XML 29 R20.htm IDEA: XBRL DOCUMENT v3.22.2.2
Accumulated Other Comprehensive Income (Loss)
 9 Months Ended
Sep. 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 nine months ended September 30, 2022 and 2021 (in thousands):

 

 

 

Pre-tax
Amount

 

 

Tax
Effect

 

 

Net-of-tax
Amount

 

Three months ended September 30, 2022

 

 

 

 

 

 

 

 

 

Securities available for sale and transferred securities:

 

 

 

 

 

 

 

 

 

Change in unrealized gain/loss during the period

 

$

(57,655

)

 

$

(14,773

)

 

$

(42,882

)

Reclassification adjustment for net gains included in net income (1)

 

 

23

 

 

 

7

 

 

 

16

 

Total securities available for sale and transferred securities

 

 

(57,632

)

 

 

(14,766

)

 

 

(42,866

)

Hedging derivative instruments:

 

 

 

 

 

 

 

 

 

Change in unrealized gain/loss during the period

 

 

1,829

 

 

 

469

 

 

 

1,360

 

Pension and post-retirement obligations:

 

 

 

 

 

 

 

 

 

Amortization of prior service credit included in income

 

 

—

 

 

 

—

 

 

 

—

 

Amortization of net actuarial loss included in income

 

 

64

 

 

 

16

 

 

 

48

 

Total pension and post-retirement obligations

 

 

64

 

 

 

16

 

 

 

48

 

Other comprehensive loss

 

$

(55,739

)

 

$

(14,281

)

 

$

(41,458

)

Nine months ended September 30, 2022

 

 

 

 

 

 

 

 

 

Securities available for sale and transferred securities:

 

 

 

 

 

 

 

 

 

Change in unrealized gain/loss during the period

 

$

(177,638

)

 

$

(45,514

)

 

$

(132,124

)

Reclassification adjustment for net gains included in net income (1)

 

 

95

 

 

 

25

 

 

 

70

 

Total securities available for sale and transferred securities

 

 

(177,543

)

 

 

(45,489

)

 

 

(132,054

)

Hedging derivative instruments:

 

 

 

 

 

 

 

 

 

Change in unrealized gain/loss during the period

 

 

5,291

 

 

 

1,356

 

 

 

3,935

 

Pension and post-retirement obligations:

 

 

 

 

 

 

 

 

 

Amortization of prior service credit included in income

 

 

—

 

 

 

—

 

 

 

—

 

Amortization of net actuarial loss included in income

 

 

192

 

 

 

49

 

 

 

143

 

Total pension and post-retirement obligations

 

 

192

 

 

 

49

 

 

 

143

 

Other comprehensive loss

 

$

(172,060

)

 

$

(44,084

)

 

$

(127,976

)

 

(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 September 30, 2021

 

 

 

 

 

 

 

 

 

Securities available for sale and transferred securities:

 

 

 

 

 

 

 

 

 

Change in unrealized gain/loss during the period

 

$

(8,647

)

 

$

(2,216

)

 

$

(6,431

)

Reclassification adjustment for net gains included in net income (1)

 

 

42

 

 

 

11

 

 

 

31

 

Total securities available for sale and transferred securities

 

 

(8,605

)

 

 

(2,205

)

 

 

(6,400

)

Hedging derivative instruments:

 

 

 

 

 

 

 

 

 

Change in unrealized gain/loss during the period

 

 

108

 

 

 

28

 

 

 

80

 

Pension and post-retirement obligations:

 

 

 

 

 

 

 

 

 

Amortization of prior service credit included in income

 

 

(1

)

 

 

(1

)

 

 

—

 

Amortization of net actuarial loss included in income

 

 

186

 

 

 

48

 

 

 

138

 

Total pension and post-retirement obligations

 

 

185

 

 

 

47

 

 

 

138

 

Other comprehensive income

 

$

(8,312

)

 

$

(2,130

)

 

$

(6,182

)

Nine months ended September 30, 2021

 

 

 

 

 

 

 

 

 

Securities available for sale and transferred securities:

 

 

 

 

 

 

 

 

 

Change in unrealized gain/loss during the period

 

$

(21,348

)

 

$

(5,470

)

 

$

(15,878

)

Reclassification adjustment for net gains included in net income (1)

 

 

105

 

 

 

27

 

 

 

78

 

Total securities available for sale and transferred securities

 

 

(21,243

)

 

 

(5,443

)

 

 

(15,800

)

Hedging derivative instruments:

 

 

 

 

 

 

 

 

 

Change in unrealized gain/loss during the period

 

 

1,537

 

 

 

394

 

 

 

1,143

 

Pension and post-retirement obligations:

 

 

 

 

 

 

 

 

 

Amortization of prior service credit included in income

 

 

(2

)

 

 

(1

)

 

 

(1

)

Amortization of net actuarial loss included in income

 

 

557

 

 

 

143

 

 

 

414

 

Total pension and post-retirement obligations

 

 

555

 

 

 

142

 

 

 

413

 

Other comprehensive loss

 

$

(19,151

)

 

$

(4,907

)

 

$

(14,244

)

 

(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)

Activity in accumulated other comprehensive income (loss), net of tax, for the three and nine months ended September 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 September 30, 2022

