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Accumulated Other Comprehensive Loss

6 Months Ended

Jun. 30, 2021

Accumulated Other Comprehensive Loss [Abstract]

Accumulated Other Comprehensive Loss

Note 8 – 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, 2020, the three months ended March 31, 2021, and the three months ended June 30, 2021:

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Investment

​

Investment

​

​

​

​

​

​

​

​

​

​

​

​

securities-

​

securities-

​

Investment

​

​

​

​

​

​

​

​

​

​

with OTTI

​

all other

​

securities-

​

Cash Flow

​

Pension

​

​

​

​

(in thousands)

AFS

AFS

HTM

Hedge

Plan

SERP

Total

Accumulated OCL, net:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Balance - January 1, 2020

​

$

(2,542)

​

$

(853)

​

$

(899)

​

$

(85)

​

$

(20,417)

​

$

(1,175)

​

$

(25,971)

Other comprehensive income/(loss) before reclassifications

​

​

(587)

​

​

1,291

​

​

—

​

​

(869)

​

​

(3,262)

​

​

(625)

​

​

(4,052)

Amounts reclassified from accumulated other comprehensive loss

​

​

(148)

​

​

(463)

​

​

584

​

​

—

​

​

1,049

​

​

138

​

​

1,160

Balance - December 31, 2020

​

$

(3,277)

​

$

(25)

​

$

(315)

​

$

(954)

​

$

(22,630)

​

$

(1,662)

​

$

(28,863)

Other comprehensive income/(loss) before reclassifications

​

​

266

​

​

(5,202)

​

​

—

​

​

405

​

​

(139)

​

​

—

​

​

(4,670)

Amounts reclassified from accumulated other comprehensive loss

​

​

(37)

​

​

—

​

​

45

​

​

—

​

​

272

​

​

55

​

​

335

Balance - March 31, 2021

​

$

(3,048)

​

$

(5,227)

​

$

(270)

​

$

(549)

​

$

(22,497)

​

$

(1,607)

​

$

(33,198)

Other comprehensive income/(loss) before reclassifications

​

​

1,581

​

​

2,034

​

​

—

​

​

(34)

​

​

938

​

​

—

​

​

4,519

Amounts reclassified from accumulated other comprehensive loss

​

​

(37)

​

​

(113)

​

​

34

​

​

—

​

​

272

​

​

55

​

​

211

Balance - June 30, 2021

​

$

(1,504)

​

$

(3,306)

​

$

(236)

​

$

(583)

​

$

(21,287)

​

$

(1,552)

​

$

(28,468)

​

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

​

​	​	​	​	​	​	​	​	​	​
​	​	Before		​	Tax		​	​
Components of Other Comprehensive Income	​	Tax		​	(Expense)		​	​
(in thousands)		Amount			Benefit			Net
For the six months ended June 30, 2021	​	​	​	​	​	​	​	​	​
Available for sale (AFS) securities with OTTI:	​	​	​	​	​	​	​	​	​
Unrealized holding gains	​	$	2,523	​	$	(676)	​	$	1,847
Less: accretable yield recognized in income	​	​	101	​	​	(27)	​	​	74
Net unrealized gains on investments with OTTI	​	​	2,422	​	​	(649)	​	​	1,773
Available for sale securities – all other:	​	​	​	​	​	​	​	​	​
Unrealized holding losses	​	​	(4,327)	​	​	1,159	​	​	(3,168)
Less: gains recognized in income	​	​	154	​	​	(41)	​	​	113
Net unrealized losses on all other AFS securities	​	​	(4,481)	​	​	1,200	​	​	(3,281)
Held to maturity securities:	​	​	​	​	​	​	​	​	​
Less: gains recognized in income	​	​	—	​	​	—	​	​	—
Less: amortization recognized in income	​	​	(108)	​	​	29	​	​	(79)
Net unrealized gains on HTM securities	​	​	108	​	​	(29)	​	​	79
Cash flow hedges:	​	​	​	​	​	​	​	​	​
Unrealized holding gains	​	​	507	​	​	(136)	​	​	371
Pension Plan:	​	​	​	​	​	​	​	​	​
Unrealized net actuarial gain	​	​	1,090	​	​	(291)	​	​	799
Less: amortization of unrecognized loss	​	​	(744)	​	​	200	​	​	(544)
Net pension plan liability adjustment	​	​	1,834	​	​	(491)	​	​	1,343
SERP:	​	​	​	​	​	​	​	​	​
Unrealized net actuarial loss	​	​	—	​	​	—	​	​	—
Less: amortization of unrecognized loss	​	​	(150)	​	​	40	​	​	(110)
Net SERP liability adjustment	​	​	150	​	​	(40)	​	​	110
Other comprehensive income	​	$	540	​	$	(145)	​	$	395

