Accumulated Other Comprehensive Loss |
Accumulated Other Comprehensive Income (Loss)
The activity in accumulated other comprehensive income (loss) is presented in the tables below (in thousands). All amounts are shown net of tax, which is calculated using a combined federal and state income tax rate approximating 23%. | | | | | | | | | | | | | | | | | | | | | | Three months ended September 30, | | Nine months ended September 30, | | | Unrealized | | | | Unrealized | | | | Gains | | | | Gains | | | Defined | (Losses) | | | Defined | (Losses) | | | Benefit | Securities | | | Benefit | Securities | | | Pension | Available- | | | Pension | Available- | | | Plan | -for-Sale | Total | | Plan | -for-Sale | Total | 2019 | | | | | | | | Beginning Balance | $ | (5,871 | ) | $ | 10,959 |
| $ | 5,088 |
| | $ | (5,871 | ) | $ | (8,611 | ) | $ | (14,482 | ) | | | | | | | | | Other comprehensive income before reclassifications | — |
| 6,277 |
| 6,277 |
| | — |
| 25,931 |
| 25,931 |
| Amounts reclassified from other comprehensive income (loss) | — |
| 30 |
| 30 |
| | — |
| (54 | ) | (54 | ) | | — |
| 6,307 |
| 6,307 |
| | — |
| 25,877 |
| 25,877 |
| | | | | | | | | Ending Balance | $ | (5,871 | ) | $ | 17,266 |
| $ | 11,395 |
| | $ | (5,871 | ) | $ | 17,266 |
| $ | 11,395 |
| | | | | | | | | 2018 | | | | | | | | Beginning Balance | $ | (5,033 | ) | $ | (13,919 | ) | $ | (18,952 | ) | | $ | (5,033 | ) | $ | (611 | ) | $ | (5,644 | ) | | | | | | | | | Other comprehensive loss before reclassifications | — |
| (4,325 | ) | (4,325 | ) | | — |
| (14,976 | ) | (14,976 | ) | Amounts reclassified from other comprehensive loss | — |
| — |
| — |
| | — |
| — |
| — |
| | — |
| (4,325 | ) | (4,325 | ) | | — |
| (14,976 | ) | (14,976 | ) | | | | | | | | | Adoption of new accounting pronouncement | — |
| — |
| — |
| | — |
| (2,657 | ) | (2,657 | ) | | | | | | | | | Ending Balance | $ | (5,033 | ) | $ | (18,244 | ) | $ | (23,277 | ) | | $ | (5,033 | ) | $ | (18,244 | ) | $ | (23,277 | ) |
As a result of the adoption of ASU 2016-01, "Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities," the Company reclassified $2.7 million of unrealized gains and losses net of tax, relating to its equity and perpetual preferred securities, from other comprehensive income to retained earnings on January 1, 2018. | | | | | | | | | | | | | | | | Amounts reclassified from Other Comprehensive (Income) Loss | | | Three months ended | Nine months ended | Affected line item | | September 30, | September 30, | in the Consolidated Statements | | 2019 | 2018 | 2019 | 2018 | of Income | | | | | | | Securities available-for-sale: | | | | | | Net securities (losses) gains reclassified into earnings | $ | (40 | ) | $ | — |
| $ | 69 |
| $ | — |
| (Losses) gains on sale of investment securities, net | Related income tax benefit (expense) | 10 |
| — |
| (15 | ) | — |
| Income tax expense | Net effect on accumulated other comprehensive income (loss) | $ | (30 | ) | $ | — |
| $ | 54 |
| $ | — |
| |
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