Accumulated Other Comprehensive Income (Loss)

6 Months Ended

Jun. 30, 2021

Accumulated Other Comprehensive Income (Loss).

Accumulated Other Comprehensive Income (Loss)

9. 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 income (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 six months ended June 30, 2021 and 2020 are presented below:

			Income
			Tax
	Pre-tax		Benefit		Net of
(dollars in thousands)	Amount		(Expense)		Tax
Accumulated other comprehensive loss at March 31, 2021	$	(59,238)	$	15,803	$	(43,435)
Three months ended June 30, 2021
Investment securities:
Unrealized net gains arising during the period		18,831		(5,023)		13,808
Reclassification of net gains to net income:
Investment securities gains, net		(102)		27		(75)
Net change in investment securities		18,729		(4,996)		13,733
Other comprehensive income		18,729		(4,996)		13,733
Accumulated other comprehensive loss at June 30, 2021	$	(40,509)	$	10,807	$	(29,702)

			Income
			Tax
	Pre-tax		Benefit		Net of
(dollars in thousands)	Amount		(Expense)		Tax
Accumulated other comprehensive income at December 31, 2020	$	43,098	$	(11,494)	$	31,604
Six months ended June 30, 2021
Investment securities:
Unrealized net losses arising during the period		(83,505)		22,274		(61,231)
Reclassification of net gains to net income:
Investment securities gains, net		(102)		27		(75)
Net change in investment securities		(83,607)		22,301		(61,306)
Other comprehensive loss		(83,607)		22,301		(61,306)
Accumulated other comprehensive loss at June 30, 2021	$	(40,509)	$	10,807	$	(29,702)

			Income
			Tax
	Pre-tax		Benefit		Net of
(dollars in thousands)	Amount		(Expense)		Tax
Accumulated other comprehensive income at March 31, 2020	$	5,629	$	(1,500)	$	4,129
Three months ended June 30, 2020
Investment securities:
Unrealized net gains arising during the period		66,071		(17,624)		48,447
Reclassification of net losses to net income:
Investment securities losses, net		211		(56)		155
Net change in investment securities		66,282		(17,680)		48,602
Other comprehensive income		66,282		(17,680)		48,602
Accumulated other comprehensive income at June 30, 2020	$	71,911	$	(19,180)	$	52,731

			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)
Six months ended June 30, 2020
Pension and other benefits:
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		115,235		(30,751)		84,484
Reclassification of net losses to net income:
Investment securities losses, net		126		(34)		92
Net change in investment securities		115,361		(30,785)		84,576
Other comprehensive income		115,361		(30,881)		84,480
Accumulated other comprehensive income at June 30, 2020	$	71,911	$	(19,180)	$	52,731

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 June 30, 2021
Balance at beginning of period	$	(31,737)	$	(11,698)	$	(43,435)
Other comprehensive income		—		13,733		13,733
Balance at end of period	$	(31,737)	$	2,035	$	(29,702)
Six Months Ended June 30, 2021
Balance at beginning of period	$	(31,737)	$	63,341	$	31,604
Other comprehensive loss		—		(61,306)		(61,306)
Balance at end of period	$	(31,737)	$	2,035	$	(29,702)
Three Months Ended June 30, 2020
Balance at beginning of period	$	(28,178)	$	32,307	$	4,129
Other comprehensive income		—		48,602		48,602
Balance at end of period	$	(28,178)	$	80,909	$	52,731
Six Months Ended June 30, 2020
Balance at beginning of period	$	(28,082)	$	(3,667)	$	(31,749)
Other comprehensive income		(96)		84,576		84,480
Balance at end of period	$	(28,178)	$	80,909	$	52,731