

 112 

 

 355 

 

 0 

 

 95 

Amounts reclassified from accumulated other comprehensive loss

 

 (39)

 

 7 

 

 63 

 

 0 

 

 220 

 

 29 

 

 280 

Balance - September 30, 2018

$

 (1,088)

$

 (4,952)

$

 (1,201)

$

 1,245 

$

 (17,285)

$

 (757)

$

 (24,038)



Components of Comprehensive Income

The following tables present the components of other comprehensive income/(loss) for the nine- and three-month periods ended September 30, 2018 and 2017:







 

 

 

 

 

 

Components of Other Comprehensive Income (in thousands)

Before Tax Amount

Tax (Expense) Benefit

Net

For the nine months ended September 30, 2018

 

 

 

 

 

 

Available for sale (AFS) securities with OTTI:

 

 

 

 

 

 

    Unrealized holding gains

$

 2,842 

$

 (768)

$

 2,074 

    Less:  gains recognized in income

 

 145 

 

 (39)

 

 106 

    Less:  accretable yield recognized in income

 

 160 

 

 (43)

 

 117 

Net unrealized gains on investments with OTTI

 

 2,537 

 

 (686)

 

 1,851 



 

 

 

 

 

 

Available for sale securities – all other:

 

 

 

 

 

 

    Unrealized holding losses

 

 (2,733)

 

 739 

 

 (1,994)

    Less:  losses recognized in income

 

 (29)

 

 8 

 

 (21)

Net unrealized losses on all other AFS securities

 

 (2,704)

 

 731 

 

 (1,973)



 

 

 

 

 

 

Held to maturity securities:

 

 

 

 

 

 

    Unrealized holding gains

 

 0 

 

 0 

 

 0 

    Less:  amortization recognized in income

 

 (200)

 

 54 

 

 (146)

Net unrealized gains on HTM securities

 

 200 

 

 (54)

 

 146 



 

 

 

 

 

 

Cash flow hedges:

 

 

 

 

 

 

Unrealized holding gains

 

 908 

 

 (245)

 

 663 



 

 

 

 

 

 

Pension Plan:

 

 

 

 

 

 

Unrealized net actuarial loss

 

 (1,206)

 

 326 

 

 (880)

Less: amortization of unrecognized loss

 

 (900)

 

 244 

 

 (656)

Less: amortization of prior service costs

 

 (6)

 

 2 

 

 (4)

Net pension plan liability adjustment

 

 (300)

 

 80 

 

 (220)



 

 

 

 

 

 

SERP:

 

 

 

 

 

 

Unrealized net actuarial loss

 

 0 

 

 0 

 

 0 

Less: amortization of unrecognized loss

 

 (121)

 

 33 

 

 (88)

Less: amortization of prior service costs

 

 2 

 

 (1)

 

 1 

Net SERP liability adjustment

 

 119 

 

 (32)

 

 87 

Other comprehensive income

$

 760 

$

 (206)

$

 554 









 

 

 

 

 

 

Components of Other Comprehensive Income (in thousands)

Before Tax Amount

Tax (Expense) Benefit

Net

For the nine months ended September 30, 2017

 

 

 

 

 

 

Available for sale (AFS) securities with OTTI:

 

 

 

 

 

 

    Unrealized holding gains

$

 517 

$

 (204)

$

 313 

    Less:  accretable yield recognized in income

 

 112 

 

 (43)

 

 69 

Net unrealized gains on investments with OTTI

 

 405 

 

 (161)

 

 244 



 

 

 

 

 

 

Available for sale securities – all other:

 

 

 

 

 

 

    Unrealized holding gains

 

 2,859 

 

 (1,139)

 

 1,720 

    Less:  losses recognized in income

 

 (44)

 

 17 

 

 (27)

Net unrealized gains on all other AFS securities

 

 2,903 

 

 (1,156)

 

 1,747 



 

 

 

 

 

 

Held to maturity securities:

 

 

 

 

 

 

    Unrealized holding gains

 

 0 

 

 0 

 

 0 

    Less:  amortization recognized in income

 

 (262)

 

 104 

 

 (158)

Net unrealized gains on HTM securities

 

 262 

 

 (104)

 

 158 



 

 

 

 

 

 

Cash flow hedges:

 

 

 

 

 

 

Unrealized holding losses

 

 (156)

 

 62 

 

 (94)



 

 

 

 

 

 

Pension Plan:

 

 

 

 

 

 

Unrealized net actuarial loss

 

 (170)

 

 68 

 

 (102)

Less: amortization of unrecognized loss

 

 (792)

 

 315 

 

 (477)

Less: amortization of prior service costs

 

 (9)

 

 4 

 

 (5)

Net pension plan liability adjustment

 

