Accumulated Other Comprehensive Income (Loss)

9 Months Ended

Sep. 30, 2020

Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract]

Accumulated Other Comprehensive Income (Loss)

(10.)

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

The following tables present the components of other comprehensive income (loss) for the three and nine months ended September 30, 2020 and 2019 (in thousands):

	Pre-tax Amount			Tax Effect			Net-of-tax Amount
Three months ended September 30, 2020
Securities available for sale and transferred securities:
Change in unrealized gain/loss during the period	$	374		$	96		$	278
Reclassification adjustment for net gains included in net income ⁽¹⁾		(467	)		(120	)		(347	)
Total securities available for sale and transferred securities		(93	)		(24	)		(69	)
Hedging derivative instruments:
Change in unrealized gain/loss during the period		165			42			123
Pension and post-retirement obligations:
Amortization of prior service credit included in income		(8	)		(2	)		(6	)
Amortization of net actuarial loss included in income		321			82			239
Total pension and post-retirement obligations		313			80			233
Other comprehensive income	$	385		$	98		$	287
Nine months ended September 30, 2020
Securities available for sale and transferred securities:
Change in unrealized gain/loss during the period	$	19,737		$	5,057		$	14,680
Reclassification adjustment for net gains included in net income ⁽¹⁾		(1,213	)		(311	)		(902	)
Total securities available for sale and transferred securities		18,524			4,746			13,778
Hedging derivative instruments:
Change in unrealized gain/loss during the period		(234	)		(60	)		(174	)
Pension and post-retirement obligations:
Amortization of prior service credit included in income		(26	)		(7	)		(19	)
Amortization of net actuarial loss included in income		967			248			719
Total pension and post-retirement obligations		941			241			700
Other comprehensive loss	$	19,231		$	4,927		$	14,304

⁽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.

(10.)

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Continued)

	Pre-tax Amount			Tax Effect			Net-of-tax Amount
Three months ended September 30, 2019
Securities available for sale and transferred securities:
Change in unrealized gain/loss during the period	$	2,992		$	755		$	2,237
Reclassification adjustment for net gains included in net income ⁽¹⁾		(1,492	)		(376	)		(1,116	)
Total securities available for sale and transferred securities		1,500			379			1,121
Hedging derivative instruments:
Change in unrealized gain/loss during the period		57			14			43
Pension and post-retirement obligations:
Amortization of prior service credit included in income		(16	)		(4	)		(12	)
Amortization of net actuarial loss included in income		366			92			274
Total pension and post-retirement obligations		350			88			262
Other comprehensive income	$	1,907		$	481		$	1,426
Nine months ended September 30, 2019
Securities available for sale and transferred securities:
Change in unrealized gain/loss during the period	$	17,222		$	4,342		$	12,880
Reclassification adjustment for net gains included in net income ⁽¹⁾		(1,360	)		(343	)		(1,017	)
Total securities available for sale and transferred securities		15,862			3,999			11,863
Hedging derivative instruments:
Change in unrealized gain/loss during the period		(424	)		(107	)		(317	)
Pension and post-retirement obligations:
Amortization of prior service credit included in income		(49	)		(12	)		(37	)
Amortization of net actuarial loss included in income		1,098			277			821
Total pension and post-retirement obligations		1,049			265			784
Other comprehensive income	$	16,487		$	4,157		$	12,330

⁽¹⁾

(10.)

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Continued)

Activity in accumulated other comprehensive income (loss), net of tax, for the three and nine months ended September 30, 2020 and 2019 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)
Three months ended September 30, 2020
Balance at beginning of period	$	(815	)	$	14,720		$	(14,401	)	$	(496	)
Other comprehensive income before reclassifications		123			278			—			401
Amounts reclassified from accumulated other comprehensive (loss) income		—			(347	)		233			(114	)
Net current period other comprehensive income (loss)		123			(69	)		233			287
Balance at end of period	$	(692	)	$	14,651		$	(14,168	)	$	(209	)
Nine months ended September 30, 2020
Balance at beginning of period	$	(518	)	$	873		$	(14,868	)	$	(14,513	)
Other comprehensive (loss) income before reclassifications		(174	)		14,680			—			14,506
Amounts reclassified from accumulated other comprehensive (loss) income		—			(902	)		700			(202	)
Net current period other comprehensive income (loss)		(174	)		13,778			700			14,304
Balance at end of period	$	(692	)	$	14,651		$	(14,168	)	$	(209	)

Three months ended September 30, 2019
Balance at beginning of period	$	(636	)	$	2,292		$	(14,816	)	$	(13,160	)
Other comprehensive income before reclassifications		43			2,237			—			2,280
Amounts reclassified from accumulated other comprehensive (loss) income		—			(1,116	)		262			(854	)
Net current period other comprehensive income		43			1,121			262			1,426
Balance at end of period	$	(593	)	$	3,413		$	(14,554	)	$	(11,734	)
Nine months ended September 30, 2019
Balance at beginning of period	$	(276	)	$	(7,769	)	$	(13,236	)		(21,281	)
Reclassification of income tax effects to retained earnings		—			(681	)		(2,102	)		(2,783	)
Other comprehensive (loss) income before reclassifications		(317	)		12,880			—			12,563
Amounts reclassified from accumulated other comprehensive income (loss)		—			(1,017	)		784			(233	)
Net current period other comprehensive (loss) income		(317	)		11,863			784			12,330
Balance at end of period	$	(593	)	$	3,413		$	(14,554	)	$	(11,734	)

(10.)

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Continued)

The following table presents the amounts reclassified out of each component of accumulated other comprehensive income (loss) for the three and nine months ended September 30, 2020 and 2019 (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
	Three months ended
	September 30,
	2020			2019
Realized gain on sale of investment securities	$	554		$	1,608		Net gain on investment securities
Amortization of unrealized holding losses on investment securities transferred from available for sale to held to maturity		(87	)		(116	)	Interest income
		467			1,492		Total before tax
		(120	)		(376	)	Income tax expense
		347			1,116		Net of tax
Amortization of pension and post-retirement items:
Prior service credit ⁽¹⁾		8			16		Salaries and employee benefits
Net actuarial losses ⁽¹⁾		(321	)		(366	)	Salaries and employee benefits
		(313	)		(350	)	Total before tax
		80			88		Income tax benefit
		(233	)		(262	)	Net of tax
Total reclassified for the period	$	114		$	854

	Nine months ended
	September 30,
	2020			2019
Realized gain on sale of investment securities	$	1,449		$	1,721		Net gain on investment securities
Amortization of unrealized holding losses on investment securities transferred from available for sale to held to maturity		(236	)		(361	)	Interest income
		1,213			1,360		Total before tax
		(311	)		(343	)	Income tax (expense) benefit
		902			1,017		Net of tax
Amortization of pension and post-retirement items:
Prior service credit ⁽¹⁾		26			49		Salaries and employee benefits
Net actuarial losses ⁽¹⁾		(967	)		(1,098	)	Salaries and employee benefits
		(941	)		(1,049	)	Total before tax
		241			265		Income tax benefit
		(700	)		(784	)	Net of tax
Total reclassified for the period	$	202		$	233

⁽¹⁾	These items are included in the computation of net periodic pension expense. See Note 12 – Employee Benefit Plans for additional information.