Accumulated Other Comprehensive Loss (Tables)
|
9 Months Ended |
Sep. 30, 2016 |
|---|
| 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, 2015 and the three-month periods ended March 31, 2016, June 30, 2016 and September 30, 2016:
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(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:
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|
|
|
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|
|
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|
|
Balance - January 1, 2015
|
$
|
(3,679)
|
$
|
(2,555)
|
$
|
(2,255)
|
$
|
(119)
|
$
|
(11,392)
|
$
|
(233)
|
$
|
(20,233)
|
|
Other comprehensive income/(loss) before reclassifications
|
|
1,154
|
|
1,344
|
|
0
|
|
80
|
|
(1,736)
|
|
(113)
|
|
729
|
|
Amounts reclassified from accumulated other comprehensive loss
|
|
2,059
|
|
(174)
|
|
284
|
|
0
|
|
465
|
|
41
|
|
2,675
|
|
Balance - December 31, 2015
|
$
|
(466)
|
$
|
(1,385)
|
$
|
(1,971)
|
$
|
(39)
|
$
|
(12,663)
|
$
|
(305)
|
$
|
(16,829)
|
|
Other comprehensive income/(loss) before reclassifications
|
|
(899)
|
|
558
|
|
0
|
|
(331)
|
|
(343)
|
|
0
|
|
(1,015)
|
|
Amounts reclassified from accumulated other comprehensive loss
|
|
(22)
|
|
(124)
|
|
143
|
|
0
|
|
130
|
|
15
|
|
142
|
|
Balance – March 31, 2016
|
$
|
(1,387)
|
$
|
(951)
|
$
|
(1,828)
|
$
|
(370)
|
$
|
(12,876)
|
$
|
(290)
|
$
|
(17,702)
|
|
Other comprehensive income/(loss) before reclassifications
|
|
1,099
|
|
(169)
|
|
0
|
|
(306)
|
|
(210)
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|
0
|
|
414
|
|
Amounts reclassified from accumulated other comprehensive loss
|
|
19
|
|
(12)
|
|
222
|
|
0
|
|
128
|
|
15
|
|
372
|
|
Balance – June 30, 2016
|
$
|
(269)
|
$
|
(1,132)
|
$
|
(1,606)
|
$
|
(676)
|
$
|
(12,958)
|
$
|
(275)
|
$
|
(16,916)
|
|
Other comprehensive income/(loss) before reclassifications
|
|
28
|
|
(321)
|
|
0
|
|
157
|
|
(395)
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|
0
|
|
(531)
|
|
Amounts reclassified from accumulated other comprehensive loss
|
|
(1)
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|
(139)
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|
182
|
|
0
|
|
129
|
|
15
|
|
186
|
|
Balance - September 30,2016
|
$
|
(242)
|
$
|
(1,592)
|
$
|
(1,424)
|
$
|
(519)
|
$
|
(13,224)
|
$
|
(260)
|
$
|
(17,261)
|
|
| Components of Comprehensive Income |
The following tables present the components of comprehensive income for the nine- and three-month periods ended September 30, 2016 and 2015:
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Components of Comprehensive Income (in thousands)
|
Before Tax Amount
|
Tax (Expense) Benefit
|
Net
|
|
For the nine months ended September 30, 2016
|
|
|
|
|
|
|
|
Available for sale (AFS) securities with OTTI:
|
|
|
|
|
|
|
|
Unrealized holding gains
|
$
|
380
|
$
|
(152)
|
$
|
228
|
|
Less: accretable yield recognized in income
|
|
7
|
|
(3)
|
|
4
|
|
Net unrealized gains on investments with OTTI
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|
373
|
|
(149)
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|
224
|
|
|
|
|
|
|
|
|
|
Available for sale securities – all other:
|
|
|
|
|
|
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Unrealized holding gains
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|
115
|
|
(46)
|
|
69
|
|
Less: gains recognized in income
|
|
460
|
|
(184)
|
|
276
|
|
Net unrealized losses on all other AFS securities
|
|
(345)
|
|
138
|
|
(207)
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|
|
|
|
|
|
|
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Held to maturity securities:
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|
|
|
|
|
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Unrealized holding gains
|
|
0
|
|
0
|
|
0
|
|
Less: amortization recognized in income
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|
(911)
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|
364
