Accumulated Other Comprehensive Income (Loss)

3 Months Ended

Mar. 31, 2020

Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract]

Accumulated Other Comprehensive Income (Loss)

(9.)ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

The following tables present the components of other comprehensive income (loss) for the three months ended March 31, 2020 and 2019 (in thousands):

	Pre-tax Amount			Tax Effect			Net-of-tax Amount
March 31, 2020
Securities available for sale and transferred securities:
Change in unrealized gain/loss during the period	$	16,451		$	4,215		$	12,236
Reclassification adjustment for net gains included in net income ⁽¹⁾		(175	)		(45	)		(130	)
Total securities available for sale and transferred securities		16,276			4,170			12,106
Hedging derivative instruments:
Change in unrealized gain/loss during the period		123			32			91
Pension and post-retirement obligations:
Amortization of prior service credit included in income		(9	)		(2	)		(7	)
Amortization of net actuarial loss included in income		323			82			241
Total pension and post-retirement obligations		314			80			234
Other comprehensive income	$	16,713		$	4,282		$	12,431

⁽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.

(9.)ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Continued)

	Pre-tax Amount			Tax Effect			Net-of-tax Amount
March 31, 2019
Securities available for sale and transferred securities:
Change in unrealized gain/loss during the period	$	7,184		$	1,811		$	5,373
Reclassification adjustment for net gains included in net income ⁽¹⁾		174			44			130
Total securities available for sale and transferred securities		7,358			1,855			5,503
Hedging derivative instruments:
Change in unrealized gain/loss during the period		(340	)		(86	)		(254	)
Pension and post-retirement obligations:
Amortization of prior service credit included in income		(16	)		(4	)		(12	)
Amortization of net actuarial loss included in income		366			93			273
Total pension and post-retirement obligations		350			89			261
Other comprehensive income	$	7,368		$	1,858		$	5,510

⁽¹⁾

(9.)ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Continued)

Activity in accumulated other comprehensive income (loss), net of tax, for the three months ended March 31, 2020 and 2019 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, 2020
Balance at beginning of period	$	(518	)	$	873		$	(14,868	)	$	(14,513	)
Other comprehensive income before reclassifications		91			12,236			—			12,327
Amounts reclassified from accumulated other comprehensive income (loss)		—			(130	)		234			104
Net current period other comprehensive income		91			12,106			234			12,431
Balance at end of period	$	(427	)	$	12,979		$	(14,634	)	$	(2,082	)
March 31, 2019
Balance at beginning of period	$	(276	)	$	(7,769	)	$	(13,236	)	$	(21,281	)
Reclassification of income tax effects to retained earnings	$	—		$	(681	)	$	(2,102	)		(2,783	)
Other comprehensive income (loss) before reclassifications		(254	)		5,373			—			5,119
Amounts reclassified from accumulated other comprehensive income		—			130			261			391
Net current period other comprehensive income (loss)		(254	)		5,503			261			5,510
Balance at end of period	$	(530	)	$	(2,947	)	$	(15,077	)	$	(18,554	)

(9.)ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Continued)

The following table presents the amounts reclassified out of each component of accumulated other comprehensive income (loss) for the three months ended March 31, 2020 and 2019 (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,
	2020			2019
Realized (loss) gain on sale of investment securities	$	221		$	(53	)	Net (loss) gain on investment securities
Amortization of unrealized holding losses on investment securities transferred from available for sale to held to maturity		(46	)		(121	)	Interest income
		175			(174	)	Total before tax
		(45	)		44		Income tax expense
		130			(130	)	Net of tax
Amortization of pension and post-retirement items:
Prior service credit ⁽¹⁾		9			16		Salaries and employee benefits
Net actuarial losses ⁽¹⁾		(323	)		(366	)	Salaries and employee benefits
		(314	)		(350	)	Total before tax
		80			89		Income tax expense
		(234	)		(261	)	Net of tax
Total reclassified for the period	$	(104	)	$	(391	)

⁽¹⁾	These items are included in the computation of net periodic pension expense. See Note 11 – Employee Benefit Plans for additional information.