| CHANGE IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) |
24. CHANGE IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Accumulated other comprehensive income (loss) includes unrealized gains and losses on investment securities and equity investments, unrealized gains and losses on cash flow hedges, as well as unrecognized prior service costs, transition costs, and actuarial gains and losses on defined benefit pension plans. Changes to accumulated other comprehensive income (loss) are presented net of tax as a component of stockholders' equity. Amounts that are reclassified out of accumulated other comprehensive income (loss) are recorded on the Consolidated Statement of Income either as a gain or loss. Changes to accumulated other comprehensive income (loss) by component are shown net of taxes in the following tables for the period indicated: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (Dollars in thousands) | Net change in investment securities available for sale | | Net change in investment securities held to maturity | | Net change in defined benefit plan | | Net change in fair value of derivatives used for cash flow hedges (1) | | Net change in
equity method
investments | | Total | | Balance, December 31, 2017 | $ | (7,842) | | | $ | 1,223 | | | $ | 865 | | | $ | (2,398) | | | $ | — | | | $ | (8,152) | | | Other comprehensive (loss) income before reclassifications | (6,695) | | | 6 | | | 22 | | | (56) | | | — | | | (6,723) | | | Less: Amounts reclassified from accumulated other comprehensive (loss) income | (16) | | | (450) | | | (53) | | | — | | | — | | | (519) | | | Net current-period other comprehensive loss | (6,711) | | | (444) | | | (31) | | | (56) | | | — | | | (7,242) | | | Balance, December 31, 2018 | $ | (14,553) | | | $ | 779 | | | $ | 834 | | | $ | (2,454) | | | $ | — | | | $ | (15,394) | | | Other comprehensive income (loss) before reclassifications | 41,733 | | | (2) | | | (4,045) | | | 1,877 | | | — | | | 39,563 | | | Less: Amounts reclassified from accumulated other comprehensive income (loss) | (253) | | | (309) | | | (106) | | | — | | | — | | | (668) | | | Net current-period other comprehensive income (loss) | 41,480 | | | (311) | | | (4,151) | | | 1,877 | | | — | | | 38,895 | | | Balance, December 31, 2019 | $ | 26,927 | | | $ | 468 | | | $ | (3,317) | | | $ | (577) | | | $ | — | | | $ | 23,501 | | | Other comprehensive income (loss) before reclassifications | 39,853 | | | — | | | (1,445) | | | 1,560 | | | (9) | | | 39,959 | | | Less: Amounts reclassified from accumulated other comprehensive income (loss) | (6,898) | | | (192) | | | (26) | | | (337) | | | — | | | (7,453) | | | Net current-period other comprehensive income (loss) | 32,955 | | | (192) | | | (1,471) | | | 1,223 | | | (9) | | | 32,506 | | | Balance, December 31, 2020 | $ | 59,882 | | | $ | 276 | | | $ | (4,788) | | | $ | 646 | | | $ | (9) | | | $ | 56,007 | |
(1) Cash flow hedges were terminated as of April 1, 2020. Components of other comprehensive income that impact the Consolidated Statements of Income are presented in the table below. | | | | | | | | | | | | | | | | | | | | | | | | | | Twelve Months Ended December 31, | | Affected line item in Consolidated Statements of Income | | (Dollars in thousands) | 2020 | | 2019 | | 2018 | | | | Securities available-for-sale: | | | | | | | Realized gains on securities transactions | $ | (9,076) | | | $ | (333) | | | $ | (21) | | | Securities gains, net | | Income taxes | 2,178 | | | 80 | | | 5 | | | Income tax provision | | Net of tax | $ | (6,898) | | | $ | (253) | | | $ | (16) | | | | | Net unrealized holding gains on securities transferred between available-for-sale and held-to-maturity: | | | | | | | | | Amortization of net unrealized gains to income during the period | $ | (251) | | | $ | (407) | | | $ | (586) | | | Interest and dividends on investment securities | | Income taxes | 59 | | | 98 | | | 136 | | | Income tax provision | | Net of tax | $ | (192) | | | $ | (309) | | | $ | (450) | | | | | Amortization of defined benefit pension plan-related items: | | | | | | | | Prior service (credits) costs (1) | $ | (266) | | | $ | (76) | | | $ | 2 | | | | | | | | | | | | | Actuarial gains | (47) | | | (63) | | | (45) | | | | | Total before tax | $ | (313) | | | $ | (139) | | | $ | (43) | | | Salaries, benefits and other compensation | | Income taxes | 75 | | | 33 | | | (10) | | | Income tax provision | | Net of tax | $ | (238) | | | $ | (106) | | | $ | (53) | | | | | Defined benefit pension plan settlement: | | | | | | | | | Realized losses on plan settlement | $ | 279 | | | $ | — | | | $ | — | | | Other operating expense | | Income taxes | (67) | | | — | | | — | | | Income tax provision | | Net of tax | $ | 212 | | | $ | — | | | $ | — | | | | | Net unrealized gains on terminated cash flow hedges: | | | | | | | | | Amortization of net unrealized gains to income during the period | $ | (444) | | | $ | — | | | $ | — | | | Interest and fees on loans and leases | | Income taxes | 107 | | | — | | | — | | | Income tax provision | | Net of tax | $ | (337) | | | $ | — | | | $ | — | | | | | Total reclassifications | $ | (7,453) | | | $ | (668) | | | $ | (519) | | | |
(1) Prior service costs balance for the year ended December 31, 2018 includes a tax true-up adjustment of $0.1 million from March 31, 2018. Note that the tax true-up was made to the deferred tax asset with an offset to AOCI and does not affect the actual net periodic benefit costs of the pension plan.
|