Accumulated Other Comprehensive Loss

9 Months Ended

Sep. 30, 2020

Accumulated Other Comprehensive Loss [Abstract]

‎

Note 9 – Accumulated Other Comprehensive Loss

The following table presents the changes in each component of accumulated other comprehensive loss for the 12 months ended December 31, 2019, the three months ended March 31, June 30 and September 30, 2020:



(in thousands)	Investment ‎securities- ‎with OTTI ‎AFS		Investment ‎securities- ‎all other ‎AFS		Investment ‎securities- ‎HTM		Cash Flow ‎Hedge		Pension ‎Plan		SERP		Total
Accumulated OCL, net:
Balance – January 1, 2019	$	(1,899)	$	(3,601)	$	(1,131)	$	773	$	(18,017)	$	(528)	$	(24,403)
Other comprehensive ‎ income/(loss) before ‎ reclassifications		(497)		2,748		—		(858)		(3,189)		(730)		(2,526)
Amounts reclassified from ‎ accumulated other ‎ comprehensive loss		(146)		—		232		—		789		83		958
Balance – December 31, 2019	$	(2,542)	$	(853)	$	(899)	$	(85)	$	(20,417)	$	(1,175)	$	(25,971)
Other comprehensive ‎ income/(loss) before ‎ reclassifications		(1,188)		1,384		—		(963)		(5,177)		—		(5,944)
Amounts reclassified from ‎ accumulated other ‎ comprehensive loss		(37)		—		53		—		262		34		312
Balance - March 31, 2020	$	(3,767)	$	531	$	(846)	$	(1,048)	$	(25,332)	$	(1,141)	$	(31,603)
Other comprehensive ‎ income/(loss) before ‎ reclassifications		(244)		642		—		(81)		3,137		—		3,454
Amounts reclassified from ‎ accumulated other ‎ comprehensive loss		(37)		(34)		441		—		262		34		666
Balance - June 30, 2020	$	(4,048)	$	1,139	$	(405)	$	(1,129)	$	(21,933)	$	(1,107)	$	(27,483)
Other comprehensive ‎ income/(loss) before ‎ reclassifications		518		(235)		—		72		1,385		—		1,740
Amounts reclassified from ‎ accumulated other ‎ comprehensive loss		(37)		(421)		54		—		262		34		(108)
Balance - September 30, 2020	$	(3,567)	$	483	$	(351)	$	(1,057)	$	(20,286)	$	(1,073)	$	(25,851)

The following tables present the components of other comprehensive income/(loss) for the nine and three month periods ended

September 30, 2020 and 2019:



Components of Other Comprehensive Income ‎(in thousands)	Before ‎Tax ‎Amount		Tax ‎(Expense) ‎Benefit		Net
For the nine months ended September 30, 2020
Available for sale (AFS) securities with OTTI:
Unrealized holding losses	$	(1,249)	$	335	$	(914)
Less: accretable yield recognized in income		151		(40)		111
Net unrealized losses on investments with OTTI		(1,400)		375		(1,025)
Available for sale securities – all other:
Unrealized holding gains		2,446		(655)		1,791
Less: gains recognized in income		622		(167)		455
Net unrealized gains on all other AFS securities		1,824		(488)		1,336
Held to maturity securities:
Unrealized holding gains		—		—		—
Less: gains recognized in income		60		(16)		44
Less: amortization recognized in income		(809)		217		(592)
Net unrealized gains on HTM securities		749		(201)		548
Cash flow hedges:
Unrealized holding losses		(1,335)		363		(972)
Pension Plan:
Unrealized net actuarial loss		(895)		240		(655)
Less: amortization of unrecognized loss		(1,074)		288		(786)
Net pension plan liability adjustment		179		(48)		131
SERP:
Unrealized net actuarial loss		—		—		—
Less: amortization of unrecognized loss		(141)		38		(103)
Less: amortization of prior service costs		2		(1)		1
Net SERP liability adjustment		139		(37)		102
Other comprehensive income	$	156	$	(36)	$	120


Components of Other Comprehensive Income ‎(in thousands)	Before ‎Tax ‎Amount		Tax ‎(Expense) ‎Benefit		Net
For the nine months ended September 30, 2019
Available for sale (AFS) securities with OTTI:
Unrealized holding losses	$	(1,401)	$	380	$	(1,021)
Less: accretable yield recognized in income		149		(39)		110
Net unrealized losses on investments with OTTI		(1,550)		419		(1,131)
Available for sale securities – all other:
Unrealized holding gains		3,957		(1,072)		2,885
Less: gains recognized in income		1		—		1
Net unrealized gains on all other AFS securities		3,956		(1,072)		2,884
Held to maturity securities:
Unrealized holding gains		—		—		—
Less: amortization recognized in income		(243)		65		(178)
Net unrealized gains on HTM securities		243		(65)		178
Cash flow hedges:
Unrealized holding losses		(1,427)		387		(1,040)
Pension Plan:
Unrealized net actuarial gain		3,250		(881)		2,369
Less: amortization of unrecognized loss		(807)		219		(588)
Net pension plan liability adjustment		4,057		(1,100)		2,957
SERP:
Unrealized net actuarial loss		—		—		—
Less: amortization of unrecognized loss		(87)		23		(64)
Less: amortization of prior service costs		2		—		2
Net SERP liability adjustment		85		(23)		62
Other comprehensive income	$	5,364	$	(1,454)	$	3,910