|
|
(547)
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|
Net unrealized gains on HTM securities
|
|
911
|
|
(364)
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|
547
|
|
|
|
|
|
|
|
|
|
Cash flow hedges:
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|
|
|
|
|
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Unrealized holding losses
|
|
(799)
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|
319
|
|
(480)
|
|
|
|
|
|
|
|
|
|
Pension Plan:
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|
|
|
|
|
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Unrealized net actuarial loss
|
|
(1,578)
|
|
630
|
|
(948)
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|
Less: amortization of unrecognized loss
|
|
(636)
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|
254
|
|
(382)
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|
Less: amortization of transition asset
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0
|
|
0
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0
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Less: amortization of prior service costs
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|
(9)
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|
4
|
|
(5)
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Net pension plan liability adjustment
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|
(933)
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|
372
|
|
(561)
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|
|
|
|
|
|
|
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SERP:
|
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|
|
|
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Unrealized net actuarial loss
|
|
0
|
|
0
|
|
0
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|
Less: amortization of unrecognized loss
|
|
(59)
|
|
24
|
|
(35)
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|
Less: amortization of prior service costs
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|
(15)
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5
|
|
(10)
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Net SERP liability adjustment
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|
74
|
|
(29)
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|
45
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Other comprehensive loss
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$
|
(719)
|
$
|
287
|
$
|
(432)
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Components of Comprehensive Income (in thousands)
|
Before Tax Amount
|
Tax (Expense) Benefit
|
Net
|
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For the nine months ended September 30, 2015
|
|
|
|
|
|
|
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Available for sale (AFS) securities with OTTI:
|
|
|
|
|
|
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Unrealized holding gains
|
$
|
6,682
|
$
|
(2,665)
|
$
|
4,017
|
|
Less: accretable yield recognized in income
|
|
479
|
|
(191)
|
|
288
|
|
Net unrealized gains on investments with OTTI
|
|
6,203
|
|
(2,474)
|
|
3,729
|
|
|
|
|
|
|
|
|
|
Available for sale securities – all other:
|
|
|
|
|
|
|
|
Unrealized holding gains
|
|
2,380
|
|
(949)
|
|
1,431
|
|
Less: gains recognized in income
|
|
62
|
|
(25)
|
|
37
|
|
Net unrealized gains on all other AFS securities
|
|
2,318
|
|
(924)
|
|
1,394
|
|
|
|
|
|
|
|
|
|
Held to maturity securities:
|
|
|
|
|
|
|
|
Unrealized holding gains
|
|
0
|
|
0
|
|
0
|
|
Less: amortization recognized in income
|
|
(374)
|
|
149
|
|
(225)
|
|
Net unrealized gains on HTM securities
|
|
374
|
|
(149)
|
|
225
|
|
|
|
|
|
|
|
|
|
Cash flow hedges:
|
|
|
|
|
|
|
|
Unrealized holding gains
|
|
92
|
|
(37)
|
|
55
|
|
|
|
|
|
|
|
|
|
Pension Plan:
|
|
|
|
|
|
|
|
Unrealized net actuarial loss
|
|
(4,651)
|
|
1,856
|
|
(2,795)
|
|
Less: amortization of unrecognized loss
|
|
(576)
|
|
229
|
|
(347)
|