​

​

​

​	​	​	​	​	​	​	​	​	​
​	​	Before		​	Tax		​	​
Components of Other Comprehensive Loss	​	Tax		​	(Expense)		​	​
(in thousands)		Amount			Benefit			Net
For the six months ended June 30, 2020	​	​	​	​	​	​	​	​	​
Available for sale (AFS) securities with OTTI:	​	​	​	​	​	​	​	​	​
Unrealized holding losses	​	$	(1,956)	​	$	524	​	$	(1,432)
Less: accretable yield recognized in income	​	​	101	​	​	(27)	​	​	74
Net unrealized losses on investments with OTTI	​	​	(2,057)	​	​	551	​	​	(1,506)
Available for sale securities – all other:	​	​	​	​	​	​	​	​	​
Unrealized holding gains	​	​	2,767	​	​	(741)	​	​	2,026
Less: gains recognized in income	​	​	47	​	​	(13)	​	​	34
Net unrealized gains on all other AFS securities	​	​	2,720	​	​	(728)	​	​	1,992
Held to maturity securities:	​	​	​	​	​	​	​	​	​
Unrealized holding gains	​	​	—	​	​	—	​	​	—
Less: gains recognized in income	​	​	60	​	​	(16)	​	​	44
Less: amortization recognized in income	​	​	(735)	​	​	197	​	​	(538)
Net unrealized gains on HTM securities	​	​	675	​	​	(181)	​	​	494
Cash flow hedges:	​	​	​	​	​	​	​	​	​
Unrealized holding losses	​	​	(1,425)	​	​	381	​	​	(1,044)
Pension Plan:	​	​	​	​	​	​	​	​	​
Unrealized net actuarial loss	​	​	(2,786)	​	​	746	​	​	(2,040)
Less: amortization of unrecognized loss	​	​	(716)	​	​	192	​	​	(524)
Net pension plan liability adjustment	​	​	(2,070)	​	​	554	​	​	(1,516)
SERP:	​	​	​	​	​	​	​	​	​
Unrealized net actuarial loss	​	​	—	​	​	—	​	​	—
Less: amortization of unrecognized loss	​	​	(94)	​	​	25	​	​	(69)
Less: amortization of prior service costs	​	​	1	​	​	—	​	​	1
Net SERP liability adjustment	​	​	93	​	​	(25)	​	​	68
Other comprehensive loss	​	$	(2,064)	​	$	552	​	$	(1,512)

