Other Comprehensive Income (Loss) |
Other Comprehensive Income (Loss) The following tables present the activity in other comprehensive income (loss): | | | | | | | | | | | | | | | | | | (Dollars in thousands) | | | | | | Year ended December 31, 2020 | Pre-tax Amounts | | Income Taxes | | Net of Tax | Securities available for sale: | | | | | | Changes in fair value of available for sale debt securities | $8,784 | | | $2,129 | | | $6,655 | | Net (gains) losses on securities reclassified into earnings | — | | | — | | | — | | Net change in fair value of available for sale debt securities | 8,784 | | | 2,129 | | | 6,655 | | | | | | | | Cash flow hedges: | | | | | | Changes in fair value of cash flow hedges | (2,003) | | | (482) | | | (1,521) | | Net cash flow hedge losses reclassified into earnings (1) | 1,136 | | | 269 | | | 867 | | Net change in the fair value of cash flow hedges | (867) | | | (213) | | | (654) | | Defined benefit plan obligations: | | | | | | Defined benefit plan obligation adjustment | (5,093) | | | (1,197) | | | (3,896) | | Amortization of net actuarial losses (2) | 2,141 | | | 400 | | | 1,741 | | Amortization of net prior service credits (2) | — | | | — | | | — | | Net change in defined benefit plan obligations | (2,952) | | | (797) | | | (2,155) | | Total other comprehensive income | $4,965 | | | $1,119 | | | $3,846 | |
(1)The pre-tax amounts are included in interest expense on FHLB advances, interest expense on junior subordinated debentures and interest and fees on loans in the Consolidated Statements of Income. (2)The pre-tax amounts are included in other expenses in the Consolidated Statements of Income.
| | | | | | | | | | | | | | | | | | (Dollars in thousands) | | | | | | Year ended December 31, 2019 | Pre-tax Amounts | | Income Taxes | | Net of Tax | Securities available for sale: | | | | | | Changes in fair value of available for sale debt securities | $26,074 | | | $6,127 | | | $19,947 | | Net losses on securities reclassified into earnings (1) | 53 | | | 12 | | | 41 | | Net change in fair value of available for sale debt securities | 26,127 | | | 6,139 | | | 19,988 | | | | | | | | Cash flow hedges: | | | | | | Changes in fair value of cash flow hedges | (1,444) | | | (339) | | | (1,105) | | Net cash flow hedge losses reclassified into earnings (2) | 159 | | | 38 | | | 121 | | Net change in the fair value of cash flow hedges | (1,285) | | | (301) | | | (984) | | Defined benefit plan obligations: | | | | | | Defined benefit plan obligation adjustment | (3,710) | | | (872) | | | (2,838) | | Amortization of net actuarial losses (3) | 1,200 | | | 282 | | | 918 | | Amortization of net prior service credits (3) | (16) | | | (4) | | | (12) | | Net change in defined benefit plan obligations | (2,526) | | | (594) | | | (1,932) | | Total other comprehensive loss | $22,316 | | | $5,244 | | | $17,072 | |
(1)The pre-tax amount is reported as net realized losses on securities in the Consolidated Statements of Income. (2)The pre-tax amounts are included in interest expense on FHLB advances, interest expense on junior subordinated debentures and interest and fees on loans in the Consolidated Statements of Income. (3)The pre-tax amounts are included in other expenses in the Consolidated Statements of Income. | | | | | | | | | | | | | | | | | | (Dollars in thousands) | | | | | | Year ended December 31, 2018 | Pre-tax Amounts | | Income Taxes | | Net of Tax | Securities available for sale: | | | | | | Changes in fair value of available for sale debt securities | ($12,063) | | | ($2,835) | | | ($9,228) | | Net (gains) losses on securities reclassified into earnings | — | | | — | | | — | | Net change in fair value of available for sale debt securities | (12,063) | | | (2,835) | | | (9,228) | | | | | | | | Cash flow hedges: | | | | | | Changes in fair value of cash flow hedges | 639 | | | 151 | | | 488 | | Net cash flow hedge losses reclassified into earnings (1) | 170 | | | 39 | | | 131 | | Net change in the fair value of cash flow hedges | 809 | | | 190 | | | 619 | | Defined benefit plan obligations: | | | | | | Defined benefit plan obligation adjustment | 3,098 | | | 729 | | | 2,369 | | Amortization of net actuarial losses (2) | 1,907 | | | 448 | | | 1,459 | | Amortization of net prior service credits (2) | (24) | | | (6) | | | (18) | | Net change in defined benefit plan obligations | 4,981 | | | 1,171 | | | 3,810 | | Total other comprehensive income | ($6,273) | | | ($1,474) | | | ($4,799) | |
(1)The pre-tax amounts are included in interest expense on FHLB advances, interest expense on junior subordinated debentures and interest and fees on loans in the Consolidated Statements of Income. (2)The pre-tax amounts are included in other expenses in the Consolidated Statements of Income.
The following tables present the changes in accumulated other comprehensive income (loss) by component, net of tax: | | | | | | | | | | | | | | | | | (Dollars in thousands) | Net Unrealized Gains on Available For Sale Debt Securities | | | Net Unrealized (Losses) Gains on Cash Flow Hedges | Defined Benefit Pension Plan Adjustment | Total | Balance at December 31, 2019 | $3,226 | | | | ($793) | | ($13,670) | | ($11,237) | | Other comprehensive income (loss) before reclassifications | 6,655 | | | | (1,521) | | (3,896) | | 1,238 | | Amounts reclassified from accumulated other comprehensive income | — | | | | 867 | | 1,741 | | 2,608 | | Net other comprehensive income (loss) | 6,655 | | | | (654) | | (2,155) | | 3,846 | | | | | | | | | Balance at December 31, 2020 | $9,881 | | | | ($1,447) | | ($15,825) | | ($7,391) | |
| | | | | | | | | | | | | | | | | (Dollars in thousands) | Net Unrealized (Losses) Gains on Available For Sale Debt Securities | | | Net Unrealized Gains (Losses) on Cash Flow Hedges | Defined Benefit Pension Plan Adjustment | Total | Balance at December 31, 2018 | ($16,762) | | | | $191 | | ($11,738) | | ($28,309) | | Other comprehensive income (loss) before reclassifications | 19,947 | | | | (1,105) | | (2,838) | | 16,004 | | Amounts reclassified from accumulated other comprehensive income | 41 | | | | 121 | | 906 | | 1,068 | | Net other comprehensive income (loss) | 19,988 | | | | (984) | | (1,932) | | 17,072 | | | | | | | | | Balance at December 31, 2019 | $3,226 | | | | ($793) | | ($13,670) | | ($11,237) | |
| | | | | | | | | | | | | | | | | (Dollars in thousands) | Net Unrealized Losses on Available For Sale Debt Securities | | | Net Unrealized (Losses) Gains on Cash Flow Hedges | Defined Benefit Pension Plan Adjustment | Total | Balance at December 31, 2017 | ($7,534) | | | | ($428) | | ($15,548) | | ($23,510) | | Other comprehensive (loss) income before reclassifications | (9,228) | | | | 488 | | 2,369 | | (6,371) | | Amounts reclassified from accumulated other comprehensive income | — | | | | 131 | | 1,441 | | 1,572 | | Net other comprehensive (loss) income | (9,228) | | | | 619 | | 3,810 | | (4,799) | | | | | | | | | Balance at December 31, 2018 | ($16,762) | | | | $191 | | ($11,738) | | ($28,309) | |
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