Other Comprehensive Income

3 Months Ended

Mar. 31, 2021

The following table presents the components of other comprehensive (loss) income, both gross and net of tax, for the three months ended March 31, 2021 and 2020 (in thousands):


	Three months ended March 31,
	2021				2020
	Before Tax		Tax Effect	After Tax	Before Tax	Tax Effect	After Tax
Components of Other Comprehensive (Loss) Income:
Unrealized gains and losses on available for sale debt securities:
Net unrealized (losses) gains arising during the period	$	(12,152)	3,133	(9,019)	22,563	(5,817)	16,746
Reclassification adjustment for gains included in net income	(230)		59	(171)	—	—	—
Total	(12,382)		3,192	(9,190)	22,563	(5,817)	16,746
Unrealized gains (losses) on derivatives (cash flow hedges)	6,226		(1,605)	4,621	(7,697)	1,984	(5,713)
Amortization related to post-retirement obligations	(150)		41	(109)	112	(28)	84
Total other comprehensive (loss) income	$	(6,306)	1,628	(4,678)	14,978	(3,861)	11,117

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


	Changes in Accumulated Other Comprehensive Income (Loss) by Component, net of tax for the three months ended March 31,
	2021					2020
	Unrealized Gains (Losses) on Available for Sale Debt Securities		Post- Retirement Obligations	Unrealized (Losses) Gains on Derivatives (cash flow hedges)	Accumulated Other Comprehensive Income (Loss)	Unrealized Gains on Available for Sale Debt Securities	Post- Retirement Obligations	Unrealized Gains (Losses) on Derivatives (cash flow hedges)	Accumulated Other Comprehensive Income
Balance at December 31,	$	23,690	(1,081)	(4,954)	17,655	8,746	(5,240)	315	3,821
Current - period other comprehensive (loss) income	(9,190)		(109)	4,621	(4,678)	16,746	84	(5,713)	11,117
Balance at March 31,	$	14,500	(1,190)	(333)	12,977	25,492	(5,156)	(5,398)	14,938

The following tables summarize the reclassifications from accumulated other comprehensive income (loss) to the consolidated statements of income for the three months ended March 31, 2021 and 2020 (in thousands):


	Reclassifications From Accumulated Other Comprehensive Income ("AOCI")
	Amount reclassified from AOCI for the three months ended March 31,			Affected line item in the Consolidated Statement of Income
	2021		2020
Details of AOCI:
Available for sale debt securities:
Realized net gains on the sale of securities available for sale	$	230	—	Net gain on securities transactions
	(59)		—	Income tax expense
	171		—	Net of tax






Post-retirement obligations:
Amortization of actuarial (losses) gains	$	(150)	112	Compensation and employee benefits (1)
	41		(28)	Income tax expense
Total reclassification	$	(109)	84	Net of tax

(1) This item is included in the computation of net periodic benefit cost. See Note 6. Components of Net Periodic Benefit Cost.