Components of Other Comprehensive Income ‎(in thousands)	Before ‎Tax ‎Amount		Tax ‎(Expense) ‎Benefit		Net
For the three months ended September 30, 2020
Available for sale (AFS) securities with OTTI:
Unrealized holding gains	$	708	$	(190)	$	518
Less: accretable yield recognized in income		50		(13)		37
Net unrealized gains on investments with OTTI		658		(177)		481
Available for sale securities – all other:
Unrealized holding losses		(321)		86		(235)
Less: gains recognized in income		575		(154)		421
Net unrealized losses on all other AFS securities		(896)		240		(656)
Held to maturity securities:
Unrealized holding gains		—		—		—
Less: amortization recognized in income		(74)		20		(54)
Net unrealized gains on HTM securities		74		(20)		54
Cash flow hedges:
Unrealized holding gains		90		(18)		72
Pension Plan:
Unrealized net actuarial gain		1,891		(506)		1,385
Less: amortization of unrecognized loss		(358)		96		(262)
Net pension plan liability adjustment		2,249		(602)		1,647
SERP:
Unrealized net actuarial loss		—		—		—
Less: amortization of unrecognized loss		(47)		13		(34)
Less: amortization of prior service costs		1		(1)		—
Net SERP liability adjustment		46		(12)		34
Other comprehensive income	$	2,221	$	(589)	$	1,632



Components of Other Comprehensive Loss ‎(in thousands)	Before ‎Tax ‎Amount		Tax ‎(Expense) ‎Benefit		Net
For the three months ended September 30, 2019
Available for sale (AFS) securities with OTTI:
Unrealized holding losses	$	(1,126)	$	306	$	(820)
Less: accretable yield recognized in income		50		(13)		37
Net unrealized losses on investments with OTTI		(1,176)		319		(857)
Available for sale securities – all other:
Unrealized holding gains		552		(149)		403
Less: gains recognized in income		1		—		1
Net unrealized gains on all other AFS securities		551		(149)		402
Held to maturity securities:
Unrealized holding gains		—		—		—
Less: amortization recognized in income		(82)		22		(60)
Net unrealized gains on HTM securities		82		(22)		60
Cash flow hedges:
Unrealized holding losses		(329)		90		(239)
Pension Plan:
Unrealized net actuarial loss		(103)		28		(75)
Less: amortization of unrecognized loss		(269)		73		(196)
Net pension plan liability adjustment		166		(45)		121
SERP:
Less: amortization of unrecognized loss		(29)		8		(21)
Less: amortization of prior service costs		1		—		1
Net SERP liability adjustment		28		(8)		20
Other comprehensive loss	$	(678)	$	185	$	(493)

The following table presents the details of amounts reclassified from accumulated other comprehensive loss for the nine and three month periods ended September 30, 2020 and 2019:



Amounts Reclassified from	Nine Months Ended
Accumulated Other Comprehensive Loss	September 30,				Affected Line Item in the Statement
(in thousands)	2020		2019		Where Net Income is Presented
Net unrealized gains on available for sale investment securities with OTTI:
Accretable yield		151		149	Interest income on taxable investment securities
Taxes		(40)		(39)	Provision for income tax expense
	$	111	$	110	Net of tax
Net unrealized gains on available for sale investment securities - all others:
Gains on sales	$	622	$	1	Net gains
Taxes		(167)		—	Provision for income tax expense
	$	455	$	1	Net of tax
Net unrealized losses on held to maturity securities:
Amortization	$	(809)	$	(243)	Interest income on taxable investment securities
Gains on calls		60		—	Net gains
Taxes		201		65	Provision for income tax expense
	$	(548)	$	(178)	Net of tax
Net pension plan liability adjustment:
Amortization of unrecognized loss	$	(1,074)	$	(807)	Other Expense
Taxes		288		219	Provision for income tax expense
	$	(786)	$	(588)	Net of tax
Net SERP liability adjustment:
Amortization of unrecognized loss	$	(141)	$	(87)	Other Expense
Amortization of prior service costs		2		2	Salaries and employee benefits
Taxes		37		23	Provision for income tax expense
	$	(102)	$	(62)	Net of tax
Total reclassifications for the period	$	(870)	$	(717)	Net of tax



Amounts Reclassified from	Three Months Ended
Accumulated Other Comprehensive Loss	September 30,				Affected Line Item in the Statement
(in thousands)	2020		2019		Where Net Income is Presented
Net unrealized gains on available for sale investment securities with OTTI:
Accretable Yield	$	50	$	50	Interest income on taxable investment securities
Taxes		(13)		(13)	Provision for income tax expense
	$	37	$	37	Net of tax
Net unrealized gains on available for sale investment securities - all others:
Gains on sales	$	575	$	1	Net gains
Taxes		(154)		—	Provision for income tax expense
	$	421	$	1	Net of tax
Net unrealized losses on held to maturity securities:
Amortization	$	(74)	$	(82)	Interest income on taxable investment securities
Taxes		20		22	Provision for income tax expense
	$	(54)	$	(60)	Net of tax
Net pension plan liability adjustment:
Amortization of unrecognized loss	$	(358)	$	(269)	Other expense
Taxes		96		73	Provision for income tax expense
	$	(262)	$	(196)	Net of tax
Net SERP liability adjustment:
Amortization of unrecognized loss	$	(47)	$	(29)	Other expense
Amortization of prior service costs		1		1	Salaries and employee benefits
Taxes		12		8	Provision for income tax expense
	$	(34)	$	(20)	Net of tax
Total reclassifications for the period	$	108	$	(238)	Net of tax