| 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, 2016 and the three-month periods ended March 31, 2017, June 30, 2017 and September 30, 2017:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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, 2016
|
$
|
(1,942)
|
$
|
(2,024)
|
$
|
(1,971)
|
$
|
(39)
|
$
|
(12,663)
|
$
|
(305)
|
$
|
(18,944)
|
|
Other comprehensive income/(loss) before reclassifications
|
|
(421)
|
|
(929)
|
|
0
|
|
461
|
|
(2,086)
|
|
(466)
|
|
(3,441)
|
|
Amounts reclassified from accumulated other comprehensive loss
|
|
(5)
|
|
(265)
|
|
617
|
|
0
|
|
517
|
|
56
|
|
920
|
|
Balance - December 31, 2016
|
$
|
(2,368)
|
$
|
(3,218)
|
$
|
(1,354)
|
$
|
422
|
$
|
(14,232)
|
$
|
(715)
|
$
|
(21,465)
|
|
Other comprehensive income before reclassifications
|
|
100
|
|
73
|
|
0
|
|
52
|
|
32
|
|
0
|
|
257
|
|
Amounts reclassified from accumulated other comprehensive loss
|
|
(2)
|
|
5
|
|
61
|
|
0
|
|
162
|
|
22
|
|
248
|
|
Balance – March 31, 2017
|
$
|
(2,270)
|
$
|
(3,140)
|
$
|
(1,293)
|
$
|
474
|
$
|
(14,038)
|
$
|
(693)
|
$
|
(20,960)
|
|
Other comprehensive income/(loss) before reclassifications
|
|
(32)
|
|
1,698
|
|
0
|
|
(150)
|
|
(158)
|
|
0
|
|
1,358
|
|
Amounts reclassified from accumulated other comprehensive loss
|
|
(34)
|
|
10
|
|
43
|
|
0
|
|
160
|
|
21
|
|
200
|
|
Balance – June 30, 2017
|
$
|
(2,336)
|
$
|
(1,432)
|
$
|
(1,250)
|
$
|
324
|
$
|
(14,036)
|
$
|
(672)
|
$
|
(19,402)
|
|
Other comprehensive income/(loss) before reclassifications
|
|
245
|
|
(51)
|
|
0
|
|
4
|
|
24
|
|
0
|
|
222
|
|
Amounts reclassified from accumulated other comprehensive loss
|
|
(33)
|
|
12
|
|
54
|
|
0
|
|
160
|
|
22
|
|
215
|
|
Balance - September 30, 2017
|
$
|
(2,124)
|
$
|
(1,471)
|
$
|
(1,196)
|
$
|
328
|
$
|
(13,852)
|
$
|
(650)
|
$
|
(18,965)
|
|
| Components of Comprehensive Income |
The following tables present the components of comprehensive income for the nine- and three-month periods ended September 30, 2017 and 2016:
|
|
|
|
|
|
|
|
|
Components of 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 transition asset
|
|
0
|
|
0
|
|
0
|
|
Less: amortization of prior service costs
|
|
(9)
|
|
4
|
|
(5)
|
|
Net pension plan liability adjustment
|
|
631
|
|
(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
|
$
|
4,153
|
$
|
(1,653)
|
$
|
2,500
|
|
|
|
|
|
|
|
|
|
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
|
|
373
|
|
(149)
|
|
224
|
|
|
|
|
|
|
|
|
|
Available for sale securities – all other:
|
|
|
|
|
|
|
|
Unrealized holding gains
|
|
115
|
|
(46)
|
|
69
|
|
Less: gains recognized in income
|
|
460
|
|
(184)
|
|
276
|
|
Net unrealized losses on all other AFS securities
|
|
(345)
|
|
138
|
|
(207)
|
|
|
|
|
|
|
|
|
|
Held to maturity securities:
|
|
|
|
|
|
|
|
Unrealized holding gains
|
|
0
|
|
0
|
|
0
|
|
Less: amortization recognized in income
|
|
(911)
|
|
364
|
|
(547)
|
|
Net unrealized gains on HTM securities
|
|
911
|
|
(364)
|
|
547
|
|
|
|
|
|
|
|
|
|
Cash flow hedges:
|
|
|
|
|
|
|
|
Unrealized holding losses
|
|
(799)
|
|
319
|
|
(480)
|
|
|
|
|
|
|
|
|
|
Pension Plan:
|
|
|
|
|
|
|
|
Unrealized net actuarial loss
|
|
(1,578)
|
|
630
|
|
(948)
|
|
Less: amortization of unrecognized loss
|
|
(636)
|
|
254
|
|
(382)
|
|
Less: amortization of transition asset
|
|
0
|
|
0
|
|
0
|
|
Less: amortization of prior service costs
|
|
(9)
|
|
4
|
|
(5)
|
|
Net pension plan liability adjustment
|
|
(933)
|
|
372
|
|
(561)
|
|
|
|
|
|
|
|
|
|
SERP:
|
|
|
|
|
|
|
|
Unrealized net actuarial loss
|
|
0
|
|
0
|
|
0
|
|
Less: amortization of unrecognized loss
|
|
(59)
|
|
24
|
|
(35)
|
|
Less: amortization of prior service costs
|
|
(15)
|
|
5
|
|
(10)
|
|
Net SERP liability adjustment
|
|
74
|
|
(29)
|
|
45
|
|
Other comprehensive loss
|
$
|
(719)
|
$
|
287
|
$
|
(432)
|
|
|
|
|
|
|
|
|
|
Components of 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 transition asset
|
|
0
|
|
0
|
|
0
