Accumulated Other Comprehensive Income

3 Months Ended

Mar. 31, 2020

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

The table below shows the activity and accumulated balances for components of other comprehensive income. The largest component is the unrealized holding gains and losses on available for sale debt securities. Another component is the amortization from other comprehensive income of losses associated with pension benefits, which occurs as the losses are included in current net periodic pension cost. The remaining component is gains and losses in fair value on certain interest rate floors that have been designated as cash flow hedging instruments. Information about unrealized gains and losses on securities can be found in Note 3, and information about unrealized gains and losses on cash flow hedge derivatives is located in Note 11.

The Company adopted ASU 2016-13 (CECL) on January 1, 2020, which changed the impairment model for available for sale debt securities. The new standard requires an allowance for credit losses when the present value of the cash flows expected to be collected is less than the security's amortized cost basis. See further discussion of the Company's CECL adoption in Note 1 and Note 3 to the consolidated financial statements. Further, the new standard superceded the guidance related to other-than-temporary impairment (OTTI), including the requirement to separately disclose the unrealized gains and losses on securities with OTTI. Prior to the Company's adoption of CECL, unrealized gains and losses on debt securities for which an OTTI has been recorded in current earnings were shown separately below. As a result of adopting CECL, the table below will separately disclose unrealized gains and losses on debt securities for which an allowance for credit losses has been recorded. During the first three months of 2020, there were no securities for which an allowance for credit losses was recorded.


	Unrealized Gains (Losses) on Securities (1)						Pension Loss		Unrealized Gains (Losses) on Cash Flow Hedge Derivatives (2)		Total Accumulated Other Comprehensive Income (Loss)
(In thousands)	OTTI		Other
Balance January 1, 2020	$	3,264	$	98,809	$	(21,940)	$	30,311	$	110,444

Adoption of ASU 2016-13	(3,264)		3,264		—		—		—
Other comprehensive income before reclassifications to current earnings	—		104,942		—		84,617		189,559
Amounts reclassified to current earnings from accumulated other comprehensive income	—		(46)		474		268		696
Current period other comprehensive income, before tax	—		104,896		474		84,885		190,255
Income tax expense	—		(26,224)		(118)		(21,221)		(47,563)
Current period other comprehensive income, net of tax	—		78,672		356		63,664		142,692

Balance March 31, 2020	$	—	$	180,745	$	(21,584)	$	93,975	$	253,136
Balance January 1, 2019	$	3,861	$	(52,278)	$	(23,107)	$	6,855	$	(64,669)


Other comprehensive income before reclassifications to current earnings	55		98,614		—		3,027		101,696
Amounts reclassified to current earnings from accumulated other comprehensive income	—		(694)		518		678		502
Current period other comprehensive income, before tax	55		97,920		518		3,705		102,198
Income tax expense	(14)		(24,479)		(129)		(926)		(25,548)
Current period other comprehensive income, net of tax	41		73,441		389		2,779		76,650

Balance March 31, 2019	$	3,902	$	21,163	$	(22,718)	$	9,634	$	11,981

(1) The pre-tax amounts reclassified from accumulated other comprehensive income to current earnings are included in "investment securities gains, net" in the consolidated statements of income.

(2) The pre-tax amounts reclassified from accumulated other comprehensive income to current earnings are included in "interest and fees on loans" in the consolidated statements of income.