| Accumulated Other Comprehensive Loss ("AOCL") |
16.Accumulated Other Comprehensive Loss (“AOCL”)
The following table presents the changes in each component of accumulated other comprehensive loss for the years ended December 31, 2018 and 2017:
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Investment
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Investment
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Investment
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securities-
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securities-
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securities-
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Cash Flow
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Pension
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(in thousands)
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with OTTI AFS
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all other AFS
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HTM
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Hedge
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Plan
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SERP
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Total
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Accumulated OCL, net:
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Balance - January 1, 2017
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$
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(2,368)
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$
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(3,218)
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$
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(1,354)
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$
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422
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$
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(14,232)
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$
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(715)
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$
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(21,465)
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Other comprehensive income/(loss) before reclassifications
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31
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638
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0
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59
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(445)
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(82)
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201
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Amounts reclassified from accumulated other comprehensive loss
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(121)
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36
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253
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0
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781
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105
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1,054
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Reclassification of certain tax effects 1
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(481)
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(435)
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(246)
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101
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(3,170)
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(152)
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(4,383)
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Balance - December 31, 2017
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$
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(2,939)
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$
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(2,979)
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$
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(1,347)
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$
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582
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$
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(17,066)
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$
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(844)
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$
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(24,593)
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Other comprehensive income/(loss) before reclassifications
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1,194
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(540)
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0
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191
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(1,833)
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202
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(786)
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Amounts reclassified from accumulated other comprehensive loss
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(154)
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(82)
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216
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0
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882
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114
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976
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Balance - December 31, 2018
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$
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(1,899)
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$
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(3,601)
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$
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(1,131)
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$
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773
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$
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(18,017)
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$
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(528)
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$
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(24,403)
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(1) Refer to Note 17 for more discussion of tax reform
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The following tables present the components of other comprehensive income/(loss) for the years ended December 31, 2018 and 2017:
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Components of Other Comprehensive Income (in thousands)
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Before Tax Amount
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Tax (Expense) Benefit
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Net
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For the year ended December 31, 2018
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Available for sale (AFS) securities with OTTI:
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Unrealized holding gains
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$
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1,638
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$
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(444)
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$
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1,194
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Less: accretable yield recognized in income
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211
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(57)
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154
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Net unrealized gains on investments with OTTI
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1,427
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(387)
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1,040
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Available for sale securities – all other:
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Unrealized holding losses
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(741)
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201
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(540)
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Less: gains recognized in income
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113
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(31)
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82
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Net unrealized losses on all other AFS securities
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(854)
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232
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(622)
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Held to maturity securities:
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Unrealized holding gains
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0
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0
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0
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Less: amortization recognized in income
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(296)
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80
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(216)
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Net unrealized gains on HTM securities
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296
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(80)
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216
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Cash flow hedges:
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Unrealized holding gains
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262
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(71)
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191
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Net unrealized gains on cash flow hedges
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262
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(71)
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191
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Pension Plan:
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Unrealized net actuarial loss
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(2,514)
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681
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(1,833)
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Less: amortization of unrecognized loss
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(1,200)
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325
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(875)
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Less: amortization of prior service costs
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(9)
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2
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(7)
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Net pension plan liability adjustment
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(1,305)
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354
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(951)
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SERP:
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Unrealized net actuarial gain
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277
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(75)
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202
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Less: amortization of unrecognized loss
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(159)
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43
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(116)
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Less: amortization of prior service costs
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3
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(1)
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2
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Net SERP liability adjustment
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433
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(117)
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316
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Other comprehensive income
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$
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259
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$
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(69)
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$
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190
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Components of Other Comprehensive Loss (in thousands)
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Before Tax Amount
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Tax (Expense) Benefit
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Net
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For the year ended December 31, 2017
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Available for sale (AFS) securities with OTTI:
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Unrealized holding gains
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$
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42
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$
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(11)
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$
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31
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Less: accretable yield recognized in income
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166
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(45)
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121
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Net unrealized losses on investments with OTTI
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(124)
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34
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(90)
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Available for sale securities – all other:
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Unrealized holding gains
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874
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(236)
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638
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Less: losses recognized in income
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(49)
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13
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(36)
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Net unrealized gains on all other AFS securities
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923
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(249)
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674
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Held to maturity securities:
