Other Comprehensive Income (Loss) (Tables)

9 Months Ended

Sep. 30, 2020

Schedule of Other Comprehensive Income (Loss)

The following tables present the components of other comprehensive (loss) income, both gross and net of tax, for the three and nine months ended September 30, 2020 and 2019:


	For the Three Months Ended September 30,
	2020						2019
	Before Tax		Tax Effect		After Tax		Before Tax		Tax Effect		After Tax
	(In thousands)
Components of other comprehensive (loss) income:
Unrealized (losses) gains on debt securities available for sale:	$	(3,688)	$	775	$	(2,913)	$	6,186	$	(1,271)	$	4,915
Accretion of unrealized gain on debt securities reclassified as held to maturity	(4)		—		(4)		2		—		2
Reclassification adjustment for gains included in net income	—		—		—		1,256		(291)		965
	(3,692)		775		(2,917)		7,444		(1,562)		5,882
Derivatives:
Unrealized gain (loss) on swap contracts accounted for as cash flow hedges	2,256		(471)		1,785		(1,619)		340		(1,279)
	2,256		(471)		1,785		(1,619)		340		(1,279)

Employee benefit plans:
Amortization of prior service cost included in net income	(14)		3		(11)		(14)		3		(11)
Reclassification adjustment of actuarial net gain included in net income	(1,071)		225		(846)		(930)		195		(735)
Change in funded status of retirement obligations	(41,434)		8,701		(32,733)		1,887		(397)		1,490
	(42,519)		8,929		(33,590)		943		(199)		744
Total other comprehensive (loss) income	$	(43,955)	$	9,233	$	(34,722)	$	6,768	$	(1,421)	$	5,347

15. Other Comprehensive Income (Loss) (continued)


	For the Nine Months Ended September 30,
	2020						2019
	Before Tax		Tax Effect		After Tax		Before Tax		Tax Effect		After Tax
	(In thousands)
Components of other comprehensive income (loss):
Unrealized gains on debt securities available for sale:	$	28,736	$	(6,031)	$	22,705	$	35,781	$	(7,479)	$	28,302
Accretion of unrealized gain on debt securities reclassified as held to maturity	1		—		1		13		(3)		10
Reclassification adjustment for gains included in net income	370		(81)		289		1,721		(396)		1,325
	29,107		(6,112)		22,995		37,515		(7,878)		29,637
Derivatives:
Unrealized (loss) on swap contracts accounted for as cash flow hedges	(13,050)		2,736		(10,314)		(11,059)		2,324		(8,735)
	(13,050)		2,736		(10,314)		(11,059)		2,324		(8,735)

Employee benefit plans:
Amortization of prior service cost included in net income	(42)		10		(32)		(42)		9		(33)
Reclassification adjustment of actuarial net (loss) included in net income	(3,213)		674		(2,539)		(2,779)		583		(2,196)
Change in funded status of retirement obligations	(37,093)		7,789		(29,304)		(2,785)		585		(2,200)
	(40,348)		8,473		(31,875)		(5,606)		1,177		(4,429)
Total other comprehensive (loss) income	$	(24,291)	$	5,097	$	(19,194)	$	20,850	$	(4,377)	$	16,473

Components of Other Comprehensive Income (Loss)

The following tables present the changes in the components of accumulated other comprehensive income (loss), net of tax, for the three and nine months ended September 30, 2020 and 2019:


	For the Three Months Ended September 30,
	2020								2019
	Unrealized Gains on Debt Securities Available for Sale		Unrealized (Losses) on Swaps		Employee Benefit Plans		Accumulated Other Comprehensive (Loss)		Unrealized Gains on Debt Securities Available for Sale		Unrealized (Losses) on Swaps		Employee Benefit Plans		Accumulated Other Comprehensive (Loss)
	(In thousands)

Balance at beginning of period	$	35,225	$	(20,573)	$	(67,859)	$	(53,207)	$	9,981	$	(9,462)	$	(61,838)	$	(61,319)


Current period changes in other comprehensive income (loss)	(2,917)		1,785		(33,590)		(34,722)		5,882		(1,279)		744		5,347
Total other comprehensive income (loss)	$	32,308	$	(18,788)	$	(101,449)	$	(87,929)	$	15,863	$	(10,741)	$	(61,094)	$	(55,972)


	For the Nine Months Ended September 30,
	2020								2019
	Unrealized Gains on Debt Securities Available for Sale		Unrealized (Losses) on Swaps		Employee Benefit Plans		Accumulated Other Comprehensive (Loss)		Unrealized (Losses) Gains on Debt Securities Available for Sale		Unrealized (Losses) on Swaps		Employee Benefit Plans		Accumulated Other Comprehensive (Loss)
	(In thousands)

Balance at beginning of period	$	9,313	$	(8,474)	$	(69,574)	$	(68,735)	$	(13,226)	$	(2,006)	$	(56,665)	$	(71,897)
Effect of adoption of ASU 2016-01	—		—		—		—		(548)		—		—		(548)
Balance at January 1,	9,313		(8,474)		(69,574)		(68,735)		(13,774)		(2,006)		(56,665)		(72,445)
Current period changes in other comprehensive income (loss)	22,995		(10,314)		(31,875)		(19,194)		29,637		(8,735)		(4,429)		16,473
Total other comprehensive income (loss)	$	32,308	$	(18,788)	$	(101,449)	$	(87,929)	$	15,863	$	(10,741)	$	(61,094)	$	(55,972)

Reclassification out of AOCI

The following tables reflect amounts reclassified from accumulated other comprehensive income (loss) to the Consolidated Statements of Income and the affected line item in the statement where net income is presented for the three and nine months ended September 30, 2020 and 2019:


	Accumulated Other Comprehensive Income (Loss) Components
	For the Three Months Ended September 30,				Affected Line Items in the Consolidated Statements of Income
	2020		2019
	(In thousands)

Reclassification adjustment for gains included in net income	$	—	$	1,256	Gain on securities transactions
Reclassification adjustment of actuarial net (loss) included in net income	(1,071)		(930)		Other non-interest expense
Total before tax	(1,071)		326
Income (tax) benefit	225		(96)
Net of tax	$	(846)	$	230


	Accumulated Other Comprehensive Income (Loss) Components
	For the Nine Months Ended September 30,				Affected Line Items in the Consolidated Statements of Income
	2020		2019
	(In thousands)

Reclassification adjustment for gains included in net income	$	370	$	1,721	Gain on securities transactions
Reclassification adjustment of actuarial net (loss) included in net income	(3,213)		(2,779)		Other non-interest expense
Total before tax	(2,843)		(1,058)
Income (tax) benefit	593		187
Net of tax	$	(2,250)	$	(871)