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):

	Pre-tax Amount			Tax Effect			Net-of-tax Amount
March 31, 2022
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:
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
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):

	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	)
March 31, 2021
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):

Details About Accumulated Other Comprehensive Income (Loss) Components	Amount Reclassified from Accumulated Other Comprehensive Income (Loss)						Affected Line Item in the Consolidated Statement of Income
	Three months ended
	March 31,
	2022			2021
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	)

(1) These items are included in the computation of net periodic pension expense. See Note 14 – Employee Benefit Plans for additional information.