Accumulated Other Comprehensive Income (Loss)

6 Months Ended

Jun. 30, 2022

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

Accumulated Other Comprehensive (Loss) Income

(12.) ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME

The following tables present the components of other comprehensive (loss) income for the three and six months ended June 30, 2022 and 2021 (in thousands):


	Pre-tax Amount			Tax Effect			Net-of-tax Amount
Three months ended June 30, 2022
Securities available for sale and transferred securities:
Change in unrealized gain/loss during the period	$	(44,966	)	$	(11,520	)	$	(33,446	)
Reclassification adjustment for net gains included in net income (1)		41			10			31
Total securities available for sale and transferred securities		(44,925	)		(11,510	)		(33,415	)
Hedging derivative instruments:
Change in unrealized gain/loss during the period		991			254			737
Pension and post-retirement obligations:
Amortization of prior service credit included in income		—			—			—
Amortization of net actuarial loss included in income		64			17			47
Total pension and post-retirement obligations		64			17			47
Other comprehensive loss	$	(43,870	)	$	(11,239	)	$	(32,631	)
Six months ended June 30, 2022
Securities available for sale and transferred securities:
Change in unrealized gain/loss during the period	$	(119,983	)	$	(30,741	)	$	(89,242	)
Reclassification adjustment for net gains included in net income (1)		72			18			54
Total securities available for sale and transferred securities		(119,911	)		(30,723	)		(89,188	)
Hedging derivative instruments:
Change in unrealized gain/loss during the period		3,462			887			2,575
Pension and post-retirement obligations:
Amortization of prior service credit included in income		—			—			—
Amortization of net actuarial loss included in income		128			33			95
Total pension and post-retirement obligations		128			33			95
Other comprehensive loss	$	(116,321	)	$	(29,803	)	$	(86,518	)

(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.

(12.) ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME (Continued)


	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	)

(12.) ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME (Continued)

Activity in accumulated other comprehensive income (loss), net of tax, for the three and six months ended June 30, 2022 and 2021 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, 2022
Balance at beginning of period	$	2,998		$	(60,744	)	$	(9,348	)	$	(67,094	)
Other comprehensive income (loss) before reclassifications		737			(33,446	)		—			(32,709	)
Amounts reclassified from accumulated other comprehensive income (loss)		—			31			47			78
Net current period other comprehensive income (loss)		737			(33,415	)		47			(32,631	)
Balance at end of period	$	3,735		$	(94,159	)	$	(9,301	)	$	(99,725	)

Six months ended June 30, 2022
Balance at beginning of period	$	1,160		$	(4,971	)	$	(9,396	)	$	(13,207	)
Other comprehensive income (loss) before reclassifications		2,575			(89,242	)		—			(86,667	)
Amounts reclassified from accumulated other comprehensive income (loss)		—			54			95			149
Net current period other comprehensive income (loss)		2,575			(89,188	)		95			(86,518	)
Balance at end of period	$	3,735		$	(94,159	)	$	(9,301	)	$	(99,725	)


Three months ended June 30, 2021
Balance at beginning of period	$	1,248		$	341		$	(12,161	)	$	(10,572	)
Other comprehensive income before reclassifications		(501	)		4,954			—			4,453
Amounts reclassified from accumulated other comprehensive (loss) income		—			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 (loss) income before reclassifications		1,063			(9,447	)		—			(8,384	)
Amounts reclassified from accumulated other comprehensive (loss) income		—			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	)

(12.) ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME (Continued)

The following table presents the amounts reclassified out of each component of accumulated other comprehensive (loss) income for the three and six months ended June 30, 2022 and 2021 (in thousands):


Details About Accumulated Other Comprehensive Income (Loss) Components	Amount Reclassified from Accumulated Other Comprehensive (Loss) Income						Affected Line Item in the Consolidated Statement of Income
	Three months ended June 30,

	2022			2021
Realized loss on sale of investment securities	$	(15	)	$	(3	)	Net (loss) gain on investment securities
Amortization of unrealized holding gain on investment securities transferred from available for sale to held to maturity		(26	)		(61	)	Interest income
		(41	)		(64	)	Total before tax
		10			16		Income tax expense
		(31	)		(48	)	Net of tax
Amortization of pension and post-retirement items:
Prior service credit (1)		—			—		Salaries and employee benefits
Net actuarial losses (1)		(64	)		(185	)	Salaries and employee benefits
		(64	)		(185	)	Total before tax
		17			48		Income tax benefit
		(47	)		(137	)	Net of tax
Total reclassified for the period	$	(78	)	$	(185	)

	Six months ended
	June 30,
	2022			2021
Realized (loss) gain on sale of investment securities	$	(15	)	$	71		Net (loss) gain on investment securities
Amortization of unrealized holding gains on investment securities transferred from available for sale to held to maturity		(57	)		(134	)	Interest income
		(72	)		(63	)	Total before tax
		18			16		Income tax expense
		(54	)		(47	)	Net of tax
Amortization of pension and post-retirement items:
Prior service credit (1)		—			1		Salaries and employee benefits
Net actuarial losses (1)		(128	)		(371	)	Salaries and employee benefits
		(128	)		(370	)	Total before tax
		33			95		Income tax benefit
		(95	)		(275	)	Net of tax
Total reclassified for the period	$	(149	)	$	(322	)

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