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Unrealized holding gains
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0
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0
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0
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Less: amortization recognized in income
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(346)
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93
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(253)
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Net unrealized gains on HTM securities
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346
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(93)
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253
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Cash flow hedges:
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Unrealized holding gains
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81
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(22)
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59
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Net unrealized gains on cash flow hedges
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81
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(22)
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59
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Pension Plan:
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Unrealized net actuarial loss
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(609)
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164
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(445)
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Less: amortization of unrecognized loss
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(1,057)
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285
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(772)
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Less: amortization of prior service costs
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(12)
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3
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(9)
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Net pension plan liability adjustment
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460
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(124)
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336
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SERP:
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Unrealized net actuarial loss
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(112)
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30
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(82)
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Less: amortization of unrecognized loss
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(146)
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39
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(107)
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Less: amortization of prior service costs
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3
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(1)
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2
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Net SERP liability adjustment
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31
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(8)
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23
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Other comprehensive income
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$
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1,717
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$
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(462)
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$
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1,255
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The following tables present the details of accumulated other comprehensive loss components for the years ended December 31, 2018 and 2017:
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Amount Reclassified from Accumulated Other Comprehensive Loss
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Details of Accumulated Other Comprehensive Loss Components (in thousands)
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2018
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Affected Line Item in the Statement Where Net Income is Presented
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Net unrealized gains on investment securities with OTTI:
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Accretable Yield
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$
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211
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Interest income on taxable investment securities
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Taxes
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(57)
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Provision for Income Tax Expense
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$
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154
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Net of tax
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Net unrealized gains on available for sale investment securities - all other:
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Gains on sales
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$
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113
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Net gains
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Taxes
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(31)
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Provision for Income Tax Expense
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$
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82
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Net of tax
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Net unrealized losses on held to maturity investment securities:
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Amortization
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$
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(296)
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Interest income on taxable investment securities
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Taxes
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80
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Provision for Income Tax Expense
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$
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(216)
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Net of tax
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Net pension plan liability adjustment:
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Amortization of unrecognized loss
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$
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(1,200)
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Other expense
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Amortization of prior service costs
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(9)
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Other expense
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Taxes
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327
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Provision for Income Tax Expense
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$
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(882)
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Net of tax
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Net SERP liability adjustment:
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Amortization of unrecognized loss
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$
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(159)
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Other expense
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Amortization of prior service costs
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3
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Other expense
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Taxes
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42
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Provision for Income Tax Expense
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$
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(114)
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Net of tax
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Total reclassifications for the period
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$
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(976)
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Net of tax
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Amount Reclassified from Accumulated Other Comprehensive Loss
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Details of Accumulated Other Comprehensive Loss Components (in thousands)
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2017
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Affected Line Item in the Statement Where Net Income is Presented
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Net unrealized losses on investment securities with OTTI:
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Accretable Yield
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$
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166
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Interest income on taxable investment securities
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Taxes
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(45)
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Provision for Income Tax Expense
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Reclassification of certain tax effects
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481
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Retained Earnings
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$
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602
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Net of tax
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Net unrealized gains on available for sale investment securities - all other:
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Losses on sales
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$
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(49)
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Net gains
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Taxes
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13
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Provision for Income Tax Expense
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Reclassification of certain tax effects
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435
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Retained Earnings
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$
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399
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Net of tax
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Net unrealized gains on held to maturity investment securities:
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Amortization
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$
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(346)
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Interest income on taxable investment securities
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Taxes
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93
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Provision for Income Tax Expense
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Reclassification of certain tax effects
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246
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Retained Earnings
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$
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(7)
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Net of tax
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Net unrealized gains on cash flow hedges:
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|
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Reclassification of certain tax effects
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(101)
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Retained Earnings
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$
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(101)
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Net of tax
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Net pension plan liability adjustment:
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Amortization of unrecognized loss
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$
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(1,057)
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Other expense
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Amortization of prior service costs
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(12)
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Other expense
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Taxes
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288
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Provision for Income Tax Expense
|
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Reclassification of certain tax effects
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3,170
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Retained Earnings
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|
$
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2,389
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Net of tax
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Net SERP liability adjustment:
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|
|
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Amortization of unrecognized loss
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$
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(146)
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Other expense
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Amortization of prior service costs
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3
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|
Other expense
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Taxes
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38
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Provision for Income Tax Expense
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Reclassification of certain tax effects
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|
152
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Retained Earnings
|
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|
$
|
47
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Net of tax
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|
|
|
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Total reclassifications for the period
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$
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3,329
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Net of tax
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|