|
Less: amortization of transition asset
|
|
15
|
|
(6)
|
|
9
|
|
Less: amortization of prior service costs
|
|
(9)
|
|
4
|
|
(5)
|
|
Net pension plan liability adjustment
|
|
(4,081)
|
|
1,629
|
|
(2,452)
|
|
|
|
|
|
|
|
|
|
SERP:
|
|
|
|
|
|
|
|
Unrealized net actuarial loss
|
|
0
|
|
0
|
|
0
|
|
Less: amortization of unrecognized loss
|
|
(37)
|
|
15
|
|
(22)
|
|
Less: amortization of prior service costs
|
|
(15)
|
|
6
|
|
(9)
|
|
Net SERP liability adjustment
|
|
52
|
|
(21)
|
|
31
|
|
Other comprehensive income
|
$
|
4,958
|
$
|
(1,976)
|
$
|
2,982
|
|
|
|
|
|
|
|
|
|
Components of Comprehensive Income (in thousands)
|
Before Tax Amount
|
Tax (Expense) Benefit
|
Net
|
|
For the three months ended September 30, 2016
|
|
|
|
|
|
|
|
Available for sale (AFS) securities with OTTI:
|
|
|
|
|
|
|
|
Unrealized holding gains
|
$
|
47
|
$
|
(19)
|
$
|
28
|
|
Less: accretable yield recognized in income
|
|
2
|
|
(1)
|
|
1
|
|
Net unrealized gains on investments with OTTI
|
|
45
|
|
(18)
|
|
27
|
|
|
|
|
|
|
|
|
|
Available for sale securities – all other:
|
|
|
|
|
|
|
|
Unrealized holding losses
|
|
(534)
|
|
213
|
|
(321)
|
|
Less: gains recognized in income
|
|
232
|
|
(93)
|
|
139
|
|
Net unrealized losses on all other AFS securities
|
|
(766)
|
|
306
|
|
(460)
|
|
|
|
|
|
|
|
|
|
Held to maturity securities:
|
|
|
|
|
|
|
|
Unrealized holding gains
|
|
0
|
|
0
|
|
0
|
|
Less: amortization recognized in income
|
|
(303)
|
|
121
|
|
(182)
|
|
Net unrealized gains on HTM securities
|
|
303
|
|
(121)
|
|
182
|
|
|
|
|
|
|
|
|
|
Cash flow hedges:
|
|
|
|
|
|
|
|
Unrealized holding gains
|
|
261
|
|
(104)
|
|
157
|
|
|
|
|
|
|
|
|
|
Pension Plan:
|
|
|
|
|
|
|
|
Unrealized net actuarial loss
|
|
(657)
|
|
262
|
|
(395)
|
|
Less: amortization of unrecognized loss
|
|
(212)
|
|
85
|
|
(127)
|
|
Less: amortization of transition asset
|
|
0
|
|
0
|
|
0
|
|
Less: amortization of prior service costs
|
|
(3)
|
|
1
|
|
(2)
|
|
Net pension plan liability adjustment
|
|
(442)
|
|
176
|
|
(266)
|
|
|
|
|
|
|
|
|
|
SERP:
|
|
|
|
|
|
|
|
Unrealized net actuarial loss
|
|
0
|
|
0
|
|
0
|
|
Less: amortization of unrecognized loss
|
|
(20)
|
|
7
|
|
(13)
|
|
Less: amortization of prior service costs
|
|
(5)
|
|
3
|
|
(2)
|
|
Net SERP liability adjustment
|
|
25
|
|
(10)
|
|
15
|
|
Other comprehensive loss
|
$
|
(574)
|
$
|
229
|
$
|
(345)
|
|
|
|
|
|
|
|
|
|
Components of Comprehensive Income (in thousands)
|
Before Tax Amount
|
Tax (Expense) Benefit
|
Net
|
|
For the three months ended September 30, 2015
|
|
|
|
|
|
|
|
Available for sale (AFS) securities with OTTI:
|
|
|
|
|
|
|
|
Unrealized holding gains
|
$
|
1,658
|
$
|
(661)
|
$
|
997
|
|
Less: accretable yield recognized in income
|
|
139
|
|
(55)
|
|
84
|
|
Net unrealized gains on investments with OTTI
|
|
1,519
|
|
(606)
|
|
913
|
|
|
|
|
|
|
|
|
|
Available for sale securities – all other:
|
|
|
|
|
|
|
|
Unrealized holding gains
|
|
1,288
|
|
(515)
|
|
773
|
|
Less: gains recognized in income
|
|
79
|
|
(33)
|
|
46
|
|
Net unrealized gains on all other AFS securities
|
|
1,209
|
|
(482)
|
|
727
|
|
|
|
|
|
|
|
|
|
Held to maturity securities:
|
|
|
|
|
|
|
|
Unrealized holding gains
|
|
0
|
|
0
|
|
0
|
|
Less: amortization recognized in income
|
|
(106)
|
|
42
|
|
(64)
|
|
Net unrealized gains on HTM securities
|
|
106
|
|
(42)
|
|
64
|
|
|
|
|
|
|
|
|
|
Cash flow hedges:
|
|
|
|
|
|
|
|
Unrealized holding gains
|
|
33
|
|
(13)
|
|
20
|
|
|
|
|
|
|
|
|
|
Pension Plan:
|
|
|
|
|
|
|
|
Unrealized net actuarial loss
|
|
(2,892)
|
|
1,153
|
|
(1,739)
|
|
Less: amortization of unrecognized loss
|
|
(204)
|
|
80
|
|
(124)
|
|
Less: amortization of transition asset
|
|
5
|
|
(2)
|
|
3
|
|
Less: amortization of prior service costs
|
|
(3)
|
|
1
|
|
(2)
|
|
Net pension plan liability adjustment
|
|
(2,690)
|
|
1,074
|
|
(1,616)
|
|
|
|
|
|
|
|
|
|
SERP:
|
|
|
|
|
|
|
|
Unrealized net actuarial loss
|
|
0
|
|
0
|
|
0
|
|
