| Change in Accumulated Other Comprehensive Income (Loss) |
14. CHANGE IN ACCUMULATED OTHER COMPREHENSIVE INCOME
(LOSS)
Accumulated other comprehensive income (loss) includes unrealized
gains and losses on available-for-sale investments as well as
unrecognized prior service costs, transition costs and actuarial
gains and losses on defined benefit pension plans which reflects
changes made to the post retirement benefit obligation for retiree
health and life insurance. These changes were effective
March 31, 2014 (see footnote 9 “Associate (Employee)
Benefit Plans” for further information). Changes to
other accumulated other comprehensive income (loss) are presented
net of tax effect as a component of equity. Reclassification
out of accumulated other comprehensive is recorded on the statement
of operations either as a gain or loss.
Changes to accumulated other comprehensive income (loss) by
component are shown net of taxes in the following tables for the
period indicated:
|
|
|
|
|
|
|
|
|
|
|
|
|
| (in thousands) |
|
Net unrealized
(losses) gains on
investment
securities
available-for-sale |
|
|
Net unrealized
losses on defined
benefit
pension plan |
|
|
Total |
|
|
Balance, June 30, 2014
|
|
$ |
(2,583 |
) |
|
$ |
(412 |
) |
|
$ |
(2,995 |
) |
|
Other comprehensive income (loss) before reclassifications
|
|
|
(778 |
) |
|
|
5 |
|
|
|
(773 |
) |
|
Less: Amounts reclassified from accumulated other comprehensive
income (loss)
|
|
|
(23 |
) |
|
|
— |
|
|
|
(23 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net current-period other comprehensive income (loss)
|
|
|
(801 |
) |
|
|
5 |
|
|
|
(796 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, September 30, 2014
|
|
$ |
(3,384 |
) |
|
$ |
(407 |
) |
|
$ |
(3,791 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, June 30, 2013
|
|
$ |
(12,309 |
) |
|
$ |
(472 |
) |
|
$ |
(12,781 |
) |
|
Other comprehensive income (loss) before reclassifications
|
|
|
(3,106 |
) |
|
|
— |
|
|
|
(3,106 |
) |
|
Less: Amounts reclassified from accumulated other comprehensive
income (loss)
|
|
|
(190 |
) |
|
|
— |
|
|
|
(190 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net current-period other comprehensive income (loss)
|
|
|
(3,296 |
) |
|
|
— |
|
|
|
(3,296 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, September 30, 2013
|
|
$ |
(15,605 |
) |
|
$ |
(472 |
) |
|
$ |
(16,077 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (in thousands) |
|
Net unrealized
(losses) gains on
investment
securities
available-for-sale |
|
|
Net unrealized
losses on defined
benefit
pension plan |
|
|
Total |
|
|
Balance, December 31, 2013
|
|
$ |
(20,822 |
) |
|
$ |
(472 |
) |
|
$ |
(21,294 |
) |
|
Other comprehensive income (loss) before reclassifications
|
|
|
18,046 |
|
|
|
65 |
|
|
|
18,111 |
|
|
Less: Amounts reclassified from accumulated other comprehensive
income (loss)
|
|
|
(608 |
) |
|
|
— |
|
|
|
(608 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net current-period other comprehensive income (loss)
|
|
|
17,438 |
|
|
|
65 |
|
|
|
17,503 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, September 30, 2014
|
|
$ |
(3,384 |
) |
|
$ |
(407 |
) |
|
$ |
(3,791 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, December 31, 2012
|
|
$ |
13,415 |
|
|
$ |
(472 |
) |
|
$ |
12,943 |
|
|
Other comprehensive income (loss) before reclassifications
|
|
|
(27,249 |
) |
|
|
— |
|
|
|
(27,249 |
) |
|
Less: Amounts reclassified from accumulated other comprehensive
income (loss)
|
|
|
(1,771 |
) |
|
|
— |
|
|
|
(1,771 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net current-period other comprehensive income (loss)
|
|
|
(29,020 |
) |
|
|
— |
|
|
$ |
(29,020 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, September 30, 2013
|
|
$ |
(15,605 |
) |
|
$ |
(472 |
) |
|
$ |
(16,077 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
The statement of operations impacted by components of other
comprehensive income are presented in the table below.
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three Months Ended
September 30, |
|
|
Affected line item in Statements of Operations |
| (in thousands) |
|
2014 |
|
|
2013 |
|
|
|
|
Securities available-for-sale:
|
|
|
|
|
|
|
|
|
|
|
|
Realized gains on securities transactions
|
|
$ |
36 |
|
|
$ |
306 |
|
|
Securities gains, net |
|
Income taxes
|
|
|
(13 |
) |
|
|
(116 |
) |
|
Income tax provision |
|
|
|
|
|
|
|
|
|
|
|
|
Net of tax
|
|
$ |
23 |
|
|
$ |
190 |
|
|
|
|
Amortization of Defined Benefit Pension Items:
|
|
|
|
|
|
|
|
|
|
|
|
Prior service costs
|
|
$ |
22 |
|
|
$ |
— |
|
|
|
|
Transition obligation
|
|
|
— |
|
|
|
— |
|
|
|
|
Actuarial losses
|
|
|
(14 |
) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total before tax
|
|
$ |
8 |
|
|
$ |
— |
|
|
Salaries, benefits and other compensation |
|
Income taxes
|
|
|
(3 |
) |
|
|
— |
|
|
Income tax provision |
|
|
|
|
|
|
|
|
|
|
|
|
Net of tax
|
|
$ |
5 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total reclassifications
|
|
$ |
18 |
|
|
$ |
190 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Nine Months Ended
September 30, |
|
|
Affected line item in Statements of Operations |
| |
|
2014 |
|
|
2013 |
|
|
|
|
Securities available-for-sale:
|
|
|
|
|
|
|
|
|
|
|
|
Realized gains on securities transactions
|
|
$ |
979 |
|
|
$ |
2,856 |
|
|
Securities gains, net |
|
Income taxes
|
|
|
(371 |
) |
|
|
(1,085 |
) |
|
Income tax provision |
|
|
|
|
|
|
|
|
|
|
|
|
Net of tax
|
|
$ |
608 |
|
|
$ |
1,771 |
|
|
|
|
Amortization of Defined Benefit Pension Items:
|
|
|
|
|
|
|
|
|
|
|
|
Prior service costs
|
|
$ |
905 |
|
|
$ |
— |
|
|
|
|
Transition obligation
|
|
|
245 |
|
|
|
— |
|
|
|
|
Actuarial losses
|
|
|
(1,046 |
) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total before tax
|
|
$ |
104 |
|
|
$ |
— |
|
|
Salaries, benefits and other compensation |
|
Income taxes
|
|
|
(39 |
) |
|
|
— |
|
|
Income tax provision |
|
|
|
|
|
|
|
|
|
|
|
|
Net of tax
|
|
$ |
65 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total reclassifications
|
|
$ |
543 |
|
|
$ |
1,771 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|