Shareholders' Equity and Other Comprehensive Income (Loss) (Tables)

6 Months Ended

Jun. 30, 2021

Schedule of Changes in Accumulated Other Comprehensive Income (Loss) by Component (Net of Income Taxes)

The following tables illustrate activity within the balances in accumulated other comprehensive income (loss) by component for the three and six months ended June 30, 2021 and 2020.


Changes in Accumulated Other Comprehensive Income (Loss) by Component (Net of Income Taxes)
(in thousands)	Net unrealized gains (losses) on investment securities available for sale(1)		Net unrealized gains (losses) on cash flow hedges(1)		Post-retirement unfunded health benefit		Total
Balance at March 31, 2021	$	(15,316)	$	30,594	$	—	$	15,278
Other comprehensive income (loss) before reclassifications	34,617		(1,437)		—		33,180
Amounts reclassified from AOCI	—		(2,732)		—		(2,732)
Net current period other comprehensive income (loss)	34,617		(4,169)		—		30,448
Balance at June 30, 2021	$	19,301	$	26,425	$	—	$	45,726

Balance at March, 31, 2020	$	194,524	$	61,925	$	462	$	256,911
Other comprehensive income (loss) before reclassifications	(8,847)		6,538		—		(2,309)
Amounts reclassified from AOCI	(51,432)		(200)		—		(51,632)
Net current period other comprehensive income (loss)	(60,279)		6,338		—		(53,941)
Balance at June 30, 2020	$	134,245	$	68,263	$	462	$	202,970

Balance, December 31, 2020	$	105,669	$	52,966	$	—	$	158,635
Other comprehensive income (loss) before reclassifications	(87,843)		(22,620)		—		(110,463)
Amounts reclassified from AOCI	1,475		(3,921)		—		(2,446)
Net current period other comprehensive income (loss)	(86,368)		(26,541)		—		(112,909)
Balance at June 30, 2021	$	19,301	$	26,425	$	—	$	45,726

Balance, December 31, 2019	$	83,666	$	(18,487)	$	462	$	65,641
Other comprehensive income (loss) before reclassifications	108,484		87,039		—		195,523
Amounts reclassified from AOCI	(57,905)		(289)		—		(58,194)
Net current period other comprehensive income (loss)	50,579		86,750		—		137,329
Balance at June 30, 2020	$	134,245	$	68,263	$	462	$	202,970

(1) For all periods presented, the ending balance in net unrealized gains (losses) on investment securities available for sale and cash flow hedges includes unrealized losses of $13.3 million and $12.1 million, respectively, related to residual tax effects remaining in OCI due to previously established deferred tax asset valuation allowances in 2010 and 2011. In accordance with ASC 740-20-45-11(b), under the portfolio approach, these unrealized losses are realized at the time the entire portfolio is sold or disposed.