Accumulated Other Comprehensive Income (Loss)

6 Months Ended

Jun. 30, 2021

Comprehensive Income Net Of Tax [Abstract]

Accumulated Other Comprehensive Income (Loss)

Note 8. Accumulated Other Comprehensive Income (Loss)

The following table presents the components of other comprehensive income (loss) for the three and six months ended June 30, 2021, and June 30, 2020:

(dollars in thousands)	Before Tax			Tax Effect			Net of Tax
Three Months Ended June 30, 2021
Net Unrealized Gains (Losses) on Investment Securities:
Net Unrealized Gains (Losses) Arising During the Period	$	3,129		$	848		$	2,281
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) that (Increase) Decrease Net Income:
(Gain) Loss on Sale		(3,675	)		(992	)		(2,683	)
Amortization of Unrealized Holding (Gains) Losses on Held-to- Maturity Securities ¹		380			101			279
Net Unrealized Gains (Losses) on Investment Securities		(166	)		(43	)		(123	)
Defined Benefit Plans:
Amortization of Net Actuarial Losses (Gains)		661			174			487
Amortization of Prior Service Credit		(62	)		(17	)		(45	)
Defined Benefit Plans, Net		599			157			442
Other Comprehensive Income (Loss)	$	433		$	114		$	319

Three Months Ended June 30, 2020
Net Unrealized Gains (Losses) on Investment Securities:
Net Unrealized Gains (Losses) Arising During the Period	$	10,393		$	2,752		$	7,641
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) that (Increase) Decrease Net Income:
Amortization of Unrealized Holding (Gains) Losses on Held-to- Maturity Securities ¹		121			32			89
Net Unrealized Gains (Losses) on Investment Securities		10,514			2,784			7,730
Defined Benefit Plans:
Amortization of Net Actuarial Losses (Gains)		571			151			420
Amortization of Prior Service Credit		(62	)		(16	)		(46	)
Defined Benefit Plans, Net		509			135			374
Other Comprehensive Income (Loss)	$	11,023		$	2,919		$	8,104

Six Months Ended June 30, 2021
Net Unrealized Gains (Losses) on Investment Securities:
Net Unrealized Gains (Losses) Arising During the Period	$	(65,097	)	$	(17,235	)	$	(47,862	)
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) that (Increase) Decrease Net Income:
(Gain) Loss on Sale		(3,675	)		(992	)		(2,683	)
Amortization of Unrealized Holding (Gains) Losses on Held-to- Maturity Securities ¹		506			134			372
Net Unrealized Gains (Losses) on Investment Securities		(68,266	)		(18,093	)		(50,173	)
Defined Benefit Plans:
Amortization of Net Actuarial Losses (Gains)		1,323			350			973
Amortization of Prior Service Credit		(123	)		(33	)		(90	)
Defined Benefit Plans, Net		1,200			317			883
Other Comprehensive Income (Loss)	$	(67,066	)	$	(17,776	)	$	(49,290	)

Six Months Ended June 30, 2020
Net Unrealized Gains (Losses) on Investment Securities:
Net Unrealized Gains (Losses) Arising During the Period	$	66,949		$	17,741		$	49,208
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) that (Increase) Decrease Net Income:
(Gain) Loss on Sale		(77	)		(21	)		(56	)
Amortization of Unrealized Holding (Gains) Losses on Held-to- Maturity Securities ¹		186			49			137
Net Unrealized Gains (Losses) on Investment Securities		67,058			17,769			49,289
Defined Benefit Plans:
Amortization of Net Actuarial Losses (Gains)		1,141			303			838
Amortization of Prior Service Credit		(123	)		(33	)		(90	)
Defined Benefit Plans, Net		1,018			270			748
Other Comprehensive Income (Loss)	$	68,076		$	18,039		$	50,037

The amount relates to the amortization/accretion of unrealized net gains and losses related to the Company’s reclassification of available-for-sale investment securities to the held-to-maturity category. The unrealized net gains/losses will be amortized/accreted over the remaining life of the investment securities as an adjustment of yield.