 613 

 

 (251)

 

 380 



 

 

 

 

 

 

SERP:

 

 

 

 

 

 

Unrealized net actuarial loss

 

 0 

 

 0 

 

 0 

Less: amortization of unrecognized loss

 

 (110)

 

 44 

 

 (66)

Less: amortization of prior service costs

 

 2 

 

 (1)

 

 1 

Net SERP liability adjustment

 

 108 

 

 (43)

 

 65 

Other comprehensive income

$

 4,135 

$

 (1,653)

$

 2,500 









 

 

 

 

 

 

Components of Other Comprehensive Income (in thousands)

Before Tax Amount

Tax (Expense) Benefit

Net

For the three months ended September 30, 2018

 

 

 

 

 

 

Available for sale (AFS) securities with OTTI:

 

 

 

 

 

 

    Unrealized holding gains

$

 410 

$

 (110)

$

 300 

    Less:  accretable yield recognized in income

 

 53 

 

 (14)

 

 39 

Net unrealized gains on investments with OTTI

 

 357 

 

 (96)

 

 261 



 

 

 

 

 

 

Available for sale securities – all other:

 

 

 

 

 

 

    Unrealized holding losses

 

 (921)

 

 249 

 

 (672)

    Less:  Losses recognized in income

 

 (10)

 

 3 

 

 (7)

Net unrealized losses on all other AFS securities

 

 (911)

 

 246 

 

 (665)



 

 

 

 

 

 

Held to maturity securities:

 

 

 

 

 

 

    Unrealized holding gains

 

 0 

 

 0 

 

 0 

    Less:  amortization recognized in income

 

 (86)

 

 23 

 

 (63)

Net unrealized gains on HTM securities

 

 86 

 

 (23)

 

 63 



 

 

 

 

 

 

Cash flow hedges:

 

 

 

 

 

 

Unrealized holding gains

 

 153 

 

 (41)

 

 112 



 

 

 

 

 

 

Pension Plan:

 

 

 

 

 

 

Unrealized net actuarial gain

 

 486 

 

 (132)

 

 354 

Less: amortization of unrecognized loss

 

 (300)

 

 82 

 

 (218)

Less: amortization of prior service costs

 

 (2)

 

 0 

 

 (2)

Net pension plan liability adjustment

 

 788 

 

 (214)

 

 574 



 

 

 

 

 

 

SERP:

 

 

 

 

 

 

Unrealized net actuarial loss

 

 0 

 

 0 

 

 0 

Less: amortization of unrecognized loss

 

 (40)

 

 11 

 

 (29)

Less: amortization of prior service costs

 

 1 

 

 (1)

 

 0 

Net SERP liability adjustment

 

 39 

 

 (10)

 

 29 

Other comprehensive income

$

 512 

$

 (138)

$

 374 

























 

 

 

 

 

 

Components of Other Comprehensive Income (in thousands)

Before Tax Amount

Tax (Expense) Benefit

Net

For the three months ended September 30, 2017

 

 

 

 

 

 

Available for sale (AFS) securities with OTTI:

 

 

 

 

 

 

    Unrealized holding gains

$

 407 

$

 (162)

$

 245 

    Less:  accretable yield recognized in income

 

 55 

 

 (22)

 

 33 

Net unrealized gains on investments with OTTI

 

 352 

 

 (140)

 

 212 



 

 

 

 

 

 

Available for sale securities – all other:

 

 

 

 

 

 

    Unrealized holding losses

 

 (95)

 

 44 

 

 (51)

    Less:  losses recognized in income

 

 (27)

 

 15 

 

 (12)

Net unrealized losses on all other AFS securities

 

 (68)

 

 29 

 

 (39)



 

 

 

 

 

 

Held to maturity securities:

 

 

 

 

 

 

    Unrealized holding gains

 

 0 

 

 0 

 

 0 

    Less:  amortization recognized in income

 

 (90)

 

 36 

 

 (54)

Net unrealized gains on HTM securities

 

 90 

 

 (36)

 

 54 



 

 

 

 

 

 

Cash flow hedges:

 

 

 

 

 

 

Unrealized holding gains

 

 7 

 

 (3)

 

 4 



 

 

 

 

 

 

Pension Plan:

 

 

 

 

 

 

Unrealized net actuarial gain

 

 38 

 

 (14)

 

 24 

Less: amortization of unrecognized loss

 

 (264)

 

 105 

 

 (159)

Less: amortization of prior service costs

 

 (3)

 

 2 

 

 (1)

Net pension plan liability adjustment

 

 305 

 

 (121)

 

 184 



 

 

 

 

 

 

SERP:

 

 

 

 

 

 

Unrealized net actuarial loss

 

 0 

 

 0 

 

