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Accumulated Other Comprehensive Income (Loss)
 9 Months Ended
Sep. 30, 2019
Equity [Abstract]  
Accumulated Other Comprehensive Income (Loss)

NOTE 17 – ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

The following table summarizes the changes within each classification of AOCI, net of tax, for the three and nine months ended September 30, 2019 and 2018:

 

(dollars in thousands)

 

Unrealized

Gains and

Losses on

Available-

for-Sale

Debt

Securities

 

 

Unrealized

Gains and

Losses on

Held-to-

Maturity

Securities

 

 

Gains and

Losses on

Cash Flow

Hedges

 

 

Defined

Benefit

Pension

Plans

 

 

Total

 

Three Months Ended September 30, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at beginning of period

 

$

48,701

 

 

$

(7,729

)

 

$

1,220

 

 

$

(155

)

 

$

42,037

 

Other comprehensive income (loss) before

   reclassifications

 

 

15,876

 

 

 

—

 

 

 

(58

)

 

 

—

 

 

 

15,818

 

Amounts reclassified from AOCI to income (1)

 

 

(335

)

 

 

992

 

 

 

(13

)

 

 

15

 

 

 

659

 

Balance at end of period

 

$

64,242

 

 

$

(6,737

)

 

$

1,149

 

 

$

(140

)

 

$

58,514

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at beginning of period

 

$

(59,356

)

 

$

(9,335

)

 

$

2,277

 

 

$

(289

)

 

$

(66,703

)

Other comprehensive income (loss) before

   reclassifications

 

 

(13,989

)

 

 

—

 

 

 

548

 

 

 

—

 

 

 

(13,441

)

Amounts reclassified from AOCI to income (1)

 

 

(117

)

 

 

482

 

 

 

(171

)

 

 

20

 

 

 

214

 

Balance at end of period

 

$

(73,462

)

 

$

(8,853

)

 

$

2,654

 

 

$

(269

)

 

$

(79,930

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended September 30, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at beginning of period

 

$

(37,348

)

 

$

(8,515

)

 

$

1,099

 

 

$

(186

)

 

$

(44,950

)

Other comprehensive income (loss) before

   reclassifications

 

 

102,737

 

 

 

—

 

 

 

357

 

 

 

—

 

 

 

103,094

 

Amounts reclassified from AOCI to income (1)

 

 

(1,147

)

 

 

1,778

 

 

 

(307

)

 

 

46

 

 

 

370

 

Balance at end of period

 

$

64,242

 

 

$

(6,737

)

 

$

1,149

 

 

$

(140

)

 

$

58,514

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended September 30, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at beginning of period

 

$

(35,557

)

 

$

(12,107

)

 

$

(2,337

)

 

$

(271

)

 

$

(50,272

)

Amount reclassified from AOCI to retained

      earnings for cumulative effect of

      change in accounting principle

 

 

—

 

 

 

—

 

 

 

(52

)

 

 

—

 

 

 

(52

)

Amounts reclassified from AOCI to retained

      earnings related to the Tax Cuts and Jobs

      Act of 2017

 

 

(7,583

)

 

 

(2,600

)

 

 

(509

)

 

 

(59

)

 

 

(10,751

)

Other comprehensive income (loss) before

   reclassifications

 

 

(28,475

)

 

 

4,514

 

 

 

5,135

 

 

 

—

 

 

 

(18,826

)

Amounts reclassified from AOCI to income (1)

 

 

(1,847

)

 

 

1,340

 

 

 

417

 

 

 

61

 

 

 

(29

)

Balance at end of period

 

$

(73,462

)

 

$

(8,853

)

 

$

2,654

 

 

$

(269

)

 

$

(79,930

)

 

(1)

See tables below for details about reclassifications to income.

 

The following table summarizes the significant amounts reclassified out of each component of AOCI for the three months ended September 30, 2019 and 2018:

 

 

 

Amount Reclassified

 

 

Affected Line Item in the

Details about AOCI Components

 

from AOCI

 

 

Statement of Income

 

 

Three Months Ended

 

 

 

 

 

September 30,

 

 

 

(dollars in thousands)

 

2019

 

 

2018

 

 

 

Unrealized gains and losses on

   available-for-sale debt securities

 

$

424

 

 

$

135

 

 

Net debt securities gains (losses)

 

 

 

(89

)

 

 

(18

)

 

Income tax (expense) benefit

 

 

$

335

 

 

$

117

 

 

Net income

Unrealized gains and losses on

   held-to-maturity securities

 

$

(1,384

)

 

$

(628

)

 

Interest income (expense)

 

 

 

392

 

 

 

146

 

 

Income tax (expense) benefit

 

 

$

(992

)

 

$

(482

)

 

Net income

Gains and losses on cash flow hedges

   Interest rate contracts

 

$

21

 

 

$

226

 

 

Interest income (expense)

 

 

 

(8

)

 

 

(55

)

 

Income tax (expense) benefit

 

 

$

13

 

 

$

171

 

 

Net income

Amortization of defined benefit

   pension items

 

 

 

 

 

 

 

 

 

 

  Actuarial gains (losses)

 

$

(20

)

 

$

(27

)

 

Salaries and employee benefits

 

 

 

5

 

 

 

7

 

 

Income tax (expense) benefit

 

 

$

(15

)

 

$

(20

)

 

Net income

 

 

 

 

 

 

 

 

 

 

 

Total reclassifications for the period

 

$

(659

)

 

$

(214

)

 

Net income

 

The following table summarizes the significant amounts reclassified out of each component of AOCI for the nine months ended September 30, 2019 and 2018:

 

 

 

Amount Reclassified

 

 

Affected Line Item in the

Details about AOCI Components

 

from AOCI

 

 

Statement of Income

 

 

Nine Months Ended

 

 

 

 

 

September 30,

 

 

 

(dollars in thousands)

 

2019

 

 

2018

 

 

 

Unrealized gains and losses on

   available-for-sale debt securities

 

$

1,486

 

 

$

2,417

 

 

Net debt securities gains (losses)

 

 

 

(339

)

 

 

(570

)

 

Income tax (expense) benefit

 

 

$

1,147

 

 

$

1,847

 

 

Net income

Unrealized gains and losses on

   held-to-maturity securities

 

$

(2,405

)

 

$

(1,740

)

 

Interest income/(expense)

 

 

 

627

 

 

 

400

 

 

Income tax (expense) benefit

 

 

$

(1,778

)

 

$

(1,340

)

 

Net income

Gains and losses on cash flow hedges

   Interest rate contracts

 

$

412

 

 

$

(553

)

 

Interest income/(expense)

 

 

 

(105

)

 

 

136

 

 

Income tax (expense) benefit

 

 

$

307

 

 

$

(417

)

 

Net income

Amortization of defined benefit

   pension items

 

 

 

 

 

 

 

 

 

 

  Actuarial gains (losses)

 

$

(61

)

 

$

(81

)

 

Salaries and employee benefits

 

 

 

15

 

 

 

20

 

 

Income tax (expense) benefit

 

 

$

(46

)

 

$

(61

)

 

Net income

 

 

 

 

 

 

 

 

 

 

 

Total reclassifications for the period

 

$

(370

)

 

$

29

 

 

Net income