The following table presents the changes in each component of accumulated other comprehensive income (loss), net of tax, for the three and six months ended June 30, 2021, and June 30, 2020:

(dollars in thousands)	Investment Securities- Available- for-Sale			Investment Securities- Held-to-Maturity			Defined Benefit Plans			Accumulated Other Comprehensive Income (Loss)
Three Months Ended June 30, 2021
Balance at Beginning of Period	$	1,352		$	(330	)	$	(42,809	)	$	(41,787	)
Other Comprehensive Income (Loss) Before Reclassifications		2,281			—			—			2,281
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)		(2,683	)		279			442			(1,962	)
Total Other Comprehensive Income (Loss)		(402	)		279			442			319
Balance at End of Period	$	950		$	(51	)	$	(42,367	)	$	(41,468	)

Three Months Ended June 30, 2020
Balance at Beginning of Period	$	49,870		$	(667	)	$	(38,382	)	$	10,821
Other Comprehensive Income (Loss) Before Reclassifications		7,641			—			—			7,641
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)		—			89			374			463
Total Other Comprehensive Income (Loss)		7,641			89			374			8,104
Balance at End of Period	$	57,511		$	(578	)	$	(38,008	)	$	18,925

Six Months Ended June 30, 2021
Balance at Beginning of Period	$	51,495		$	(423	)	$	(43,250	)	$	7,822
Other Comprehensive Income (Loss) Before Reclassifications		(47,862	)		—			—			(47,862	)
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)		(2,683	)		372			883			(1,428	)
Total Other Comprehensive Income (Loss)		(50,545	)		372			883			(49,290	)
Balance at End of Period	$	950		$	(51	)	$	(42,367	)	$	(41,468	)

Six Months Ended June 30, 2020
Balance at Beginning of Period	$	8,359		$	(715	)	$	(38,756	)	$	(31,112	)
Other Comprehensive Income (Loss) Before Reclassifications		49,208			—			—			49,208
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)		(56	)		137			748			829
Total Other Comprehensive Income (Loss)		49,152			137			748			50,037
Balance at End of Period	$	57,511		$	(578	)	$	(38,008	)	$	18,925

The following table presents the amounts reclassified out of each component of accumulated other comprehensive income (loss) for the three and six months ended June 30, 2021, and June 30, 2020:

Details about Accumulated Other Comprehensive Income (Loss) Components	Amount Reclassified from Accumulated Other Comprehensive Income (Loss)¹						Affected Line Item in the Statement Where Net Income Is Presented
	Three Months Ended June 30,
(dollars in thousands)	2021			2020
Amortization of Unrealized Holding Gains (Losses) on Investment Securities Held-to-Maturity	$	(380	)	$	(121	)	Interest Income
		101			32		Provision for Income Tax
		(279	)		(89	)	Net of Tax
Sale of Investment Securities Available-for-Sale		3,675			—		Investment Securities Gains (Losses), Net
		(992	)		—		Provision for Income Tax
		2,683			—		Net of tax

Amortization of Defined Benefit Plan Items
Prior Service Credit ²		62			62
Net Actuarial Losses ²		(661	)		(571	)
		(599	)		(509	)	Total Before Tax
		157			135		Provision for Income Tax
		(442	)		(374	)	Net of Tax

Total Reclassifications for the Period	$	1,962		$	(463	)	Net of Tax

Details about Accumulated Other Comprehensive Income (Loss) Components	Amount Reclassified from Accumulated Other Comprehensive Income (Loss)¹						Affected Line Item in the Statement Where Net Income Is Presented
	Six Months Ended June 30,
(dollars in thousands)	2021			2020
Amortization of Unrealized Holding Gains (Losses) on Investment Securities Held-to-Maturity	$	(506	)	$	(186	)	Interest Income
		134			49		Provision for Income Tax
		(372	)		(137	)	Net of Tax
Sale of Investment Securities Available-for-Sale		3,675			77		Investment Securities Gains (Losses), Net
		(992	)		(21	)	Provision for Income Tax
		2,683			56		Net of tax

Amortization of Defined Benefit Plan Items
Prior Service Credit ²		123			123
Net Actuarial Losses ²		(1,323	)		(1,141	)
		(1,200	)		(1,018	)	Total Before Tax
		317			270		Provision for Income Tax
		(883	)		(748	)	Net of Tax

Total Reclassifications for the Period	$	1,428		$	(829	)	Net of Tax

¹	^{Amounts in parentheses indicate reductions to net income.}

²	^{These accumulated other comprehensive income (loss) components are included in the computation of net periodic benefit cost and are included in Other Noninterest Expense on the consolidated statements of income.}