| Accumulated Other Comprehensive Loss ("AOCL") |
16. Accumulated Other Comprehensive Loss (“AOCL”) The following table presents the changes in each component of accumulated other comprehensive loss for the years ended December 31, 2021 and 2020: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (in thousands) | | Investment
securities-
with OTTI
AFS | | Investment
securities-
all other
AFS | | Investment
securities-
HTM | | Cash Flow
Hedge | | Pension
Plan | | SERP | | Total | Accumulated OCL, net: | | | | | | | | | | | | | | | | | | | | | | Balance - January 1, 2020 | | $ | (2,542) | | $ | (853) | | $ | (899) | | $ | (85) | | $ | (20,417) | | $ | (1,175) | | $ | (25,971) | Other comprehensive income/(loss) before reclassifications | | | (587) | | | 1,291 | | | — | | | (869) | | | (3,262) | | | (625) | | | (4,052) | Amounts reclassified from accumulated
other comprehensive loss | | | (148) | | | (463) | | | 584 | | | — | | | 1,049 | | | 138 | | | 1,160 | Balance - December 31, 2020 | | $ | (3,277) | | $ | (25) | | $ | (315) | | $ | (954) | | $ | (22,630) | | $ | (1,662) | | $ | (28,863) | Other comprehensive income/(loss) before reclassifications | | | 2,475 | | | (5,611) | | | — | | | 635 | | | 3,431 | | | (521) | | | 409 | Amounts reclassified from accumulated
other comprehensive loss | | | (147) | | | (113) | | | 181 | | | — | | | 1,091 | | | 128 | | | 1,140 | Balance - December 31, 2021 | | $ | (949) | | $ | (5,749) | | $ | (134) | | $ | (319) | | $ | (18,108) | | $ | (2,055) | | $ | (27,314) |
The following tables present the components of other comprehensive loss for the years ended December 31, 2021 and 2020: | | | | | | | | | | | | | | | | | | | | Components of Other Comprehensive Income
(in thousands) | | Before Tax
Amount | | Tax (Expense)
Benefit | | Net | For the year ended December 31, 2021 | | | | | | | | | | Available for sale (AFS) securities with OTTI: | | | | | | | | | | Unrealized holding gains | | $ | 3,379 | | $ | (904) | | $ | 2,475 | Less: accretable yield recognized in income | | | 201 | | | (54) | | | 147 | Net unrealized gains on investments with OTTI | | | 3,178 | | | (850) | | | 2,328 | Available for sale securities – all other: | | | | | | | | | | Unrealized holding losses | | | (7,661) | | | 2,050 | | | (5,611) | Less: gains recognized in income | | | 154 | | | (41) | | | 113 | Net unrealized losses on all other AFS securities | | | (7,815) | | | 2,091 | | | (5,724) | Held to maturity securities: | | | | | | | | | | Unrealized holding gains | | | — | | | — | | | — | Less: amortization recognized in income | | | (247) | | | 66 | | | (181) | Net unrealized gains on HTM securities | | | 247 | | | (66) | | | 181 | Cash flow hedges: | | | | | | | | | | Unrealized holding gains | | | 867 | | | (232) | | | 635 | Less: amortization recognized in income | | | — | | | — | | | — | Net unrealized gains on cash flow hedges | | | 867 | | | (232) | | | 635 | Pension Plan: | | | | | | | | | | Unrealized net actuarial gain | | | 4,684 | | | (1,253) | | | 3,431 | Less: amortization of unrecognized loss | | | (1,490) | | | 399 | | | (1,091) | Less: amortization of prior service costs | | | — | | | — | | | — | Net pension plan liability adjustment | | | 6,174 | | | (1,652) | | | 4,522 | SERP: | | | | | | | | | | Unrealized net actuarial loss | | | (711) | | | 190 | | | (521) | Less: amortization of unrecognized loss | | | (175) | | | 47 | | | (128) | Less: amortization of prior service costs | | | — | | | — | | | — | Net SERP liability adjustment | | | (536) | | | 143 | | | (393) | Other comprehensive income | | $ | 2,115 | | $ | (566) | | $ | 1,549 |
| | | | | | | | | | | | | | | | | | | | Components of Other Comprehensive Loss
(in thousands) | | Before Tax
Amount | | Tax (Expense)
