Other Comprehensive Income (Loss)

9 Months Ended

Sep. 30, 2021

The following tables present the activity in other comprehensive income (loss):


Three months ended September 30,	2021			2020
(Dollars in thousands)	Pre-tax Amounts	Income Taxes	Net of Tax	Pre-tax Amounts	Income Taxes	Net of Tax
Securities available for sale:
Changes in fair value of available for sale debt securities	($4,127)	($990)	($3,137)	($4,582)	($1,077)	($3,505)



Cash flow hedges:
Change in fair value of cash flow hedges	(288)	(69)	(219)	(146)	(39)	(107)
Net cash flow hedge (losses) gains reclassified into earnings (1) (2)	(243)	(59)	(184)	344	83	261
Net change in fair value of cash flow hedges	(531)	(128)	(403)	198	44	154
Defined benefit plan obligations:

Amortization of net actuarial losses (3)	711	171	540	535	125	410


Total other comprehensive loss	($3,947)	($947)	($3,000)	($3,849)	($908)	($2,941)

(1)The pre-tax amounts for the three months ended September 30, 2021 are included in interest expense on FHLB advances and interest and fees on loans in the Unaudited Consolidated Statements of Income.

(2)The pre-tax amounts for the three months ended September 30, 2020 are included in interest expense on FHLB advances, interest expense on junior subordinated debentures and interest and fees on loans in the Unaudited Consolidated Statements of Income.

(3)The pre-tax amounts are included in other expenses in the Unaudited Consolidated Statements of Income.



Nine months ended September 30,	2021			2020
(Dollars in thousands)	Pre-tax Amounts	Income Taxes	Net of Tax	Pre-tax Amounts	Income Taxes	Net of Tax
Securities available for sale:
Changes in fair value of available for sale debt securities	($16,212)	($3,890)	($12,322)	$9,794	$2,301	$7,493



Cash flow hedges:
Change in fair value of cash flow hedges	(21)	(5)	(16)	(1,994)	(473)	(1,521)
Net cash flow hedge (losses) gains reclassified into earnings (1) (2)	(27)	(7)	(20)	829	196	633
Net change in fair value of cash flow hedges	(48)	(12)	(36)	(1,165)	(277)	(888)
Defined benefit plan obligations:

Amortization of net actuarial losses (3)	2,133	512	1,621	1,606	377	1,229


Total other comprehensive (loss) income	($14,127)	($3,390)	($10,737)	$10,235	$2,401	$7,834

(1)The pre-tax amounts for the nine months ended September 30, 2021 are included in interest expense on FHLB advances and interest and fees on loans in the Unaudited Consolidated Statements of Income.

(2)The pre-tax amounts for the nine months ended September 30, 2020 are included in interest expense on FHLB advances, interest expense on junior subordinated debentures and interest and fees on loans in the Unaudited Consolidated Statements of Income.

(3)The pre-tax amounts are included in other expenses in the Unaudited 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 (Losses) on Available For Sale Debt Securities	Net Unrealized Losses on Cash Flow Hedges	Defined Benefit Pension Plan Adjustment	Total
For the three months ended September 30, 2021
Balance at June 30, 2021	$696	($1,080)	($14,744)	($15,128)
Other comprehensive loss before reclassifications	(3,137)	(219)	—	(3,356)
Amounts reclassified from accumulated other comprehensive income	—	(184)	540	356
Net other comprehensive (loss) income	(3,137)	(403)	540	(3,000)
Balance at September 30, 2021	($2,441)	($1,483)	($14,204)	($18,128)



(Dollars in thousands)	Net Unrealized Gains (Losses) on Available For Sale Debt Securities	Net Unrealized Losses on Cash Flow Hedges	Defined Benefit Pension Plan Adjustment	Total
For the nine months ended September 30, 2021
Balance at December 31, 2020	$9,881	($1,447)	($15,825)	($7,391)
Other comprehensive loss before reclassifications	(12,322)	(16)	—	(12,338)
Amounts reclassified from accumulated other comprehensive income	—	(20)	1,621	1,601
Net other comprehensive (loss) income	(12,322)	(36)	1,621	(10,737)
Balance at September 30, 2021	($2,441)	($1,483)	($14,204)	($18,128)


(Dollars in thousands)	Net Unrealized Gains (Losses) on Available For Sale Debt Securities	Net Unrealized (Losses) Gains on Cash Flow Hedges	Defined Benefit Pension Plan Adjustment	Total
For the three months ended September 30, 2020
Balance at June 30, 2020	$14,224	($1,835)	($12,851)	($462)
Other comprehensive loss before reclassifications	(3,505)	(107)	—	(3,612)
Amounts reclassified from accumulated other comprehensive income	—	261	410	671
Net other comprehensive (loss) income	(3,505)	154	410	(2,941)
Balance at September 30, 2020	$10,719	($1,681)	($12,441)	($3,403)



(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
For the nine months ended September 30, 2020
Balance at December 31, 2019	$3,226	($793)	($13,670)	($11,237)
Other comprehensive income (loss) before reclassifications	7,493	(1,521)	—	5,972
Amounts reclassified from accumulated other comprehensive income	—	633	1,229	1,862
Net other comprehensive income (loss)	7,493	(888)	1,229	7,834
Balance at September 30, 2020	$10,719	($1,681)	($12,441)	($3,403)