Accumulated Other Comprehensive Income (Loss)

3 Months Ended

Mar. 31, 2020

Accumulated Other Comprehensive Income (Loss).

Accumulated Other Comprehensive Income (Loss)

10. Accumulated Other Comprehensive Income (Loss)

Accumulated other comprehensive income (loss) is defined as the revenues, expenses, gains and losses that are included in comprehensive income but excluded from net income. The Company’s significant items of accumulated other comprehensive loss are pension and other benefits and  net unrealized gains or losses on investment securities.

Changes in accumulated other comprehensive income (loss) for the three months ended March 31, 2020 and 2019 are presented below:

			Income
			Tax
	Pre-tax		Benefit		Net of
(dollars in thousands)	Amount		(Expense)		Tax
Accumulated other comprehensive loss at December 31, 2019	$	(43,450)	$	11,701	$	(31,749)
Three months ended March 31, 2020
Change in Company tax rate		—		(96)		(96)
Net change in pension and other benefits		—		(96)		(96)
Investment securities:
Unrealized net gains arising during the period		49,164		(13,128)		36,036
Reclassification of net gains to net income:
Investment securities gains, net		(85)		23		(62)
Net change in investment securities		49,079		(13,105)		35,974
Other comprehensive income		49,079		(13,201)		35,878
Accumulated other comprehensive income at March 31, 2020	$	5,629	$	(1,500)	$	4,129

			Income
			Tax
	Pre-tax		Benefit		Net of
(dollars in thousands)	Amount		(Expense)		Tax
Accumulated other comprehensive loss at December 31, 2018	$	(180,915)	$	48,720	$	(132,195)
Three months ended March 31, 2019
Investment securities:
Unrealized net gains arising during the period		70,523		(18,991)		51,532
Reclassification of net losses to net income:
Investment securities losses, net		2,613		(704)		1,909
Net change in investment securities		73,136		(19,695)		53,441
Other comprehensive income		73,136		(19,695)		53,441
Accumulated other comprehensive loss at March 31, 2019	$	(107,779)	$	29,025	$	(78,754)

The following table summarizes changes in accumulated other comprehensive income (loss), net of tax, for the periods indicated:

	Pensions				Accumulated
	and				Other
	Other		Investment		Comprehensive
(dollars in thousands)	Benefits		Securities		Income (Loss)
Three Months Ended March 31, 2020
Balance at beginning of period	$	(28,082)	$	(3,667)	$	(31,749)
Other comprehensive income		(96)		35,974		35,878
Balance at end of period	$	(28,178)	$	32,307	$	4,129
Three Months Ended March 31, 2019
Balance at beginning of period	$	(28,379)	$	(103,816)	$	(132,195)
Other comprehensive income		—		53,441		53,441
Balance at end of period	$	(28,379)	$	(50,375)	$	(78,754)