| 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, 2019 and 2018:
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(in thousands)
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Investment
securities-
with OTTI
AFS
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Investment
securities-
all other
AFS
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Investment
securities-
HTM
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Cash Flow
Hedge
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Pension
Plan
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SERP
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Total
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Accumulated OCL, net:
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Balance - January 1, 2018
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$
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(2,939)
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$
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(2,979)
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$
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(1,347)
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$
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582
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$
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(17,066)
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$
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(844)
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$
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(24,593)
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Other comprehensive income/(loss)
before reclassifications
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1,194
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(540)
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—
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191
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(1,833)
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202
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(786)
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Amounts reclassified from accumulated
other comprehensive loss
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(154)
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(82)
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216
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—
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882
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114
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976
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Balance - December 31, 2018
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$
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(1,899)
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$
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(3,601)
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$
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(1,131)
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$
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773
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$
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(18,017)
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$
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(528)
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$
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(24,403)
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Other comprehensive income/(loss)
before reclassifications
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(497)
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2,748
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—
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(858)
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(3,189)
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(730)
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(2,526)
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Amounts reclassified from accumulated
other comprehensive loss
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(146)
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—
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232
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—
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789
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83
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958
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Balance - December 31, 2019
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$
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(2,542)
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$
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(853)
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$
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(899)
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$
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(85)
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$
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(20,417)
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$
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(1,175)
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$
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(25,971)
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The following tables present the components of other comprehensive income/(loss) for the years ended December 31, 2019 and 2018:
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Components of Other Comprehensive Loss
(in thousands)
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Before Tax
Amount
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Tax (Expense)
Benefit
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Net
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For the year ended December 31, 2019
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Available for sale (AFS) securities with OTTI:
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Unrealized holding losses
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$
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(679)
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$
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182
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$
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(497)
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Less: accretable yield recognized in income
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200
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(54)
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146
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Net unrealized losses on investments with OTTI
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(879)
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236
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(643)
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Available for sale securities – all other:
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Unrealized holding gains
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3,753
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(1,005)
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2,748
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Net unrealized gains on all other AFS securities
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3,753
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(1,005)
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2,748
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Held to maturity securities:
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Unrealized holding gains
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—
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—
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—
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Less: amortization recognized in income
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(317)
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85
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(232)
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Net unrealized gains on HTM securities
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317
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(85)
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232
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Cash flow hedges:
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Unrealized holding losses
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(1,172)
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314
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(858)
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Net unrealized losses on cash flow hedges
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(1,172)
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314
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(858)
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Pension Plan:
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Unrealized net actuarial loss
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(4,355)
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1,166
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(3,189)
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Less: amortization of unrecognized loss
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(1,077)
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288
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(789)
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Net pension plan liability adjustment
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(3,278)
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878
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(2,400)
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SERP:
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Unrealized net actuarial loss
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(997)
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267
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(730)
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Less: amortization of unrecognized loss
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(116)
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31
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(85)
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Less: amortization of prior service costs
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3
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(1)
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2
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Net SERP liability adjustment
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(884)
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237
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(647)
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Other comprehensive loss
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$
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(2,143)
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$
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575
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$
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(1,568)
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Components of Other Comprehensive Income
(in thousands)
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Before Tax
Amount
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Tax (Expense)
Benefit
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Net
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For the year ended December 31, 2018
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Available for sale (AFS) securities with OTTI:
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Unrealized holding gains
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$
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1,638
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$
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(444)
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$
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1,194
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Less: accretable yield recognized in income
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211
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(57)
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154
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Net unrealized gains on investments with OTTI
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1,427
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(387)
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1,040
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Available for sale securities – all other:
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Unrealized holding losses
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(741)
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201
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(540)
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Less: gains recognized in income
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113
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(31)
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82
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Net unrealized losses on all other AFS securities
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(854)
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232
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(622)
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Held to maturity securities:
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Unrealized holding gains
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—
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—
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—
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Less: amortization recognized in income
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(296)
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80
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(216)
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Net unrealized gains on HTM securities
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296
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(80)
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216
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Cash flow hedges:
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Unrealized holding gains
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262
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(71)
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191
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Net unrealized gains on cash flow hedges
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262
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(71)
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191
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Pension Plan:
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Unrealized net actuarial loss
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(2,514)
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681
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(1,833)
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Less: amortization of unrecognized loss
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(1,200)
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325
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(875)
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Less: amortization of prior service costs
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(9)
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2
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(7)
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Net pension plan liability adjustment
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(1,305)
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354
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(951)
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SERP:
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Unrealized net actuarial gain
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277
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(75)
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202
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Less: amortization of unrecognized loss
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(159)
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43
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(116)
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Less: amortization of prior service costs
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3
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(1)
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2
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Net SERP liability adjustment
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433
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(117)
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316
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Other comprehensive income
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$
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259
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$
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(69)
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$
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190
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The following tables present the details of accumulated other comprehensive loss components for the years ended December 31, 2019 and 2018:
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Details of Accumulated Other Comprehensive Loss Components
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Amount Reclassified from Accumulated Other Comprehensive Loss
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Affected Line Item in the Statement
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(in thousands)
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2019
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Where Net Income is Presented
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Net unrealized losses on investment securities
with OTTI:
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Accretable Yield
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$
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200
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Interest income on taxable investment securities
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Taxes
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(54)
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Provision for Income Tax Expense
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$
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146
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Net of tax
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Net unrealized gains on held to maturity
investment securities:
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Amortization
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$
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(317)
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Interest income on taxable investment securities
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Taxes
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85
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Provision for Income Tax Expense
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$
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(232)
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Net of tax
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Net pension plan liability adjustment:
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Amortization of unrecognized loss
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$
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(1,077)
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Other expense
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Taxes
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288
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Provision for Income Tax Expense
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$
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(789)
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Net of tax
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Net SERP liability adjustment:
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Amortization of unrecognized loss
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$
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(116)
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Other expense
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Amortization of prior service costs
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3
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Other expense
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Taxes
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30
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Provision for Income Tax Expense
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$
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(83)
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Net of tax
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Total reclassifications for the period
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$
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(958)
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Net of tax
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Details of Accumulated Other Comprehensive Loss Components
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Amount Reclassified from Accumulated Other Comprehensive Loss
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Affected Line Item in the Statement
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(in thousands)
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2018
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Where Net Income is Presented
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Net unrealized gains on investment securities with OTTI:
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Accretable Yield
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$
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211
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Interest income on taxable investment securities
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Taxes
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(57)
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Provision for Income Tax Expense
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$
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154
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Net of tax
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Net unrealized losses on available for sale
investment securities - all other:
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Gains on sales
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$
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113
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Net gains
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Taxes
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(31)
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Provision for Income Tax Expense
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$
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82
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Net of tax
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Net unrealized gains on held to maturity
investment securities:
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Amortization
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$
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(296)
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Interest income on taxable investment securities
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Taxes
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80
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Provision for Income Tax Expense
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$
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(216)
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Net of tax
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Net pension plan liability adjustment:
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Amortization of unrecognized loss
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$
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(1,200)
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Other expense
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Amortization of prior service costs
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(9)
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Other expense
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Taxes
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327
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Provision for Income Tax Expense
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$
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(882)
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Net of tax
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Net SERP liability adjustment:
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|
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Amortization of unrecognized loss
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$
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(159)
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Other expense
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Amortization of prior service costs
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3
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Other expense
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Taxes
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42
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Provision for Income Tax Expense
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$
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(114)
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Net of tax
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Total reclassifications for the period
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$
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(976)
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Net of tax
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