Less: amortization of unrecognized gain
|
|
(13)
|
|
5
|
|
(8)
|
|
Less: amortization of prior service costs
|
|
(5)
|
|
3
|
|
(2)
|
|
Net SERP liability adjustment
|
|
18
|
|
(8)
|
|
10
|
|
Other comprehensive income
|
$
|
195
|
$
|
(77)
|
$
|
118
|
|
| 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, 2016 and 2015:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts Reclassified from Accumulated Other Comprehensive (Loss (in thousands)
|
For the Nine months ended September 30, 2016
|
For the Nine months ended September 30, 2015
|
|
Affected Line Item in the Statement Where Net Income is Presented
|
|
Unrealized gains and losses on investment securities with OTTI:
|
|
|
|
|
|
|
|
Accretable yield
|
$
|
7
|
$
|
479
|
|
Interest income on taxable investment securities
|
|
Taxes
|
|
(3)
|
|
(191)
|
|
Tax expense
|
|
|
$
|
4
|
$
|
288
|
|
Net of tax
|
|
Unrealized gains on available for sale investment securities - all others:
|
|
|
|
|
|
|
|
Gains on sales
|
$
|
459
|
$
|
62
|
|
Net gains
|
|
Taxes
|
|
(183)
|
|
(25)
|
|
Tax expense
|
|
|
$
|
276
|
$
|
37
|
|
Net of tax
|
|
Unrealized losses on held to maturity securities:
|
|
|
|
|
|
|
|
Amortization
|
$
|
(911)
|
$
|
(374)
|
|
Interest income on taxable investment securities
|
|
Taxes
|
|
364
|
|
149
|
|
Tax benefit
|
|
|
$
|
(547)
|
$
|
(225)
|
|
Net of tax
|
|
Net pension plan liability adjustment:
|
|
|
|
|
|
|
|
Amortization of unrecognized loss
|
|
(636)
|
|
(576)
|
|
Salaries and employee benefits
|
|
Amortization of transition asset
|
|
0
|
|
15
|
|
Salaries and employee benefits
|
|
Amortization of prior service costs
|
|
(9)
|
|
(9)
|
|
Salaries and employee benefits
|
|
Taxes
|
|
258
|
|
227
|
|
Tax benefit
|
|
|
$
|
(387)
|
$
|
(343)
|
|
Net of tax
|
|
Net SERP liability adjustment:
|
|
|
|
|
|
|
|
Amortization of unrecognized loss
|
|
(59)
|
|
(37)
|
|
Salaries and employee benefits
|
|
Amortization of prior service costs
|
|
(15)
|
|
(15)
|
|
Salaries and employee benefits
|
|
Taxes
|
|
29
|
|
21
|
|
Tax benefit
|
|
|
$
|
(45)
|
$
|
(31)
|
|
Net of tax
|
|
|
|
|
|
|
|
|
|
Total reclassifications for the period
|
$
|
(699)
|
$
|
(274)
|
|
Net of tax
|
|
|
|
|
|
|
|
|
|
Amounts Reclassified from Accumulated Other Comprehensive Loss (in thousands)
|
For the Three months ended September 30, 2016
|
For the Three months ended September 30, 2015
|
|
Affected Line Item in the Statement Where Net Income is Presented
|
|
Unrealized gains and losses on investment securities with OTTI:
|
|
|
|
|
|
|
|
Accretable Yield
|
$
|
2
|
$
|
139
|
|
Interest income on taxable investment securities
|
|
Taxes
|
|
(1)
|
|
(55)
|
|
Tax expense
|
|
|
$
|
1
|
$
|
84
|
|
Net of tax
|
|
Unrealized gains on available for sale investment securities - all others:
|
|
|
|
|
|
|
|
Gains on sales
|
$
|
232
|
$
|
79
|
|
Net gains
|
|
Taxes
|
|
(93)
|
|
(33)
|
|
Tax expense
|
|
|
$
|
139
|
$
|
46
|
|
Net of tax
|
|
Unrealized losses on held to maturity securities:
|
|
|
|
|
|
|
|
Amortization
|
$
|
(303)
|
$
|
(106)
|
|
Interest income on taxable investment securities
|
|
Taxes
|
|
121
|
|
42
|
|
Tax benefit
|
|
|
$
|
(182)
|
$
|
(64)
|
|
Net of tax
|
|
Net pension plan liability adjustment:
|
|
|
|
|
|
|
|
Amortization of unrecognized loss
|
|
(212)
|
|
(204)
|
|
Salaries and employee benefits
|
|
Amortization of transition asset
|
|
0
|
|
5
|
|
Salaries and employee benefits
|
|
Amortization of prior service costs
|
|
(3)
|
|
(3)
|
|
Salaries and employee benefits
|
|
Taxes
|
|
86
|
|
79
|
|
Tax benefit
|
|
|
$
|
(129)
|
$
|
(123)
|
|
Net of tax
|
|
Net SERP liability adjustment:
|
|
|
|
|
|
|
|
Amortization of unrecognized loss
|
|
(20)
|
|
(13)
|
|
Salaries and employee benefits
|
|
Amortization of prior service costs
|
|
(5)
|
|
(5)
|
|
Salaries and employee benefits
|
|
Taxes
|
|
10
|
|
8
|
|
Tax benefit
|
|
|
$
|
(15)
|
$
|
(10)
|
|
Net of tax
|
|
|
|
|
|
|
|
|
|
Total reclassifications for the period
|
$
|
(186)
|
$
|
(67)
|
|
Net of tax
|
|