Schedule of accumulated other comprehensive income (loss) by component |
The changes in accumulated other comprehensive income (loss) by component are as follows for the years presented (in thousands): | | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, 2019 | | | | | | Pension Plans | | | | Unrealized Gains (Losses) on Securities | | Unrealized Gains (Losses) on Derivatives | | Net Prior Service (Cost) Credit | | Net Gain (Loss) | | Total | Beginning balance, net of tax | $ | (31,120 | ) | | $ | 7,146 |
| | $ | (139 | ) | | $ | (26,115 | ) | | $ | (50,228 | ) | Other comprehensive income (loss): | | | | | | | | | | Other comprehensive income (loss) before reclassifications | 87,481 |
| | (9,118 | ) | | — |
| | (9,816 | ) | | 68,547 |
| Reclassification adjustments included in net income | 60 |
| | (2,043 | ) | | (8 | ) | | 2,386 |
| | 395 |
| Income tax (expense) benefit | (18,383 | ) | | 2,343 |
| | 2 |
| | 1,560 |
| | (14,478 | ) | Net current-period other comprehensive income (loss), net of tax | 69,158 |
| | (8,818 | ) | | (6 | ) | | (5,870 | ) | | 54,464 |
| Ending balance, net of tax | $ | 38,038 |
| | $ | (1,672 | ) | | $ | (145 | ) | | $ | (31,985 | ) | | $ | 4,236 |
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| | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, 2018 | | | | | | Pension Plans | | | | Unrealized Gains (Losses) on Securities | | Unrealized Gains (Losses) on Derivatives | | Net Prior Service (Cost) Credit | | Net Gain (Loss) | | Total | Beginning balance, net of tax | $ | (16,295 | ) | | $ | 6,399 |
| | $ | (133 | ) | | $ | (26,269 | ) | | $ | (36,298 | ) | Cumulative effect of ASU 2016-01 (1) | 85 |
| | — |
| | — |
| | — |
| | 85 |
| Adjusted beginning balance, net of tax | (16,210 | ) | | 6,399 |
| | (133 | ) | | (26,269 | ) | | (36,213 | ) | Other comprehensive (loss) income: | | | | | | | | | | Other comprehensive (loss) income before reclassifications | (21,956 | ) | | 2,351 |
| | — |
| | (1,994 | ) | | (21,599 | ) | Reclassification adjustments included in net income | 3,083 |
| | (1,406 | ) | | (7 | ) | | 2,189 |
| | 3,859 |
| Income tax benefit (expense) | 3,963 |
| | (198 | ) | | 1 |
| | (41 | ) | | 3,725 |
| Net current-period other comprehensive (loss) income, net of tax | (14,910 | ) | | 747 |
| | (6 | ) | | 154 |
| | (14,015 | ) | Ending balance, net of tax | $ | (31,120 | ) | | $ | 7,146 |
| | $ | (139 | ) | | $ | (26,115 | ) | | $ | (50,228 | ) |
| | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, 2017 | | | | | | Pension Plans | | | | Unrealized Gains (Losses) on Securities | | Unrealized Gains (Losses) on Derivatives | | Net Prior Service (Cost) Credit | | Net Gain (Loss) | | Total | Beginning balance, net of tax | $ | (23,708 | ) | | $ | 4,595 |
| | $ | (133 | ) | | $ | (19,247 | ) | | $ | (38,493 | ) | Other comprehensive (loss) income: | | | | | | | | | | Other comprehensive income (loss) before reclassifications | 15,217 |
| | 276 |
| | 8 |
| | (5,218 | ) | | 10,283 |
| Reclassification adjustments included in net income | 630 |
| | 754 |
| | (8 | ) | | 1,613 |
| | 2,989 |
| Income tax (expense) benefit | (5,546 | ) | | (360 | ) | | — |
| | 532 |
| | (5,374 | ) | Net current-period other comprehensive income (loss), net of tax | 10,301 |
| | 670 |
| | — |
| | (3,073 | ) | | 7,898 |
| Reclassification of certain deferred tax effects (2) | (2,888 | ) | | 1,134 |
| | — |
| | (3,949 | ) | | (5,703 | ) | Ending balance, net of tax | $ | (16,295 | ) | | $ | 6,399 |
| | $ | (133 | ) | | $ | (26,269 | ) | | $ | (36,298 | ) |
| | (1) | The Company adopted ASU 2016-01 on January 1, 2018. This amount includes a reclassification for the cumulative adjustment to retained earnings of $107,000 ($85,000, net of tax). |
(2) Amounts reclassified to retained earnings due to early adoption of ASU 2018-02, “Income Statement - Reporting Comprehensive Income (Topic 220).”
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Reclassification out of Accumulated Other Comprehensive Income |
The reclassifications adjustments out of accumulated other comprehensive income (loss) included in net income are presented below (in thousands): | | | | | | | | | | | | | | | | Years Ended December 31, | | | 2019 | | 2018 | | 2017 | Unrealized gains and losses on securities transferred: | | | | | | | Amortization of unrealized gains and losses (1) | | $ | (816 | ) | | $ | (1,244 | ) | | $ | (1,255 | ) | Tax benefit | | 171 |
| | 261 |
| | 439 |
| Net of tax | | $ | (645 | ) | | $ | (983 | ) | | $ | (816 | ) | | | | | | | | Unrealized gains and losses on available for sale securities: | | | | | | | Realized net gain (loss) on sale of securities (2) | | $ | 756 |
| | $ | (1,839 | ) | | $ | 625 |
| Tax (expense) benefit | | (159 | ) | | 386 |
| | (219 | ) | Net of tax | | $ | 597 |
| | $ | (1,453 | ) | | $ | 406 |
| | | | | | | | Derivatives: | | | | | | | Realized net gain (loss) on interest rate swap derivatives (3) | | $ | 1,956 |
| | $ | 1,319 |
| | $ | (828 | ) | Tax (expense) benefit | | (411 | ) | | (277 | ) | | 290 |
| Net of tax | | $ | 1,545 |
| | $ | 1,042 |
| | $ | (538 | ) | | | | | | | | Amortization of unrealized gains on terminated interest rate swap derivatives (3) | | $ | 87 |
| | $ | 87 |
| | $ | 74 |
| Tax expense | | (18 | ) | | (18 | ) | | (26 | ) | Net of tax | | $ | 69 |
| | $ | 69 |
| | $ | 48 |
| | | | | | | | Amortization of pension plan: | | | | | | | Net actuarial loss (4) | | $ | (2,386 | ) | | $ | (2,189 | ) | | $ | (1,613 | ) | Prior service credit (4) | | 8 |
| | 7 |
| | 8 |
| Total before tax | | (2,378 | ) | | (2,182 | ) | | (1,605 | ) | Tax benefit | | 499 |
| | 459 |
| | 562 |
| Net of tax | | $ | (1,879 | ) | | $ | (1,723 | ) | | $ | (1,043 | ) | Total reclassifications for the period, net of tax | | $ | (313 | ) | | $ | (3,048 | ) | | $ | (1,943 | ) |
(1) Included in interest income on the consolidated statements of income. (2) Listed as net gain (loss) on sale of securities available for sale on the consolidated statements of income. (3) Included in interest expense for FHLB borrowings on the consolidated statements of income. (4) These AOCI components are included in the computation of net periodic pension cost (income) presented in “Note 11 – Employee Benefits.”
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