Accumulated Other Comprehensive Income (Loss) (Tables)

6 Months Ended

Jun. 30, 2021

Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract]

Components of Other Comprehensive Income (Loss)

The following tables present the components of other comprehensive income (loss) for the three and six months ended June 30, 2021 and 2020 (in thousands):

	Pre-tax Amount			Tax Effect			Net-of-tax Amount
Three months ended June 30, 2021
Securities available for sale and transferred securities:
Change in unrealized gain/loss during the period	$	6,661		$	1,707		$	4,954
Reclassification adjustment for net gains included in net income ⁽¹⁾		64			16			48
Total securities available for sale and transferred securities		6,725			1,723			5,002
Hedging derivative instruments:
Change in unrealized gain/loss during the period		(674	)		(173	)		(501	)
Pension and post-retirement obligations:
Amortization of prior service credit included in income		—			—			—
Amortization of net actuarial loss included in income		185			48			137
Total pension and post-retirement obligations		185			48			137
Other comprehensive income	$	6,236		$	1,598		$	4,638
Six months ended June 30, 2021
Securities available for sale and transferred securities:
Change in unrealized gain/loss during the period	$	(12,701	)	$	(3,254	)	$	(9,447	)
Reclassification adjustment for net gains included in net income ⁽¹⁾		63			16			47
Total securities available for sale and transferred securities		(12,638	)		(3,238	)		(9,400	)
Hedging derivative instruments:
Change in unrealized gain/loss during the period		1,429			366			1,063
Pension and post-retirement obligations:
Amortization of prior service credit included in income		(1	)		—			(1	)
Amortization of net actuarial loss included in income		371			95			276
Total pension and post-retirement obligations		370			95			275
Other comprehensive loss	$	(10,839	)	$	(2,777	)	$	(8,062	)

⁽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.

	Pre-tax Amount			Tax Effect			Net-of-tax Amount
Three months ended June 30, 2020
Securities available for sale and transferred securities:
Change in unrealized gain/loss during the period	$	2,912		$	746		$	2,166
Reclassification adjustment for net gains included in net income ⁽¹⁾		(571	)		(146	)		(425	)
Total securities available for sale and transferred securities		2,341			600			1,741
Hedging derivative instruments:
Change in unrealized gain/loss during the period		(522	)		(134	)		(388	)
Pension and post-retirement obligations:
Amortization of prior service credit included in income		(9	)		(3	)		(6	)
Amortization of net actuarial loss included in income		323			84			239
Total pension and post-retirement obligations		314			81			233
Other comprehensive income	$	2,133		$	547		$	1,586
Six months ended June 30, 2020
Securities available for sale and transferred securities:
Change in unrealized gain/loss during the period	$	19,363		$	4,961		$	14,402
Reclassification adjustment for net gains included in net income ⁽¹⁾		(746	)		(191	)		(555	)
Total securities available for sale and transferred securities		18,617			4,770			13,847
Hedging derivative instruments:
Change in unrealized gain/loss during the period		(399	)		(102	)		(297	)
Pension and post-retirement obligations:
Amortization of prior service credit included in income		(18	)		(5	)		(13	)
Amortization of net actuarial loss included in income		646			166			480
Total pension and post-retirement obligations		628			161			467
Other comprehensive income	$	18,846		$	4,829		$	14,017

⁽¹⁾

Components of Accumulated Other Comprehensive Income (Loss)

Activity in accumulated other comprehensive income (loss), net of tax, for the three and six months ended June 30, 2021 and 2020 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 June 30, 2021
Balance at beginning of period	$	1,248		$	341		$	(12,161	)	$	(10,572	)
Other comprehensive income (loss) before reclassifications		(501	)		4,954			—			4,453
Amounts reclassified from accumulated other comprehensive income (loss)		—			48			137			185
Net current period other comprehensive income (loss)		(501	)		5,002			137			4,638
Balance at end of period	$	747		$	5,343		$	(12,024	)	$	(5,934	)
Six months ended June 30, 2021
Balance at beginning of period	$	(316	)	$	14,743		$	(12,299	)	$	2,128
Other comprehensive income (loss) before reclassifications		1,063			(9,447	)		—			(8,384	)
Amounts reclassified from accumulated other comprehensive income (loss)		—			47			275			322
Net current period other comprehensive income (loss)		1,063			(9,400	)		275			(8,062	)
Balance at end of period	$	747		$	5,343		$	(12,024	)	$	(5,934	)

Three months ended June 30, 2020
Balance at beginning of period	$	(427	)	$	12,979		$	(14,634	)	$	(2,082	)
Other comprehensive income (loss) before reclassifications		(388	)		2,166			—			1,778
Amounts reclassified from accumulated other comprehensive income (loss)		—			(425	)		233			(192	)
Net current period other comprehensive income (loss)		(388	)		1,741			233			1,586
Balance at end of period	$	(815	)	$	14,720		$	(14,401	)	$	(496	)
Six months ended June 30, 2020
Balance at beginning of period	$	(518	)	$	873		$	(14,868	)		(14,513	)
Other comprehensive income (loss) before reclassifications		(297	)		14,402			—			14,105
Amounts reclassified from accumulated other comprehensive income (loss)		—			(555	)		467			(88	)
Net current period other comprehensive income (loss)		(297	)		13,847			467			14,017
Balance at end of period	$	(815	)	$	14,720		$	(14,401	)	$	(496	)

Amounts Reclassified Out of Each Component of Accumulated Other Comprehensive Income (Loss)

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 2020 (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
	June 30,
	2021			2020
Realized gain (loss) on sale of investment securities	$	(3	)	$	674		Net gain (loss) on investment securities
Amortization of unrealized holding losses on investment securities transferred from available for sale to held to maturity		(61	)		(103	)	Interest income
		(64	)		571		Total before tax
		16			(146	)	Income tax expense
		(48	)		425		Net of tax
Amortization of pension and post-retirement items:
Prior service credit ⁽¹⁾		—			9		Salaries and employee benefits
Net actuarial losses ⁽¹⁾		(185	)		(323	)	Salaries and employee benefits
		(185	)		(314	)	Total before tax
		48			81		Income tax benefit
		(137	)		(233	)	Net of tax
Total reclassified for the period	$	(185	)	$	192

	Six months ended
	June 30,
	2021			2020
Realized gain on sale of investment securities	$	71		$	895		Net gain (loss) on investment securities
Amortization of unrealized holding losses on investment securities transferred from available for sale to held to maturity		(134	)		(149	)	Interest income
		(63	)		746		Total before tax
		16			(191	)	Income tax (expense) benefit
		(47	)		555		Net of tax
Amortization of pension and post-retirement items:
Prior service credit ⁽¹⁾		1			18		Salaries and employee benefits
Net actuarial losses ⁽¹⁾		(371	)		(646	)	Salaries and employee benefits
		(370	)		(628	)	Total before tax
		95			161		Income tax benefit
		(275	)		(467	)	Net of tax
Total reclassified for the period	$	(322	)	$	88

⁽¹⁾	These items are included in the computation of net periodic pension expense. See Note 14 – Employee Benefit Plans for additional information.