| 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
|
|