CHANGE IN ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME

3 Months Ended

Mar. 31, 2022

CHANGE IN ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME

18. CHANGE IN ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME

Accumulated other comprehensive income includes unrealized gains and losses on available-for-sale 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 (loss) income are presented, net of tax, as a component of stockholders’ equity. Amounts that are reclassified out of accumulated other comprehensive (loss) income are recorded on the unaudited Consolidated Statement of Income either as a gain or loss.

Changes to accumulated other comprehensive (loss) income 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, 2021	$	(33,873)	$	175	$	(4,691)	$	268	$	353	$	(37,768)
Other comprehensive (loss) income before reclassifications	(275,918)		56		—		1		—		(275,861)
Less: Amounts reclassified from accumulated other comprehensive (loss) income	—		(84)		(27)		(40)		—		(151)
Net current-period other comprehensive (loss) income	(275,918)		(28)		(27)		(39)		—		(276,012)
Balance, March 31, 2022	$	(309,791)	$	147	$	(4,718)	$	229	$	353	$	(313,780)

Balance, December 31, 2020	$	59,882	$	276	$	(4,788)	$	646	$	(9)	$	56,007
Other comprehensive (loss) income before reclassifications	(69,589)		—		—		—		273		(69,316)
Less: Amounts reclassified from accumulated other comprehensive (loss) income	(250)		(16)		(16)		(111)		—		(393)
Net current-period other comprehensive loss	(69,839)		(16)		(16)		(111)		273		(69,709)
Balance, March 31, 2021	$	(9,957)	$	260	$	(4,804)	$	535	$	264	$	(13,702)
(1)Cash flow hedges were terminated as of April 1, 2020

The unaudited Consolidated Statements of Income were impacted by components of other comprehensive income as shown in the tables below:


	Three Months Ended March 31,				Affected line item in unaudited Consolidated Statements of Income
(Dollars in thousands)	2022		2021
Securities available for sale:
Realized gains on securities transactions	$	—	$	(329)	Securities gains, net
Income taxes	—		79		Income tax provision
Net of tax	—		(250)
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	(111)		(21)		Interest and dividends on investment securities
Income taxes	27		5		Income tax provision
Net of tax	(84)		(16)
Amortization of defined benefit pension plan-related items:
Prior service credits	(19)		(22)

Actuarial (gains) losses	(17)		1
Total before tax	(36)		(21)		Salaries, benefits and other compensation
Income taxes	9		5		Income tax provision
Net of tax	(27)		(16)




Net unrealized gains on terminated cash flow hedges:
Amortization of net unrealized gains to income during the period	(52)		(146)		Interest and fees on loans and leases
Income taxes	12		35		Income tax provision
Net of tax	(40)		(111)
Total reclassifications	$	(151)	$	(393)