Benefit | | Net | For the year ended December 31, 2020 | | | | | | | | | | Available for sale (AFS) securities with OTTI: | | | | | | | | | | Unrealized holding losses | | $ | (803) | | $ | 216 | | $ | (587) | Less: accretable yield recognized in income | | | 202 | | | (54) | | | 148 | Net unrealized losses on investments with OTTI | | | (1,005) | | | 270 | | | (735) | Available for sale securities – all other: | | | | | | | | | | Unrealized holding gains | | | 1,765 | | | (474) | | | 1,291 | Less: gains recognized in income | | | 632 | | | (169) | | | 463 | Net unrealized losses on all other AFS securities | | | 1,133 | | | (305) | | | 828 | Held to maturity securities: | | | | | | | | | | Unrealized holding gains | | | — | | | — | | | — | Less: amortization recognized in income | | | (798) | | | 214 | | | (584) | Net unrealized gains on HTM securities | | | 798 | | | (214) | | | 584 | Cash flow hedges: | | | | | | | | | | Unrealized holding losses | | | (1,187) | | | 318 | | | (869) | Less: amortization recognized in income | | | — | | | — | | | — | Net unrealized losses on cash flow hedges | | | (1,187) | | | 318 | | | (869) | Pension Plan: | | | | | | | | | | Unrealized net actuarial loss | | | (4,456) | | | 1,194 | | | (3,262) | Less: amortization of unrecognized loss | | | (1,433) | | | 384 | | | (1,049) | Net pension plan liability adjustment | | | (3,023) | | | 810 | | | (2,213) | SERP: | | | | | | | | | | Unrealized net actuarial loss | | | (854) | | | 229 | | | (625) | Less: amortization of unrecognized loss | | | (188) | | | 50 | | | (138) | Less: amortization of prior service costs | | | — | | | — | | | — | Net SERP liability adjustment | | | (666) | | | 179 | | | (487) | Other comprehensive loss | | $ | (3,950) | | $ | 1,058 | | $ | (2,892) |
The following tables present the details of accumulated other comprehensive loss components for the years ended December 31, 2021 and 2020: | | | | | | Details of Accumulated Other Comprehensive Loss Components | | Amount Reclassified from Accumulated Other Comprehensive Loss | | Affected Line Item in the Statement | (in thousands) | | 2021 | | Where Net Income is Presented | Net unrealized losses on investment securities with OTTI: | | | | | | Accretable Yield | | $ | 201 | | Interest income on taxable investment securities | Taxes | | | (54) | | Provision for income tax expense | | | $ | 147 | | Net of tax | Net unrealized gains on available for sale
investment securities - all other: | | | | | | Gains on sales | | $ | 154 | | Net gains | Taxes | | | (41) | | Provision for income tax expense | | | $ | 113 | | Net of tax | Net unrealized gains on held to maturity
investment securities: | | | | | | Amortization | | $ | (247) | | Interest income on taxable investment securities | Taxes | | | 66 | | Provision for income tax expense | | | $ | (181) | | Net of tax | Net pension plan liability adjustment: | | | | | | Amortization of unrecognized loss | | $ | (1,490) | | Other expense | Taxes | | | 399 | | Provision for income tax expense | | | $ | (1,091) | | Net of tax | Net SERP liability adjustment: | | | | | | Amortization of unrecognized loss | | $ | (175) | | Other expense | Taxes | | | 47 | | Provision for income tax expense | | | $ | (128) | | Net of tax | Total reclassifications for the period | | $ | (1,140) | | Net of tax |
| | | | | | Details of Accumulated Other Comprehensive Loss Components | | Amount Reclassified from Accumulated Other Comprehensive Loss | | Affected Line Item in the Statement | (in thousands) | | 2020 | | Where Net Income is Presented | Net unrealized gains on investment securities with OTTI: | | | | | | Accretable Yield | | $ | 202 | | Interest income on taxable investment securities | Taxes | | | (54) | | Provision for income tax expense | | | $ | 148 | | Net of tax | Net unrealized losses on available for sale
investment securities - all other: | | | | | | Gains on sales | | $ | 632 | | Net gains | Taxes | | | (169) | | Provision for income tax expense | | | $ | 463 | | Net of tax | Net unrealized gains on held to maturity
investment securities: | | | | | | Amortization | | $ | (798) | | Interest income on taxable investment securities | Taxes | | | 214 | | Provision for income tax expense | | | $ | (584) | | Net of tax | Net pension plan liability adjustment: | | | | | | Amortization of unrecognized loss | | $ | (1,433) | | Other expense | Taxes | | | 384 | | Provision for income tax expense | | | $ | (1,049) | | Net of tax | Net SERP liability adjustment: | | | | | | Amortization of unrecognized loss | | $ | (188) | | Other expense | Taxes | | | 50 | | Provision for income tax expense | | | $ | (138) | | Net of tax | Total reclassifications for the period | | $ | (1,160) | | Net of tax |
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