 0 

Less: amortization of unrecognized loss

 

 (37)

 

 14 

 

 (23)

Less: amortization of prior service costs

 

 1 

 

 0 

 

 1 

Net SERP liability adjustment

 

 36 

 

 (14)

 

 22 

Other comprehensive income

$

 722 

$

 (285)

$

 437 



Reclassification Out of Accumulated Other Comprehensive Income



The following table presents the details of amount reclassified from accumulated other comprehensive loss for the nine- and three-month periods ended September 30, 2018 and 2017:





 

 

 

 

 

 



 

 

 

Amounts Reclassified from Accumulated Other Comprehensive Loss (in thousands)

For the Nine months ended September 30, 2018

For the Nine months ended September 30, 2017

 

Affected Line Item in the Statement Where Net Income is Presented

Net unrealized gains on investment securities with OTTI:

 

 

 

 

 

 

    Gain on calls

$

 145 

$

 0 

 

Net gains

     Accretable yield

 

 160 

 

 112 

 

Interest income on taxable investment securities

     Taxes

 

 (82)

 

 (43)

 

Provision for Income Tax Expense



$

 223 

$

 69 

 

Net of tax

Net unrealized losses on available for sale investment securities - all others:

 

 

 

 

 

 

    Losses on sales

$

 (29)

$

 (44)

 

Net gains

     Taxes

 

 8 

 

 17 

 

Provision for Income Tax Expense



$

 (21)

$

 (27)

 

Net of tax

Net unrealized losses on held to maturity securities:

 

 

 

 

 

 

     Amortization

$

 (200)

$

 (262)

 

Interest income on taxable investment securities

     Taxes

 

 54 

 

 104 

 

Provision for Income Tax Expense



$

 (146)

$

 (158)

 

Net of tax

Net pension plan liability adjustment:

 

 

 

 

 

 

     Amortization of unrecognized loss

$

 (900)

$

 (792)

 

Other Expense

     Amortization of prior service costs

 

 (6)

 

 (9)

 

Salaries and employee benefits

     Taxes

 

 246 

 

 319 

 

Provision for Income Tax Expense



$

 (660)

$

 (482)

 

Net of tax

Net SERP liability adjustment:

 

 

 

 

 

 

     Amortization of unrecognized loss

$

 (121)

$

 (110)

 

Other Expense

     Amortization of prior service costs

 

 2 

 

 2 

 

Salaries and employee benefits

     Taxes

 

 32 

 

 43 

 

Provision for Income Tax Expense



$

 (87)

$

 (65)

 

Net of tax



 

 

 

 

 

 

Total reclassifications for the period

$

 (691)

$

 (663)

 

Net of tax













 

 

 

 

 

 

Amounts Reclassified from Accumulated Other Comprehensive Loss (in thousands)

For the Three months ended September 30, 2018

For the Three months ended September 30, 2017

 

Affected Line Item in the Statement Where Net Income is Presented

Unrealized gains on investment securities with OTTI:

 

 

 

 

 

 

     Accretable Yield

$

 53 

$

 55 

 

Interest income on taxable investment securities

     Taxes

 

 (14)

 

 (22)

 

Provision for Income Tax Expense



$

 39 

$

 33 

 

Net of tax

Unrealized losses on available for sale investment securities - all others:

 

 

 

 

 

 

    Losses on sales

$

 (10)

$

 (27)

 

Net gains/(losses)

     Taxes

 

 3 

 

 15 

 

Provision for Income Tax Expense



$

 (7)

$

 (12)

 

Net of tax

Unrealized losses on held to maturity securities:

 

 

 

 

 

 

     Amortization

$

 (86)

$

 (90)

 

Interest income on taxable investment securities

     Taxes

 

 23 

 

 36 

 

Provision for Income Tax Expense



$

 (63)

$

 (54)

 

Net of tax

Net pension plan liability adjustment:

 

 

 

 

 

 

     Amortization of unrecognized loss

$

 (300)

$

 (264)

 

Salaries and employee benefits

     Amortization of prior service costs

 

 (2)

 

 (3)

 

Salaries and employee benefits

     Taxes

 

 82 

 

 107 

 

Provision for Income Tax Expense



$

 (220)

$

 (160)

 

Net of tax

Net SERP liability adjustment:

 

 

 

 

 

 

     Amortization of unrecognized loss

$

 (40)

$

 (37)

 

Salaries and employee benefits

     Amortization of prior service costs

 

 1 

 

 1 

 

Salaries and employee benefits

     Taxes

 

 10 

 

 14 

 

Provision for Income Tax Expense



$

 (29)

$

 (22)

 

Net of tax



 

 

 

 

 

 

Total reclassifications for the period

$

 (280)

$

 (215)

 

Net of tax