 

 

 

 

 

 

 

 

 

 

 

 

Balance at beginning of period

 

$

3,735

 

 

$

(94,159

)

 

$

(9,301

)

 

$

(99,725

)

Other comprehensive income (loss) before reclassifications

 

 

1,360

 

 

 

(42,882

)

 

 

—

 

 

 

(41,522

)

Amounts reclassified from accumulated other comprehensive
   income (loss)

 

 

—

 

 

 

16

 

 

 

48

 

 

 

64

 

Net current period other comprehensive income (loss)

 

 

1,360

 

 

 

(42,866

)

 

 

48

 

 

 

(41,458

)

Balance at end of period

 

$

5,095

 

 

$

(137,025

)

 

$

(9,253

)

 

$

(141,183

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine months ended September 30, 2022

 

 

 

 

 

 

 

 

 

 

 

 

Balance at beginning of period

 

$

1,160

 

 

$

(4,971

)

 

$

(9,396

)

 

$

(13,207

)

Other comprehensive income (loss) before reclassifications

 

 

3,935

 

 

 

(132,124

)

 

 

—

 

 

 

(128,189

)

Amounts reclassified from accumulated other comprehensive
   income (loss)

 

 

—

 

 

 

70

 

 

 

143

 

 

 

213

 

Net current period other comprehensive income (loss)

 

 

3,935

 

 

 

(132,054

)

 

 

143

 

 

 

(127,976

)

Balance at end of period

 

$

5,095

 

 

$

(137,025

)

 

$

(9,253

)

 

$

(141,183

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended September 30, 2021

 

 

 

 

 

 

 

 

 

 

 

 

Balance at beginning of period

 

$

747

 

 

$

5,343

 

 

$

(12,024

)

 

$

(5,934

)

Other comprehensive income (loss) before reclassifications

 

 

80

 

 

 

(6,431

)

 

 

—

 

 

 

(6,351

)

Amounts reclassified from accumulated other comprehensive
   income (loss)

 

 

—

 

 

 

31

 

 

 

138

 

 

 

169

 

Net current period other comprehensive income (loss)

 

 

80

 

 

 

(6,400

)

 

 

138

 

 

 

(6,182

)

Balance at end of period

 

$

827

 

 

$

(1,057

)

 

$

(11,886

)

 

$

(12,116

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine months ended September 30, 2021

 

 

 

 

 

 

 

 

 

 

 

 

Balance at beginning of period

 

$

(316

)

 

$

14,743

 

 

$

(12,299

)

 

$

2,128

 

Other comprehensive income (loss) before reclassifications

 

 

1,143

 

 

 

(15,878

)

 

 

—

 

 

 

(14,735

)

Amounts reclassified from accumulated other comprehensive
   income (loss)

 

 

—

 

 

 

78

 

 

 

413

 

 

 

491

 

Net current period other comprehensive income (loss)

 

 

1,143

 

 

 

(15,800

)

 

 

413

 

 

 

(14,244

)

Balance at end of period

 

$

827

 

 

$

(1,057

)

 

$

(11,886

)

 

$

(12,116

)

 

 

(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 nine months ended September 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
September 30,

 

 

 

 

 

2022

 

 

2021

 

 

 

Realized loss on sale of investment securities

 

$

—

 

 

$

—

 

 

Net (loss) gain on investment securities

Amortization of unrealized holding gain
   on investment securities transferred from
   available for sale to held to maturity

 

 

(23

)

 

 

(42

)

 

Interest income

 

 

 

(23

)

 

 

(42

)

 

Total before tax

 

 

 

7

 

 

 

11

 

 

Income tax expense

 

 

 

(16

)

 

 

(31

)

 

Net of tax

Amortization of pension and post-retirement items:

 

 

 

 

 

 

 

 

Prior service credit (1)

 

 

—

 

 

 

1

 

 

Salaries and employee benefits

Net actuarial losses (1)

 

 

(64

)

 

 

(186

)

 

Salaries and employee benefits

 

 

 

(64

)

 

 

(185

)

 

Total before tax

 

 

 

16

 

 

 

47

 

 

Income tax benefit

 

 

 

(48

)

 

 

(138

)

 

Net of tax

Total reclassified for the period

 

$

(64

)

 

$

(169

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine months ended

 

 

 

 

 

September 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

 

 

(80

)

 

 

(176

)

 

Interest income

 

 

 

(95

)

 

 

(105

)

 

Total before tax

 

 

 

25

 

 

 

27

 

 

Income tax expense

 

 

 

(70

)

 

 

(78

)

 

Net of tax

Amortization of pension and post-retirement items:

 

 

 

 

 

 

 

 

Prior service credit (1)

 

 

—

 

 

 

2

 

 

Salaries and employee benefits

Net actuarial losses (1)

 

 

(192

)

 

 

(557

)

 

Salaries and employee benefits

 

 

 

(192

)

 

 

(555

)

 

Total before tax

 

 

 

49

 

 

 

142

 

 

Income tax benefit

 

 

 

(143

)

 

 

(413

)

 

Net of tax

Total reclassified for the period

 

$

(213

)

 

$

(491

)

 

 

 

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