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ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)
12 Months Ended
Dec. 31, 2019
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
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

 
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).”
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 11Employee Benefits.”