|
|
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
|
|
|
|
|
|
|
|
|
|
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)
|
|
| 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, 2017 and 2016:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts Reclassified from Accumulated Other Comprehensive Loss (in thousands)
|
For the Nine months ended September 30, 2017
|
For the Nine months ended September 30, 2016
|
|
Affected Line Item in the Statement Where Net Income is Presented
|
|
Unrealized gains on investment securities with OTTI:
|
|
|
|
|
|
|
|
Accretable yield
|
$
|
112
|
$
|
7
|
|
Interest income on taxable investment securities
|
|
Taxes
|
|
(43)
|
|
(3)
|
|
Tax expense
|
|
|
$
|
69
|
$
|
4
|
|
Net of tax
|
|
Unrealized gains and (losses) on available for sale investment securities - all others:
|
|
|
|
|
|
|
|
(Losses)/gains on sales
|
$
|
(44)
|
$
|
459
|
|
Net (losses)/ gains
|
|
Taxes
|
|
17
|
|
(183)
|
|
Tax benefit/(expense)
|
|
|
$
|
(27)
|
$
|
276
|
|
Net of tax
|
|
Unrealized losses on held to maturity securities:
|
|
|
|
|
|
|
|
Amortization
|
$
|
(262)
|
$
|
(911)
|
|
Interest income on taxable investment securities
|
|
Taxes
|
|
104
|
|
364
|
|
Tax benefit
|
|
|
$
|
(158)
|
$
|
(547)
|
|
Net of tax
|
|
Net pension plan liability adjustment:
|
|
|
|
|
|
|
|
Amortization of unrecognized loss
|
$
|
(792)
|
|
(636)
|
|
Salaries and employee benefits
|
|
Amortization of transition asset
|
|
0
|
|
0
|
|
Salaries and employee benefits
|
|
Amortization of prior service costs
|
|
(9)
|
|
(9)
|
|
Salaries and employee benefits
|
|
Taxes
|
|
319
|
|
258
|
|
Tax benefit
|
|
|
$
|
(482)
|
$
|
(387)
|
|
Net of tax
|
|
Net SERP liability adjustment:
|
|
|
|
|
|
|
|
Amortization of unrecognized loss
|
$
|
(110)
|
|
(59)
|
|
Salaries and employee benefits
|
|
Amortization of prior service costs
|
|
2
|
|
(15)
|
|
Salaries and employee benefits
|
|
Taxes
|
|
43
|
|
29
|
|
Tax benefit
|
|
|
$
|
(65)
|
$
|
(45)
|
|
Net of tax
|
|
|
|
|
|
|
|
|
|
Total reclassifications for the period
|
$
|
(663)
|
$
|
(699)
|
|
Net of tax
|
|
|
|
|
|
|
|
|
|
Amounts Reclassified from Accumulated Other Comprehensive Loss (in thousands)
|
For the Three months ended September 30, 2017
|
For the Three months ended September 30, 2016
|
|
Affected Line Item in the Statement Where Net Income is Presented
|
|
Unrealized gains on investment securities with OTTI:
|
|
|
|
|
|
|
|
Accretable Yield
|
$
|
55
|
$
|
2
|
|
Interest income on taxable investment securities
|
|
Taxes
|
|
(22)
|
|
(1)
|
|
Tax (expense)/benefit
|
|
|
$
|
33
|
$
|
1
|
|
Net of tax
|
|
Unrealized (losses) and gains on available for sale investment securities - all others:
|
|
|
|
|
|
|
|
(Losses)/gains on sales
|
$
|
(27)
|
$
|
232
|
|
Net gains
|
|
Taxes
|
|
15
|
|
(93)
|
|
Tax benefit/(expense)
|
|
|
$
|
(12)
|
$
|
139
|
|
Net of tax
|
|
Unrealized losses on held to maturity securities:
|
|
|
|
|
|
|
|
Amortization
|
$
|
(90)
|
$
|
(303)
|
|
Interest income on taxable investment securities
|
|
Taxes
|
|
36
|
|
121
|
|
Tax benefit
|
|
|
$
|
(54)
|
$
|
(182)
|
|
Net of tax
|
|
Net pension plan liability adjustment:
|
|
|
|
|
|
|
|
Amortization of unrecognized loss
|
$
|
(264)
|
|
(212)
|
|
Salaries and employee benefits
|
|
Amortization of transition asset
|
|
0
|
|
0
|
|
Salaries and employee benefits
|
|
Amortization of prior service costs
|
|
(3)
|
|
(3)
|
|
Salaries and employee benefits
|
|
Taxes
|
|
107
|
|
86
|
|
Tax benefit
|
|
|
$
|
(160)
|
$
|
(129)
|
|
Net of tax
|
|
Net SERP liability adjustment:
|
|
|
|
|
|
|
|
Amortization of unrecognized loss
|
$
|
(37)
|
|
(20)
|
|
Salaries and employee benefits
|
|
Amortization of prior service costs
|
|
1
|
|
(5)
|
|
Salaries and employee benefits
|
|
Taxes
|
|
14
|
|
10
|
|
Tax benefit
|
|
|
$
|
(22)
|
$
|
(15)
|
|
Net of tax
|
|
|
|
|
|
|
|
|
|
Total reclassifications for the period
|
$
|
(215)
|
$
|
(186)
|
|
Net of tax
|
|