Accumulated Other Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2021

Accumulated Other Comprehensive Income (Loss).

Accumulated Other Comprehensive Income (Loss)

11. 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 investment securities. Changes in accumulated other comprehensive income (loss) for the years ended December 31, 2021, 2020 and 2019 are presented below:

			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
Year ended December 31, 2021
Pension and other benefits:
Net actuarial gains arising during the year		3,107		(829)		2,278
Amortization of net loss included in net income		6,913		(1,844)		5,069
Net change in pension and other benefits		10,020		(2,673)		7,347
Investment securities:
Unrealized net losses arising during the year		(218,983)		58,414		(160,569)
Reclassification of net gains to net income:
Investment securities gains, net		(102)		27		(75)
Net change in investment securities		(219,085)		58,441		(160,644)
Other comprehensive loss		(209,065)		55,768		(153,297)
Accumulated other comprehensive loss at December 31, 2021	$	(165,967)	$	44,274	$	(121,693)

			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)
Year ended December 31, 2020
Pension and other benefits:
Net actuarial losses arising during the year		(10,399)		2,774		(7,625)
Prior service credit		(51)		14		(37)
Amortization of net loss included in net income		5,595		(1,492)		4,103
Change in Company tax rate		—		(96)		(96)
Net change in pension and other benefits		(4,855)		1,200		(3,655)
Investment securities:
Unrealized net gains arising during the year		91,289		(24,365)		66,924
Reclassification of net losses to net income:
Investment securities losses, net		114		(30)		84
Net change in investment securities		91,403		(24,395)		67,008
Other comprehensive income		86,548		(23,195)		63,353
Accumulated other comprehensive income at December 31, 2020	$	43,098	$	(11,494)	$	31,604

			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)
Year ended December 31, 2019
Pension and other benefits:
Net actuarial losses arising during the year		(5,774)		1,555		(4,219)
Prior service credit		(429)		115		(314)
Amortization of net loss included in net income		6,610		(1,780)		4,830
Net change in pension and other benefits		407		(110)		297
Investment securities:
Unrealized net gains arising during the year		134,343		(36,178)		98,165
Reclassification of net gains to net income:
Investment securities losses, net		2,715		(731)		1,984
Net change in investment securities		137,058		(36,909)		100,149
Other comprehensive income		137,465		(37,019)		100,446
Accumulated other comprehensive loss at December 31, 2019	$	(43,450)	$	11,701	$	(31,749)

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

	Pensions				Accumulated
	and				Other
	Other		Investment		Comprehensive
(dollars in thousands)	Benefits		Securities		Income (Loss)
Year Ended December 31, 2021
Balance at beginning of year	$	(31,737)	$	63,341	$	31,604
Other comprehensive income (loss)		7,347		(160,644)		(153,297)
Balance at end of year	$	(24,390)	$	(97,303)	$	(121,693)
Year Ended December 31, 2020
Balance at beginning of year	$	(28,082)	$	(3,667)	$	(31,749)
Other comprehensive income (loss)		(3,655)		67,008		63,353
Balance at end of year	$	(31,737)	$	63,341	$	31,604
Year Ended December 31, 2019
Balance at beginning of year	$	(28,379)	$	(103,816)	$	(132,195)
Other comprehensive income		297		100,149		100,446
Balance at end of year	$	(28,082)	$	(3,667)	$	(31,749)

As of December 31, 2021, 2020 and 2019, the Company did not have any available-for-sale debt securities in an unrealized loss position with the intent to sell and determined it was not more likely than not that the Company would be required to sell the securities prior to recovery of the amortized cost basis. Thus, for the years ended December 31, 2021 and 2020, there was no incremental non-credit-related impairment loss recognized in earnings on these securities, and for the year ended December 31, 2019, there was no non-credit other-than-temporary impairment (“OTTI”) loss on these securities.