Accumulated Other Comprehensive Income (Loss)

9 Months Ended

Sep. 30, 2020

Accumulated Other Comprehensive Income (Loss).

Accumulated Other Comprehensive Income (Loss)

10. Accumulated Other Comprehensive Income (Loss)

Accumulated other comprehensive income (loss) is defined as the revenues, expenses, gains and losses that are included in comprehensive income but excluded from net income. The Company’s significant items of accumulated other comprehensive loss are pension and other benefits and net unrealized gains or losses on investment securities.

Changes in accumulated other comprehensive income (loss) for the three and nine months ended September 30, 2020 and 2019 are presented below:

			Income
			Tax
	Pre-tax		Benefit		Net of
(dollars in thousands)	Amount		(Expense)		Tax
Accumulated other comprehensive income at June 30, 2020	$	71,911	$	(19,180)	$	52,731
Three months ended September 30, 2020
Investment securities:
Unrealized net losses arising during the period		(1,991)		532		(1,459)
Reclassification of net losses to net income:
Investment securities gains, net		(24)		6		(18)
Net change in investment securities		(2,015)		538		(1,477)
Other comprehensive loss		(2,015)		538		(1,477)
Accumulated other comprehensive income at September 30, 2020	$	69,896	$	(18,642)	$	51,254

			Income
			Tax
	Pre-tax		Benefit		Net of
(dollars in thousands)	Amount		(Expense)		Tax
Accumulated other comprehensive loss at December 31, 2019	$	(43,450)	$	11,701	$	(31,749)
Nine months ended September 30, 2020
Change in Company tax rate		—		(96)		(96)
Net change in pension and other benefits		—		(96)		(96)
Investment securities:
Unrealized net gains arising during the period		113,244		(30,220)		83,024
Reclassification of net losses to net income:
Investment securities losses, net		102		(27)		75
Net change in investment securities		113,346		(30,247)		83,099
Other comprehensive income		113,346		(30,343)		83,003
Accumulated other comprehensive income at September 30, 2020	$	69,896	$	(18,642)	$	51,254

			Income
			Tax
	Pre-tax		Benefit		Net of
(dollars in thousands)	Amount		(Expense)		Tax
Accumulated other comprehensive loss at June 30, 2019	$	(43,772)	$	11,788	$	(31,984)
Three months ended September 30, 2019
Investment securities:
Unrealized net gains arising during the period		18,079		(4,869)		13,210
Net change in investment securities		18,079		(4,869)		13,210
Other comprehensive income		18,079		(4,869)		13,210
Accumulated other comprehensive loss at September 30, 2019	$	(25,693)	$	6,919	$	(18,774)

			Income
			Tax
	Pre-tax		Benefit		Net of
(dollars in thousands)	Amount		(Expense)		Tax
Accumulated other comprehensive loss at December 31, 2018	$	(180,915)	$	48,720	$	(132,195)
Nine months ended September 30, 2019
Pension and other benefits:
Net actuarial losses arising during the year		(813)		219		(594)
Net change in pension and other benefits		(813)		219		(594)
Investment securities:
Unrealized net gains arising during the period		153,443		(41,322)		112,121
Reclassification of net losses to net income:
Investment securities losses, net		2,592		(698)		1,894
Net change in investment securities		156,035		(42,020)		114,015
Other comprehensive income		155,222		(41,801)		113,421
Accumulated other comprehensive loss at September 30, 2019	$	(25,693)	$	6,919	$	(18,774)

The following table summarizes changes in accumulated other comprehensive income (loss), net of tax, for the periods indicated:

	Pensions				Accumulated
	and				Other
	Other		Investment		Comprehensive
(dollars in thousands)	Benefits		Securities		Income (Loss)
Three Months Ended September 30, 2020
Balance at beginning of period	$	(28,178)	$	80,909	$	52,731
Other comprehensive loss		—		(1,477)		(1,477)
Balance at end of period	$	(28,178)	$	79,432	$	51,254
Nine Months Ended September 30, 2020
Balance at beginning of period	$	(28,082)	$	(3,667)	$	(31,749)
Other comprehensive (loss) income		(96)		83,099		83,003
Balance at end of period	$	(28,178)	$	79,432	$	51,254
Three Months Ended September 30, 2019
Balance at beginning of period	$	(28,973)	$	(3,011)	$	(31,984)
Other comprehensive income		—		13,210		13,210
Balance at end of period	$	(28,973)	$	10,199	$	(18,774)
Nine Months Ended September 30, 2019
Balance at beginning of period	$	(28,379)	$	(103,816)	$	(132,195)
Other comprehensive (loss) income		(594)		114,015		113,421
Balance at end of period	$	(28,973)	$	10,199	$	(18,774)