Accumulated Other Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2021

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Accumulated Other Comprehensive Income (Loss)

7.) 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
2021
Securities available for sale and transferred securities:
Change in unrealized gain (loss) during the year	$	(26,643	)	$	(6,826	)	$	(19,817	)
Reclassification adjustment for net gains included in net income (1)		139			36			103
Total securities available for sale and transferred securities		(26,504	)		(6,790	)		(19,714	)
Hedging derivative instruments:
Change in unrealized gain (loss) during the year		1,984			508			1,476
Pension and post-retirement obligations:
Net actuarial gain (loss) arising during the year		3,162			810			2,352
Amortization of net actuarial loss and prior service cost included in income		741			190			551
Total pension and post-retirement obligations		3,903			1,000			2,903
Other comprehensive loss	$	(20,617	)	$	(5,282	)	$	(15,335	)

2020
Securities available for sale and transferred securities:
Change in unrealized gain (loss) during the year	$	19,928		$	5,106		$	14,822
Reclassification adjustment for net gains included in net income (1)		(1,281	)		(329	)		(952	)
Total securities available for sale and transferred securities		18,647			4,777			13,870
Hedging derivative instruments:
Change in unrealized gain (loss) during the year		271			69			202
Pension and post-retirement obligations:
Net actuarial gain (loss) arising during the year		2,201			565			1,636
Amortization of net actuarial loss and prior service cost included in income		1,254			321			933
Total pension and post-retirement obligations		3,455			886			2,569
Other comprehensive income	$	22,373		$	5,732		$	16,641

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

(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.

(17.) 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, 2021	$	(316	)	$	14,743		$	(12,299	)	$	2,128
Other comprehensive income (loss) before reclassifications		1,476			(19,817	)		2,352			(15,989	)
Amounts reclassified from accumulated other comprehensive income (loss)		-			103			551			654
Net current period other comprehensive income (loss)		1,476			(19,714	)		2,903			(15,335	)
Balance at December 31, 2021	$	1,160		$	(4,971	)	$	(9,396	)	$	(13,207	)

Balance at January 1, 2020	$	(518	)	$	873		$	(14,868	)	$	(14,513	)
Other comprehensive income (loss) before reclassifications		202			14,822			1,636			16,660
Amounts reclassified from accumulated other comprehensive income (loss)		-			(952	)		933			(19	)
Net current period other comprehensive income		202			13,870			2,569			16,641
Balance at December 31, 2020	$	(316	)	$	14,743		$	(12,299	)	$	2,128

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) income		(242	)		9,323			470			9,551
Balance at December 31, 2019	$	(518	)	$	873		$	(14,868	)	$	(14,513	)

(17.) 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 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
	2021			2020
Realized gain (loss) on sale of investment securities	$	71		$	1,599		Net gain on investment securities
Amortization of unrealized holding gains (losses) on investment securities transferred from available for sale to held to maturity		(210	)		(318	)	Interest income
		(139	)		1,281		Total before tax
		36			(329	)	Income tax benefit (expense)
		(103	)		952		Net of tax
Amortization of pension and post-retirement items:
Prior service credit (1)		3			34		Salaries and employee benefits
Net actuarial losses (1)		(744	)		(1,288	)	Salaries and employee benefits
		(741	)		(1,254	)	Total before tax
		190			321		Income tax benefit
		(551	)		(933	)	Net of tax
Total reclassified for the period	$	(654	)	$	19

(1)

These items are included in the computation of net periodic pension expense. See Note 21 – Employee Benefit Plans for additional information.