Accumulated Other Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2021

Accumulated Other Comprehensive Income (Loss)

AOCI includes net income as well as unrealized gains and losses, net of tax, on AFS securities and derivative instruments, as well as changes in the funded status of our defined benefit pension plan. Unrealized gains and losses and changes in the funded status of the pension plan, net of tax, are excluded from net income, and are reflected as a direct charge or credit to shareholders’ equity. Comprehensive income (loss) and the related components are disclosed in the consolidated statements of comprehensive income.

The following table provides a roll-forward of the changes in AOCI by component for the years ended December 31, 2019, 2020 and 2021 (net of tax):


	Unrealized Gains (Losses) on AFS Securities		Unrealized Gains (Losses) on Derivative Instruments		Change in Unrecognized Pension Cost on Defined Benefit Pension Plan		Total
Balance, January 1, 2019	$	(5,200)	$	256	$	(2,741)	$	(7,685)
OCI before reclassifications	12,276		(256)		(210)		11,810
Amounts reclassified from AOCI	(6)		—		268		262
Subtotal	12,270		(256)		58		12,072
Tax effect	(2,458)		54		(12)		(2,416)
OCI, net of tax	9,812		(202)		46		9,656
Balance, December 31, 2019	4,612		54		(2,695)		1,971
OCI before reclassifications	7,474		(121)		(238)		7,115
Amounts reclassified from AOCI	(71)		—		176		105
Subtotal	7,403		(121)		(62)		7,220
Tax effect	(1,530)		25		12		(1,493)
OCI, net of tax	5,873		(96)		(50)		5,727
Balance, December 31, 2020	10,485		(42)		(2,745)		7,698
OCI before reclassifications	(8,371)		53		955		(7,363)
Amounts reclassified from AOCI	—		—		(31)		(31)
Subtotal	(8,371)		53		924		(7,394)
Tax effect	1,759		(11)		(193)		1,555
OCI, net of tax	(6,612)		42		731		(5,839)
Balance, December 31, 2021	$	3,873	$	—	$	(2,014)	$	1,859

Included in OCI are changes in unrealized gains and losses related to auction rate money market preferred stocks. Auction rate money market preferred stocks, for federal income tax purposes, have no deferred federal income taxes related to unrealized gains or losses given the nature of the investments.

A summary of the components of unrealized gains on AFS securities included in OCI follows for the years ended December 31:


	2021						2020						2019
	Auction Rate Money Market Preferred Stocks		All Other AFS Securities		Total		Auction Rate Money Market Preferred Stocks		All Other AFS Securities		Total		Auction Rate Money Market Preferred Stocks		All Other AFS Securities		Total
Unrealized gains (losses) arising during the period	$	5	$	(8,376)	$	(8,371)	$	118	$	7,356	$	7,474	$	565	$	11,711	$	12,276
Reclassification adjustment for net (gains) losses included in net income	—		—		—		—		(71)		(71)		—		(6)		(6)
Net unrealized gains (losses)	5		(8,376)		(8,371)		118		7,285		7,403		565		11,705		12,270
Tax effect	—		1,759		1,759		—		(1,530)		(1,530)		—		(2,458)		(2,458)
Unrealized gains (losses), net of tax	$	5	$	(6,617)	$	(6,612)	$	118	$	5,755	$	5,873	$	565	$	9,247	$	9,812

The following table details reclassification adjustments and the related affected line items in our consolidated statements of income for the years ended December 31:


Details about AOCI components	Amount Reclassified from AOCI						Affected Line Item in the Consolidated Statements of Income
	2021		2020		2019
Unrealized gains (losses) on AFS securities
	$	—	$	71	$	6	Net gains on sale of AFS securities
	—		15		1		Federal income tax expense
	$	—	$	56	$	5	Net income

Change in unrecognized pension cost on defined benefit pension plan
	$	(31)	$	176	$	268	Other noninterest expenses
	(7)		37		56		Federal income tax (benefit) expense
	$	(24)	$	139	$	212	Net income