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Other Comprehensive Income (Loss)
 12 Months Ended
Dec. 31, 2019
Equity [Abstract]  
Other Comprehensive Income (Loss) Other Comprehensive Income (Loss)

The following tables present the components of other comprehensive income (loss), both gross and net of tax, for the years ended December 31, 2019 and 2018, September 30, 2017, and the three months ended December 31, 2017:
 
For the Years Ended December 31,
 
2019
 
2018
 
Before Tax
 
Tax Effect
 
After Tax
 
Before Tax
 
Tax Effect
 
After Tax
 
(In thousands)
Components of other comprehensive income (loss):
 
 
 
 
 
 
 
 
 
 
 
Unrealized gains (losses) on debt securities available for sale:
$
26,601

 
$
(5,534
)
 
$
21,067

 
$
(7,224
)
 
$
1,446

 
$
(5,778
)
Accretion of unrealized gain (loss) on debt securities reclassified as held to maturity
11

 
(2
)
 
9

 
(13
)
 
—

 
(13
)
Reclassification adjustment for gains included in net income
2,612

 
(601
)
 
2,011

 
(116
)
 
24

 
(92
)
 
29,224

 
(6,137
)
 
23,087

 
(7,353
)
 
1,470

 
(5,883
)
 
 
 
 
 
 
 
 
 
 
 
 
Derivatives:
 
 
 
 
 
 
 
 
 
 
 
Unrealized (loss) on swap contracts accounted for as cash flow hedges
(8,193
)
 
1,725

 
(6,468
)
 
(2,825
)
 
595

 
(2,230
)
 
 
 
 
 
 
 
 
 
 
 
 
Employee benefit plans:
 
 
 
 
 
 
 
 
 
 
 
Amortization of prior service cost included in net income
(56
)
 
12

 
(44
)
 
(623
)
 
132

 
(491
)
Reclassification adjustment of actuarial net (loss) gain included in net income
(3,709
)
 
779

 
(2,930
)
 
2,526

 
(530
)
 
1,996

Change in funded status of retirement obligations
(12,576
)
 
2,641

 
(9,935
)
 
897

 
(776
)
 
121

 
(16,341
)
 
3,432

 
(12,909
)
 
2,800

 
(1,174
)
 
1,626

Total other comprehensive income (loss)
$
4,690

 
$
(980
)
 
$
3,710

 
$
(7,378
)
 
$
891

 
$
(6,487
)

    











(20)    Other Comprehensive Income (Loss) (continued)

 
For the Three Months Ended December 31,
 
For the Year Ended September 30,
 
2017
 
2017
 
Before Tax
 
Tax Effect
 
After Tax
 
Before Tax
 
Tax Effect
 
After Tax
 
(In thousands)
Components of other comprehensive income (loss):
 
 
 
 
 
 
 
 
 
 
 
Unrealized gains (losses) on debt securities available for sale:
$
(3,012
)
 
$
(119
)
 
$
(3,131
)
 
$
(17,877
)
 
$
6,379

 
$
(11,498
)
Accretion of unrealized (loss) gain on debt securities reclassified as held to maturity
(2
)
 
(56
)
 
(58
)
 
12

 
(4
)
 
8

Reclassification adjustment for gains included in net income
60

 
(13
)
 
47

 
2,626

 
(937
)
 
1,689

 
(2,954
)
 
(188
)
 
(3,142
)
 
(15,239
)
 
5,438

 
(9,801
)
 
 
 
 
 
 
 
 
 
 
 
 
Derivatives:
 
 
 
 
 
 
 
 
 
 
 
Unrealized gain on swap contracts accounted for as cash flow hedges
192

 
(30
)
 
162

 
95

 
(33
)
 
62

 
 
 
 
 
 
 
 
 
 
 
 
Employee benefit plans:
 
 
 
 
 
 
 
 
 
 
 
Amortization of prior service cost included in net income
(24
)
 
(19
)
 
(43
)
 
(114
)
 
41

 
(73
)
Reclassification adjustment of actuarial net (loss) gain included in net income
(9
)
 
(94
)
 
(103
)
 
11,806

 
(4,213
)
 
7,593

Change in funded status of retirement obligations
(9,024
)
 
3,354

 
(5,670
)
 
11,503

 
(4,106
)
 
7,397

Tax effects resulting from the adoption of ASU No. 2018-02
—

 
(10,434
)
 
(10,434
)
 
—

 
—

 
—

 
(9,057
)
 
(7,193
)
 
(16,250
)
 
23,195

 
(8,278
)
 
14,917

Total other comprehensive (loss) income
$
(11,819
)
 
$
(7,411
)
 
$
(19,230
)
 
$
8,051

 
$
(2,873
)
 
$
5,178



The Company, in accordance with ASU No. 2018-02, elected to reclassify the income tax effects of the Tax Act from accumulated other comprehensive (loss) income to retained earnings for the three months ended December 31, 2017.

