ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME

9 Months Ended

Sep. 30, 2020

ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME

ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME

13. ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME

The following table summarizes the components of other comprehensive income (loss) and related income tax effects:

	Three Months Ended				Nine Months Ended
	September 30,		September 30,		September 30,		September 30,
(In thousands)	2020		2019		2020		2019
Unrealized holding (losses) gains on available for sale securities	$	(935)	$	2,227	$	9,186	$	16,247
Reclassification adjustments for gains realized in income		(3,540)		—		(3,525)		(201)
Income tax effect		1,309		(649)		(1,655)		(4,679)
Net change in unrealized (losses) gains on available for sale securities		(3,166)		1,578		4,006		11,367
Reclassification adjustments for amortization realized in income		136		128		412		385
Income tax effect		(39)		(37)		(120)		(113)
Net change in post-retirement obligation		97		91		292		272
Change in fair value of derivatives used for cash flow hedges		3,364		(657)		(7,709)		(5,360)
Reclassification adjustments for losses (gains) realized in income		992		(331)		1,058		(1,353)
Income tax effect		(1,274)		288		1,945		1,958
Net change in unrealized gains (losses) on cash flow hedges		3,082		(700)		(4,706)		(4,755)
Other comprehensive income (loss)	$	13	$	969	$	(408)	$	6,884

The following is a summary of the accumulated other comprehensive loss balances, net of income taxes, at the dates indicated:

			Other
	December 31,		Comprehensive			September 30,
(In thousands)	2019		Income			2020
Unrealized (losses) gains on available for sale securities	$	(829)	$	4,006	$	3,177
Unrealized (losses) gains on pension benefits		(6,775)		292		(6,483)
Unrealized losses on cash flow hedges		(737)		(4,706)		(5,443)
Accumulated other comprehensive loss, net of income taxes	$	(8,341)	$	(408)	$	(8,749)

The following represents the reclassifications out of accumulated other comprehensive (loss) income for the three and nine months ended September 30, 2020 and 2019:

	Three Months Ended				Nine Months Ended				Affected Line Item
	September 30,		September 30,		September 30,		September 30,		in the Consolidated
(In thousands)	2020		2019		2020		2019		Statements of Income
Realized gains on sale of available for sale securities	$	3,540	$	—	$	3,525	$	201	Net securities gains
Amortization of defined benefit pension plan and defined benefit plan component of the SERP:
Prior service credit		20		20		58		58	Other operating expenses
Actuarial losses		(156)		(148)		(470)		(443)	Other operating expenses
Realized (losses) gains on cash flow hedges		(992)		331		(1,058)		1,353	Interest expense
Realized loss on the termination of swaps		(3,348)		—		(3,348)		—	Loss on termination of swaps
Total reclassifications, before income tax	$	(936)	$	203	$	(1,293)	$	1,169
Income tax benefit (expense)		274		(59)		378		(341)	Income tax expense
Total reclassifications, net of income tax	$	(662)	$	144	$	(915)	$	828