Accumulated Other Comprehensive Income (Loss) (Tables)
|
3 Months Ended |
Mar. 31, 2022 |
|---|
| Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] |
|
| Components of Other Comprehensive Income (Loss) |
The following tables present the components of other comprehensive income (loss) for the three months ended March 31, 2022 and 2021 (in thousands):
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Pre-tax
Amount |
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|
Tax
Effect |
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Net-of-tax
Amount |
|
March 31, 2022 |
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|
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|
|
|
|
|
Securities available for sale and transferred securities: |
|
|
|
|
|
|
|
|
|
Change in unrealized gain/loss during the period |
|
$ |
(75,017 |
) |
|
$ |
(19,221 |
) |
|
$ |
(55,796 |
) |
Reclassification adjustment for net gains included in net income (1) |
|
|
31 |
|
|
|
8 |
|
|
|
23 |
|
Total securities available for sale and transferred securities |
|
|
(74,986 |
) |
|
|
(19,213 |
) |
|
|
(55,773 |
) |
Hedging derivative instruments: |
|
|
|
|
|
|
|
|
|
Change in unrealized gain/loss during the period |
|
|
2,471 |
|
|
|
633 |
|
|
|
1,838 |
|
Pension and post-retirement obligations: |
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|
|
|
|
|
|
|
|
Amortization of prior service credit included in income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Amortization of net actuarial loss included in income |
|
|
64 |
|
|
|
16 |
|
|
|
48 |
|
Total pension and post-retirement obligations |
|
|
64 |
|
|
|
16 |
|
|
|
48 |
|
Other comprehensive loss |
|
$ |
(72,451 |
) |
|
$ |
(18,564 |
) |
|
$ |
(53,887 |
) |
March 31, 2021 |
|
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|
|
|
|
|
|
|
Securities available for sale and transferred securities: |
|
|
|
|
|
|
|
|
|
Change in unrealized gain/loss during the period |
|
$ |
(19,362 |
) |
|
$ |
(4,961 |
) |
|
$ |
(14,401 |
) |
Reclassification adjustment for net gains included in net income (1) |
|
|
(1 |
) |
|
|
— |
|
|
|
(1 |
) |
Total securities available for sale and transferred securities |
|
|
(19,363 |
) |
|
|
(4,961 |
) |
|
|
(14,402 |
) |
Hedging derivative instruments: |
|
|
|
|
|
|
|
|
|
Change in unrealized gain/loss during the period |
|
|
2,103 |
|
|
|
539 |
|
|
|
1,564 |
|
Pension and post-retirement obligations: |
|
|
|
|
|
|
|
|
|
Amortization of prior service credit included in income |
|
|
(1 |
) |
|
|
— |
|
|
|
(1 |
) |
Amortization of net actuarial loss included in income |
|
|
186 |
|
|
|
47 |
|
|
|
139 |
|
Total pension and post-retirement obligations |
|
|
185 |
|
|
|
47 |
|
|
|
138 |
|
Other comprehensive loss |
|
$ |
(17,075 |
) |
|
$ |
(4,375 |
) |
|
$ |
(12,700 |
) |
(1) Includes amounts related to the amortization/accretion of unrealized net gains and losses related to the Company’s reclassification of available for sale investment securities to the held to maturity category. The unrealized net gains/losses will be amortized/accreted over the remaining life of the investment securities as an adjustment of yield.
|
| Components of Accumulated Other Comprehensive Income (Loss) |
Activity in accumulated other comprehensive income (loss), net of tax, for the three months ended March 31, 2022 and 2021 was as follows (in thousands):
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|
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Hedging
Derivative
Instruments |
|
|
Securities
Available
for Sale and
Transferred
Securities |
|
|
Pension and
Post-
retirement
Obligations |
|
|
Accumulated
Other
Comprehensive
Income (Loss) |
|
March 31, 2022 |
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning of period |
|
$ |
1,160 |
|
|
$ |
(4,971 |
) |
|
$ |
(9,396 |
) |
|
$ |
(13,207 |
) |
Other comprehensive income (loss) before reclassifications |
|
|
1,838 |
|
|
|
(55,796 |
) |
|
|
— |
|
|
|
(53,958 |
) |
Amounts reclassified from accumulated other comprehensive income (loss) |
|
|
— |
|
|
|
23 |
|
|
|
48 |
|
|
|
71 |
|
Net current period other comprehensive income (loss) |
|
|
1,838 |
|
|
|
(55,773 |
) |
|
|
48 |
|
|
|
(53,887 |
) |
Balance at end of period |
|
$ |
2,998 |
|
|
$ |
(60,744 |
) |
|
$ |
(9,348 |
) |
|
$ |
(67,094 |
) |
|
|
|
|
|
|
|
|
|
|
|
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|
March 31, 2021 |
|
|
|
|
|
|
|
|
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|
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|
Balance at beginning of period |
|
$ |
(316 |
) |
|
$ |
14,743 |
|
|
$ |
(12,299 |
) |
|
$ |
2,128 |
|
Other comprehensive income before reclassifications |
|
|
1,564 |
|
|
|
(14,401 |
) |
|
|
— |
|
|
|
(12,837 |
) |
Amounts reclassified from accumulated other comprehensive (loss) income |
|
|
— |
|
|
|
(1 |
) |
|
|
138 |
|
|
|
137 |
|
Net current period other comprehensive income (loss) |
|
|
1,564 |
|
|
|
(14,402 |
) |
|
|
138 |
|
|
|
(12,700 |
) |
Balance at end of period |
|
$ |
1,248 |
|
|
$ |
341 |
|
|
$ |
(12,161 |
) |
|
$ |
(10,572 |
) |
|
| Amounts Reclassified Out of Each Component of Accumulated Other Comprehensive Income (Loss) |
The following table presents the amounts reclassified out of each component of accumulated other comprehensive income (loss) for the three months ended March 31, 2022 and 2021 (in thousands):
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Details About Accumulated Other
Comprehensive Income (Loss) Components |
|
Amount Reclassified from
Accumulated Other
Comprehensive
Income (Loss) |
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|
Affected Line Item in the
Consolidated Statement of Income |
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Three months ended |
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March 31, |
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|
2022 |
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|
2021 |
|
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|
Realized gain (loss) on sale of investment securities |
|
$ |
— |
|
|
$ |
74 |
|
|
Net gain on investment securities |
Amortization of unrealized holding losses
on investment securities transferred from
available for sale to held to maturity |
|
|
(31 |
) |
|
|
(73 |
) |
|
Interest income |
|
|
|
(31 |
) |
|
|
1 |
|
|
Total before tax |
|
|
|
8 |
|
|
|
— |
|
|
Income tax expense |
|
|
|
(23 |
) |
|
|
1 |
|
|
Net of tax |
Amortization of pension and post-retirement items: |
|
|
|
|
|
|
|
|
Prior service credit (1) |
|
|
— |
|
|
|
1 |
|
|
Salaries and employee benefits |
Net actuarial losses (1) |
|
|
(64 |
) |
|
|
(186 |
) |
|
Salaries and employee benefits |
|
|
|
(64 |
) |
|
|
(185 |
) |
|
Total before tax |
|
|
|
16 |
|
|
|
47 |
|
|
Income tax benefit |
|
|
|
(48 |
) |
|
|
(138 |
) |
|
Net of tax |
Total reclassified for the period |
|
$ |
(71 |
) |
|
$ |
(137 |
) |
|
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|
|
|
|
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|
(1) These items are included in the computation of net periodic pension expense. See Note 14 – Employee Benefit Plans for additional information.
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