ACCUMULATED OTHER COMPREHENSIVE INCOME

9 Months Ended

Sep. 30, 2021

Accumulated other comprehensive income represents the net unrealized holding gains on securities available-for-sale, derivatives and the funded status of the Company’s benefit plans, as of the consolidated balance sheet dates, net of the related tax effect.

The following is a summary of the changes in accumulated other comprehensive income by component, net of tax, for the periods indicated:


	Gains and Losses on Cash Flow Hedges		Unrealized Gains and Losses on Available-for-sale Securities		Defined Benefit Pension Items		Total
	(In thousands)
Balance at December 31, 2020	$	(3,986)	$	4,208	$	(1,253)	$	(1,031)
Other comprehensive income (loss) before reclassification	3,071		(2,754)		—		317
Amounts reclassified from accumulated other comprehensive income	243		—		37		280
Net current period other comprehensive (loss) gain	3,314		(2,754)		37		597
Balance at March 31, 2021	$	(672)	$	1,454	$	(1,216)	$	(434)
Other comprehensive income (loss) before reclassification	$	(1,149)	$	1,321	$	—	$	172
Amounts reclassified from accumulated other comprehensive income	254		—		37		291
Net current period other comprehensive (loss) gain	(895)		1,321		37		463
Balance at June 30, 2021	$	(1,567)	$	2,775	$	(1,179)	$	29
Other comprehensive income (loss) before reclassification	$	209	$	(1,053)	$	—	$	(844)
Amounts reclassified from accumulated other comprehensive income	265		—		38		303
Net current period other comprehensive (loss) gain	474		(1,053)		38		(541)
Balance at September 30, 2021	$	(1,093)	$	1,722	$	(1,141)	$	(512)


	Gains and Losses on Cash Flow Hedges		Unrealized Gains and Losses on Available-for-sale Securities		Defined Benefit Pension Items		Total
	(In thousands)
Balance at December 31, 2019	$	(360)	$	916	$	(1,073)	$	(517)
Other comprehensive income (loss) before reclassification	(4,031)		1,070		—		(2,961)
Amounts reclassified from accumulated other comprehensive income	(1)		—		31		30
Net current period other comprehensive (loss) gain	(4,032)		1,070		31		(2,931)
Balance at March 31, 2020	$	(4,392)	$	1,986	$	(1,042)	$	(3,448)
Other comprehensive income (loss) before reclassification	$	(743)	$	1,701	$	—	$	958
Amounts reclassified from accumulated other comprehensive income	69		—		(207)		(138)
Net current period other comprehensive (loss) gain	(674)		1,701		(207)		820
Balance at June 30, 2020	$	(5,066)	$	3,687	$	(1,249)	$	(2,628)
Other comprehensive income (loss) before reclassification	$	68	$	(7)	$	—	$	61
Amounts reclassified from accumulated other comprehensive income	228		—		35		263
Net current period other comprehensive (loss) gain	296		(7)		35		324
Balance at September 30, 2020	$	(4,770)	$	3,680	$	(1,214)	$	(2,304)

The following is significant amounts reclassified out of each component of accumulated other comprehensive income (loss):


Details about Accumulated Other Comprehensive Income Components	Three Months Ended September 30,				Affected Line Item in the Statement Where Net Income is Presented
	2021		2020
	(In thousands)

Gains and (losses) on cash flow hedges:
Interest rate contracts	$	(368)	$	(317)	Interest (expense) income

Amortization of benefit plan items:
Net actuarial loss	(52)		(49)		Compensation and employee benefits
Total tax effect	118		103		Income tax expense
Total reclassification for the period, net of tax	$	(302)	$	(263)


Details about Accumulated Other Comprehensive Income Components	Nine Months Ended September 30,				Affected Line Item in the Statement Where Net Income is Presented
	2021		2020
	(In thousands)

Gains and (losses) on cash flow hedges:
Interest rate contracts	$	(1,059)	$	(413)	Interest (expense) income

Amortization of benefit plan items:
Net actuarial loss	(155)		$	195	Compensation and employee benefits
Total tax effect	341		61		Income tax expense
Total reclassification for the period, net of tax	$	(873)	$	(157)