​

​

​

​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​
Components of Other Comprehensive Income (in thousands)	​	Before Tax Amount		​	Tax (Expense) Benefit		​	Net
For the three months ended June 30, 2021	​	​	​	​	​	​	​	​	​
Available for sale (AFS) securities with OTTI:	​	​	​	​	​	​	​	​	​
Unrealized holding gains	​	$	2,160	​	$	(579)	​	$	1,581
Less: accretable yield recognized in income	​	​	51	​	​	(14)	​	​	37
Net unrealized gains on investments with OTTI	​	​	2,109	​	​	(565)	​	​	1,544
Available for sale securities – all other:	​	​	​	​	​	​	​	​	​
Unrealized holding gains	​	​	2,778	​	​	(744)	​	​	2,034
Less: gains recognized in income	​	​	154	​	​	(41)	​	​	113
Net unrealized gains on all other AFS securities	​	​	2,624	​	​	(703)	​	​	1,921
Held to maturity securities:	​	​	​	​	​	​	​	​	​
Unrealized holding gains	​	​	—	​	​	—	​	​	—
Less: amortization recognized in income	​	​	(46)	​	​	12	​	​	(34)
Net unrealized gains on HTM securities	​	​	46	​	​	(12)	​	​	34
Cash flow hedges:	​	​	​	​	​	​	​	​	​
Unrealized holding gains	​	​	(47)	​	​	13	​	​	(34)
Pension Plan:	​	​	​	​	​	​	​	​	​
Unrealized net actuarial gain	​	​	1,280	​	​	(342)	​	​	938
Less: amortization of unrecognized loss	​	​	(372)	​	​	100	​	​	(272)
Net pension plan liability adjustment	​	​	1,652	​	​	(442)	​	​	1,210
SERP:	​	​	​	​	​	​	​	​	​
Unrealized net actuarial loss	​	​	—	​	​	—	​	​	—
Less: amortization of unrecognized loss	​	​	(73)	​	​	18	​	​	(55)
Net SERP liability adjustment	​	​	73	​	​	(18)	​	​	55
Other comprehensive income	​	$	6,457	​	$	(1,727)	​	$	4,730

​

​

​

​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​
Components of Other Comprehensive Income (in thousands)	​	Before Tax Amount		​	Tax (Expense) Benefit		​	Net
For the three months ended June 30, 2020	​	​	​	​	​	​	​	​	​
Available for sale (AFS) securities with OTTI:	​	​	​	​	​	​	​	​	​
Unrealized holding losses	​	$	(333)	​	$	89	​	$	(244)
Less: accretable yield recognized in income	​	​	51	​	​	(14)	​	​	37
Net unrealized losses on investments with OTTI	​	​	(384)	​	​	103	​	​	(281)
Available for sale securities – all other:	​	​	​	​	​	​	​	​	​
Unrealized holding gains	​	​	877	​	​	(235)	​	​	642
Less: gains recognized in income	​	​	47	​	​	(13)	​	​	34
Net unrealized gains on all other AFS securities	​	​	830	​	​	(222)	​	​	608
Held to maturity securities:	​	​	​	​	​	​	​	​	​
Unrealized holding gains	​	​	—	​	​	—	​	​	—
Less: gains recognized in income	​	​	60	​	​	(16)	​	​	44
Less: amortization recognized in income	​	​	(662)	​	​	177	​	​	(485)
Net unrealized gains on HTM securities	​	​	602	​	​	(161)	​	​	441
Cash flow hedges:	​	​	​	​	​	​	​	​	​
Unrealized holding losses	​	​	(111)	​	​	30	​	​	(81)
Pension Plan:	​	​	​	​	​	​	​	​	​
Unrealized net actuarial gain	​	​	4,284	​	​	(1,147)	​	​	3,137
Less: amortization of unrecognized loss	​	​	(358)	​	​	96	​	​	(262)
Net pension plan liability adjustment	​	​	4,642	​	​	(1,243)	​	​	3,399
SERP:	​	​	​	​	​	​	​	​	​
Less: amortization of unrecognized loss	​	​	(47)	​	​	13	​	​	(34)
Less: amortization of prior service costs	​	​	—	​	​	—	​	​	—
Net SERP liability adjustment	​	​	47	​	​	(13)	​	​	34
Other comprehensive income	​	$	5,626	​	$	(1,506)	​	$	4,120

​

The following table presents the details of amounts reclassified from accumulated other comprehensive loss for the six and three month periods ended June 30, 2021 and 2020:

