Shareholders' Equity (Tables)

12 Months Ended

Dec. 31, 2020

Accumulated Other Comprehensive Income [Abstract]

Accumulated Other Comprehensive Income (Loss)

The following table presents the components of other comprehensive income (loss) for the years ended December 31:


	Before-Tax Amount		Tax Effect		Net of Tax Amount
	(in thousands)
2020
Unrealized gain on securities	$	85,188	$	(19,537)	$	65,651
Reclassification adjustment for securities gains included in net income (1)	(3,053)		694		(2,359)
Amortization of net unrealized losses on AFS transferred to HTM (2)	4,360		(912)		3,448

Unrecognized pension and postretirement income	(3,242)		710		(2,532)
Amortization of net unrecognized pension and postretirement items (3)	1,311		(291)		1,020
Total Other Comprehensive Income	$	84,564	$	(19,336)	$	65,228
2019
Unrealized gain on securities	$	73,085	$	(16,166)	$	56,919
Reclassification adjustment for securities gains included in net income (1)	(4,733)		1,047		(3,686)
Amortization of net unrealized losses on AFS transferred to HTM (2) (4)	8,070		(1,785)		6,285
Non-credit related unrealized losses on other-than-temporarily impaired debt securities	(873)		193		(680)
Unrecognized pension and postretirement income	(1,203)		266		(937)
Amortization of net unrecognized pension and postretirement items (3)	1,316		(291)		1,025
Total Other Comprehensive Income	$	75,662	$	(16,736)	$	58,926
2018
Unrealized loss on securities	$	(31,235)	$	6,909	$	(24,326)
Reclassification adjustment for securities gains included in net income (1)	(37)		7		(30)
Amortization of net unrealized losses on AFS transferred to HTM (2)	2,694		(596)		2,098
Non-credit related unrealized losses on other-than-temporarily impaired debt securities	285		(63)		222
Unrecognized pension and postretirement income	1,798		(398)		1,400
Amortization of net unrecognized pension and postretirement items (3)	2,116		(468)		1,648
Total Other Comprehensive Loss	$	(24,379)	$	5,391	$	(18,988)

(1) Amounts reclassified out of AOCI/(loss). Before-tax amounts included in "Investment securities gains, net" on the consolidated statements of income. See "Note 3 - Investment Securities," for additional details.

(2) Amounts reclassified out of AOCI/(loss). Before-tax amounts included as a reduction to "Interest Income" on the consolidated statements of income. See "Note 3, - Investment Securities," for additional details.

(3) Amounts reclassified out of AOCI/(loss). Before-tax amounts included in "Salaries and employee benefits" on the consolidated statements of income. See "Note 13 - Employee Benefit Plans," for additional details.

(4) Before-Tax amount includes a $3.7 million reclassification of unrealized loss related to the early adoption of ASU 2019-04, as disclosed in "Note 1 - Summary of Significant Accounting Policies" from "Amortization of net unrealized losses on AFS securities transferred to HTM" to "Unrealized gain on securities."

Schedule of Accumulated Other Comprehensive Income (Loss)

The following table presents changes in each component of accumulated other comprehensive income (loss), net of tax, for the years ended December 31:


	Unrealized Gains (Losses) on Investment Securities Not Other-Than-Temporarily Impaired		Unrealized Non-Credit Gains (Losses) on Other-Than-Temporarily Impaired Debt Securities		Unrecognized Pension and Postretirement Plan Income (Cost)		Total
	(in thousands)
Balance at December 31, 2017	$	(18,509)	$	458	$	(14,923)	$	(32,974)
Other comprehensive loss before reclassifications	(24,326)		222		1,400		(22,704)
Amounts reclassified from accumulated other comprehensive income (loss)	(30)		—		1,648		1,618
Amortization of net unrealized losses on AFS securities transferred to HTM	2,098		—		—		2,098
Reclassification of stranded tax effects	(3,887)		—		(3,214)		(7,101)
Balance at December 31, 2018	(44,654)		680		(15,089)		(59,063)
Other comprehensive income before reclassifications	56,919		(680)		(937)		55,302
Amounts reclassified from accumulated other comprehensive income (loss)	(3,686)		—		1,025		(2,661)
Amortization of net unrealized losses on AFS securities transferred to HTM	6,285		—		—		6,285
Balance at December 31, 2019	14,864		—		(15,001)		(137)
Other comprehensive income before reclassifications	65,651		—		(2,532)		63,119
Amounts reclassified from accumulated other comprehensive income (loss)	(2,359)		—		1,020		(1,339)
Amortization of net unrealized losses on AFS securities transferred to HTM	3,448		—		—		3,448
Balance at December 30, 2020	$	81,604	$	—	$	(16,513)	$	65,091