Accumulated Other Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2019

Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract]

Accumulated Other Comprehensive Income (Loss)

(15.)

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

The following table presents the components of other comprehensive income (loss) for the years ended December 31 (in thousands):

	Pre-tax Amount			Tax Effect			Net-of-tax Amount
2019
Securities available for sale and transferred securities:
Change in unrealized gain (loss) during the year	$	13,648		$	3,456		$	10,192
Reclassification adjustment for net gains included in net income ⁽¹⁾		(1,176	)		(307	)		(869	)
Total securities available for sale and transferred securities		12,472			3,149			9,323
Hedging derivative instruments:
Change in unrealized gain (loss) during the year		(327	)		(85	)		(242	)
Pension and post-retirement obligations:
Net actuarial gain (loss) arising during the year		(879	)		(303	)		(576	)
Amortization of net actuarial loss and prior service cost included in income		1,398			352			1,046
Total pension and post-retirement obligations		519			49			470
Other comprehensive income	$	12,664		$	3,113		$	9,551

2018
Securities available for sale and transferred securities:
Change in unrealized gain (loss) during the year	$	(6,547	)	$	(1,650	)	$	(4,897	)
Reclassification adjustment for net gains included in net income ⁽¹⁾		539			136			403
Total securities available for sale and transferred securities		(6,008	)		(1,514	)		(4,494	)
Hedging derivative instruments:
Change in unrealized gain (loss) during the year		(369	)		(93	)		(276	)
Pension and post-retirement obligations:
Net actuarial gain (loss) arising during the year		(6,823	)		(1,721	)		(5,102	)
Amortization of net actuarial loss and prior service cost included in income		678			171			507
Total pension and post-retirement obligations		(6,145	)		(1,550	)		(4,595	)
Other comprehensive loss	$	(12,522	)	$	(3,157	)	$	(9,365	)

2017
Securities available for sale and transferred securities:
Change in unrealized gain (loss) during the year	$	1,841		$	710		$	1,131
Reclassification adjustment for net gains included in net income ⁽¹⁾		(1,103	)		(426	)		(677	)
Total securities available for sale and transferred securities		738			284			454
Hedging derivative instruments:
Change in unrealized gain (loss) during the year		-			-			-
Pension and post-retirement obligations:
Net actuarial gain (loss) arising during the year		1,460			563			897
Amortization of net actuarial loss and prior service cost included in income		1,115			431			684
Total pension and post-retirement obligations		2,575			994			1,581
Other comprehensive income	$	3,313		$	1,278		$	2,035

⁽¹⁾

Includes amounts related 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.

(15.)

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Continued)

Activity in accumulated other comprehensive income (loss), net of tax, was as follows (in thousands):

	Hedging Derivative Instruments			Securities Available for Sale and Transferred Securities			Pension and Post- retirement Obligations			Accumulated Other Comprehensive Income (Loss)
Balance at January 1, 2019	$	(276	)	$	(7,769	)	$	(13,236	)	$	(21,281	)
Reclassification adjustment for net gains included in net income	$	-		$	(681	)	$	(2,102	)		(2,783	)
Other comprehensive income (loss) before reclassifications		(242	)		10,192			(576	)		9,374
Amounts reclassified from accumulated other comprehensive income (loss)		-			(869	)		1,046			177
Net current period other comprehensive loss		(242	)		9,323			470			9,551
Balance at December 31, 2019	$	(518	)	$	873		$	(14,868	)	$	(14,513	)

Balance at January 1, 2018	$	-		$	(3,275	)	$	(8,641	)	$	(11,916	)
Other comprehensive income (loss) before reclassifications		(276	)		(4,897	)		(5,102	)		(10,275	)
Amounts reclassified from accumulated other comprehensive income (loss)		-			403			507			910
Net current period other comprehensive income		(276	)		(4,494	)		(4,595	)		(9,365	)
Balance at December 31, 2018	$	(276	)	$	(7,769	)	$	(13,236	)	$	(21,281	)

Balance at January 1, 2017	$	-		$	(3,729	)	$	(10,222	)	$	(13,951	)
Other comprehensive income (loss) before reclassifications		-			1,131			897			2,028
Amounts reclassified from accumulated other comprehensive income (loss)		-			(677	)		684			7
Net current period other comprehensive (loss) income		-			454			1,581			2,035
Balance at December 31, 2017	$	-		$	(3,275	)	$	(8,641	)	$	(11,916	)

The following table presents the amounts reclassified out of each component of accumulated other comprehensive income (loss) for the years ended December 31 (in thousands):

Details About Accumulated Other Comprehensive Income (Loss) Components	Amount Reclassified from Accumulated Other Comprehensive Income (Loss)						Affected Line Item in the Consolidated Statement of Income
	2019			2018
Realized gain (loss) on sale of investment securities	$	1,677		$	(127	)	Net gain (loss) on investment securities
Amortization of unrealized holding gains (losses) on investment securities transferred from available for sale to held to maturity		(501	)		(412	)	Interest income
		1,176			(539	)	Total before tax
		(307	)		136		Income tax (expense) benefit
		869			(403	)	Net of tax
Amortization of pension and post-retirement items:
Prior service credit ⁽¹⁾		65			72		Salaries and employee benefits
Net actuarial losses ⁽¹⁾		(1,463	)		(750	)	Salaries and employee benefits
		(1,398	)		(678	)	Total before tax
		352			171		Income tax benefit
		(1,046	)		(507	)	Net of tax
Total reclassified for the period	$	(177	)	$	(910	)

⁽¹⁾	These items are included in the computation of net periodic pension expense. See Note 19 – Employee Benefit Plans for additional information.