​

​	​	​	​	​	​	​	​	​
Amounts Reclassified from	​	Six Months Ended					​	​
Accumulated Other Comprehensive Loss	​	June 30,					​	Affected Line Item in the Statement
(in thousands)		2021			2020			Where Net Income is Presented
Net unrealized gains on available for sale investment securities with OTTI:	​	​	​	​	​	​	​	​
Accretable yield	​	$	101	​	$	101	​	Interest income on taxable investment securities
Taxes	​	​	(27)	​	​	(27)	​	Provision for income tax expense
​	​	$	74	​	$	74	​	Net of tax
Net unrealized gains on available for sale investment securities - all others:	​	​	​	​	​	​	​	​
Gains on sales	​	$	154	​	$	47	​	Net gains
Taxes	​	​	(41)	​	​	(13)	​	Provision for income tax expense
​	​	$	113	​	$	34	​	Net of tax
Net unrealized losses on held to maturity securities:	​	​	​	​	​	​	​	​
Amortization	​	$	(108)	​	$	(735)	​	Interest income on taxable investment securities
Gains on calls	​	​	—	​	​	60	​	Net gains
Taxes	​	​	29	​	​	181	​	Provision for income tax expense
​	​	$	(79)	​	$	(494)	​	Net of tax
Net pension plan liability adjustment:	​	​	​	​	​	​	​	​
Amortization of unrecognized loss	​	$	(744)	​	$	(716)	​	Other Expense
Taxes	​	​	200	​	​	192	​	Provision for income tax expense
​	​	$	(544)	​	$	(524)	​	Net of tax
Net SERP liability adjustment:	​	​	​	​	​	​	​	​
Amortization of unrecognized loss	​	$	(150)	​	$	(94)	​	Other Expense
Amortization of prior service costs	​	​	—	​	​	1	​	Salaries and employee benefits
Taxes	​	​	40	​	​	25	​	Provision for income tax expense
​	​	$	(110)	​	$	(68)	​	Net of tax
Total reclassifications for the period	​	$	(546)	​	$	(978)	​	Net of tax

​

​

​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​
Amounts Reclassified from	​	Three Months Ended					​	​
Accumulated Other Comprehensive Loss	​	June 30,					​	Affected Line Item in the Statement
(in thousands)	​	2021		​	2020		​	Where Net Income is Presented
Net unrealized gains on available for sale investment securities with OTTI:	​	​	​	​	​	​	​	​
Accretable Yield	​	$	51	​	$	51	​	Interest income on taxable investment securities
Taxes	​	​	(14)	​	​	(14)	​	Provision for income tax expense
​	​	$	37	​	$	37	​	Net of tax
Net unrealized gains on available for sale investment securities - all others:	​	​	​	​	​	​	​	​
Gains on sales	​	$	154	​	$	47	​	Net gains
Taxes	​	​	(41)	​	​	(13)	​	Provision for income tax expense
​	​	$	113	​	$	34	​	Net of tax
Net unrealized losses on held to maturity securities:	​	​	​	​	​	​	​	​
Amortization	​	$	(46)	​	$	(662)	​	Interest income on taxable investment securities
Gains on calls	​	​	—	​	​	60	​	Net gains
Taxes	​	​	12	​	​	161	​	Provision for income tax expense
​	​	$	(34)	​	$	(441)	​	Net of tax
Net pension plan liability adjustment:	​	​	​	​	​	​	​	​
Amortization of unrecognized loss	​	$	(372)	​	$	(358)	​	Other expense
Amortization of prior service costs	​	​	—	​	​	—	​	Salaries and employee benefits
Taxes	​	​	100	​	​	96	​	Provision for income tax expense
​	​	$	(272)	​	$	(262)	​	Net of tax
Net SERP liability adjustment:	​	​	​	​	​	​	​	​
Amortization of unrecognized loss	​	$	(73)	​	$	(47)	​	Other expense
Amortization of prior service costs	​	​	—	​	​	—	​	Salaries and employee benefits
Taxes	​	​	18	​	​	13	​	Provision for income tax expense
​	​	$	(55)	​	$	(34)	​	Net of tax
Total reclassifications for the period	​	$	(211)	​	$	(666)	​	Net of tax

​

X

- References

No definition available.

+ Details

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Data Type:	xbrli:stringItemType
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Period Type:	duration

X

- Definition

The entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-URI http://asc.fasb.org/topic&trid=2134417

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(21))
-URI http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(23))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

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