(20)    Other Comprehensive Income (Loss) (continued)

The following tables present the changes in the components of accumulated other comprehensive income (loss), net of tax, for the years ended December 31, 2019 and 2018, September 30, 2017, and the three months ended December 31, 2017:
 
For the Years Ended December 31,
 
2019
 
2018
 
Unrealized (Losses) Gains on Debt Securities Available for Sale
 
Unrealized (Losses) on Swaps
 
Employee Benefit Plans
 
Accumulated Other Comprehensive (Loss)
 
Unrealized (Losses) on Debt Securities Available for Sale
 
Unrealized Gains (Losses) on Swaps
 
Employee Benefit Plans
 
Accumulated Other Comprehensive (Loss)
 
(In thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at beginning of period
$
(13,162
)
 
$
(2,006
)
 
$
(56,729
)
 
$
(71,897
)
 
$
(7,279
)
 
$
224

 
$
(58,355
)
 
$
(65,410
)
Effect of the adoption of ASU 2016-01
(548
)
 


 


 
(548
)
 
—

 
—

 
—

 
—

Balance at January 1, 2019
$
(13,710
)
 
$
(2,006
)
 
$
(56,729
)
 
$
(72,445
)
 
$
(7,279
)
 
$
224

 
$
(58,355
)
 
$
(65,410
)
Current period changes in other comprehensive income (loss)
23,087

 
(6,468
)
 
(12,909
)
 
3,710

 
(5,883
)
 
(2,230
)
 
1,626

 
(6,487
)
Total other comprehensive income (loss)
$
9,377

 
$
(8,474
)
 
$
(69,638
)
 
$
(68,735
)
 
$
(13,162
)
 
$
(2,006
)
 
$
(56,729
)
 
$
(71,897
)
 
For the Three Months Ended December 31,
 
For the Year Ended September 30,
 
2017
 
2017
 
Unrealized (Losses) Gains on Debt Securities Available for Sale
 
Unrealized Gains on Swaps
 
Employee Benefit Plans
 
Accumulated Other Comprehensive (Loss)
 
Unrealized (Losses) Gains on Debt Securities Available for Sale
 
Unrealized Gains on Swaps
 
Employee Benefit Plans
 
Accumulated Other Comprehensive (Loss)
 
(In thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at beginning of period
$
(4,137
)
 
$
62

 
$
(42,105
)
 
$
(46,180
)
 
$
5,664

 
$
—

 
$
(57,022
)
 
$
(51,358
)
Current period changes in other comprehensive (loss) income
(1,828
)
 
122

 
(5,816
)
 
(7,522
)
 
(9,801
)
 
62

 
14,917

 
5,178

Reclassification of tax effects resulting from the adoption of ASU No. 2018-02
(1,314
)
 
40

 
(10,434
)
 
(11,708
)
 
—

 
—

 
—

 
—

Total other comprehensive income (loss)
$
(7,279
)
 
$
224

 
$
(58,355
)
 
$
(65,410
)
 
$
(4,137
)
 
$
62

 
$
(42,105
)
 
$
(46,180
)

(20)    Other Comprehensive Income (Loss) (continued)

The following tables reflect amounts reclassified out of accumulated other comprehensive income (loss) in the Consolidated Statements of Income and the affected line item in the statement where net income is presented for the years ended December 31, 2019 and 2018, September 30, 2017, and the three months ended December 31, 2017:
 
 
Accumulated Other Comprehensive (Loss) Income Components
 
 
 
 
For the Years Ended December 31,
 
Affected line items in the Consolidated Statements of Income
 
 
2019
 
2018
 
 
 
 
(In thousands)
 
 
 
 
 
 
 
 
 
Reclassification adjustment for gains (losses) included in net income
 
$
2,612

 
$
(116
)
 
Gain (loss) on securities transactions
Reclassification adjustment of actuarial net (loss) gain included in net income
 
(3,709
)
 
2,526

 
Other non-interest expense
      Total before tax
 
(1,097
)
 
2,410

 
 
      Income tax (benefit)
 
178

 
(506
)
 
 
      Net of tax
 
$
(919
)
 
$
1,904

 
 


 
 
Accumulated Other Comprehensive (Loss) Income Components
 
 
 
 
For the Three Months Ended December 31,
 
For the Year Ended September 30,
 
Affected line items in the Consolidated Statements of Income
 
 
2017
 
2017
 
 
 
 
(In thousands)
 
 
 
 
 
 
 
 
 
Reclassification adjustment for gains included in net income
 
$
60

 
$
2,626

 
Gain on securities transactions
Reclassification adjustment of actuarial net (loss) gain included in net income
 
(9
)
 
11,806

 
Other non-interest expense
      Total before tax
 
51

 
14,432

 
 
      Income tax (benefit)
 
(107
)
 
(5,150
)
 
 
      Net of tax
 
$
(56
)
 
$
9,282