Accumulated Other Comprehensive Income (Loss)

3 Months Ended

Mar. 31, 2021

Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract]

Accumulated Other Comprehensive Income (Loss)

(12.)

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

The following tables present the components of other comprehensive income (loss) for the three months ended March 31, 2021 and 2020 (in thousands):

	Pre-tax Amount			Tax Effect			Net-of-tax Amount
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.

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⁾

(12.)

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Continued)

Activity in accumulated other comprehensive income (loss), net of tax, for the three months ended March 31, 2021 and 2020 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, 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 income (loss)		—			(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	)
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 (loss)		91			12,106			234			12,431
Balance at end of period	$	(427	)	$	12,979		$	(14,634	)	$	(2,082	)

The following table presents the amounts reclassified out of each component of accumulated other comprehensive income (loss) for the three months ended March 31, 2021 and 2020 (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,
	2021			2020
Realized gain on sale of investment securities	$	74		$	221		Net gain on investment securities
Amortization of unrealized holding losses on investment securities transferred from available for sale to held to maturity		(73	)		(46	)	Interest income
		1			175		Total before tax
		—			(45	)	Income tax expense
		1			130		Net of tax
Amortization of pension and post-retirement items:
Prior service credit ⁽¹⁾		1			9		Salaries and employee benefits
Net actuarial losses ⁽¹⁾		(186	)		(323	)	Salaries and employee benefits
		(185	)		(314	)	Total before tax
		47			80		Income tax benefit
		(138	)		(234	)	Net of tax
Total reclassified for the period	$	(137	)	$	(104	)

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