Accumulated Other Comprehensive Income (Loss)

9 Months Ended

Sep. 30, 2020

Comprehensive Income Net Of Tax [Abstract]

Accumulated Other Comprehensive Income (Loss)

Note 8. Accumulated Other Comprehensive Income (Loss)

The following table presents the components of other comprehensive income (loss) for the three and nine months ended September 30, 2020, and September 30, 2019:

(dollars in thousands)	Before Tax			Tax Effect			Net of Tax
Three Months Ended September 30, 2020
Net Unrealized Gains (Losses) on Investment Securities:
Net Unrealized Gains (Losses) Arising During the Period	$	(6,771	)	$	(1,795	)	$	(4,976	)
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) that (Increase) Decrease Net Income:
Amortization of Unrealized Holding (Gains) Losses on Held-to- Maturity Securities ¹		104			28			76
Net Unrealized Gains (Losses) on Investment Securities		(6,667	)		(1,767	)		(4,900	)
Defined Benefit Plans:
Amortization of Net Actuarial Losses (Gains)		570			151			419
Amortization of Prior Service Credit		(61	)		(16	)		(45	)
Defined Benefit Plans, Net		509			135			374
Other Comprehensive Income (Loss)	$	(6,158	)	$	(1,632	)	$	(4,526	)
Three Months Ended September 30, 2019
Net Unrealized Gains (Losses) on Investment Securities:
Net Unrealized Gains (Losses) Arising During the Period	$	7,314		$	1,938		$	5,376
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) that (Increase) Decrease Net Income:
Amortization of Unrealized Holding (Gains) Losses on Held-to- Maturity Securities ¹		39			10			29
Net Unrealized Gains (Losses) on Investment Securities		7,353			1,948			5,405
Defined Benefit Plans:
Amortization of Net Actuarial Losses (Gains)		406			108			298
Amortization of Prior Service Credit		(72	)		(19	)		(53	)
Defined Benefit Plans, Net		334			89			245
Other Comprehensive Income (Loss)	$	7,687		$	2,037		$	5,650
Nine Months Ended September 30, 2020
Net Unrealized Gains (Losses) on Investment Securities:
Net Unrealized Gains (Losses) Arising During the Period	$	60,177		$	15,945		$	44,232
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) that (Increase) Decrease Net Income:
(Gain) Loss on Sale		(77	)		(21	)		(56	)
Amortization of Unrealized Holding (Gains) Losses on Held-to- Maturity Securities ¹		289			76			213
Net Unrealized Gains (Losses) on Investment Securities		60,389			16,000			44,389
Defined Benefit Plans:
Amortization of Net Actuarial Losses (Gains)		1,711			454			1,257
Amortization of Prior Service Credit		(184	)		(49	)		(135	)
Defined Benefit Plans, Net		1,527			405			1,122
Other Comprehensive Income (Loss)	$	61,916		$	16,405		$	45,511
Nine Months Ended September 30, 2019
Net Unrealized Gains (Losses) on Investment Securities:
Net Unrealized Gains (Losses) Arising During the Period	$	38,077		$	10,090		$	27,987
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) that (Increase) Decrease Net Income:
(Gain) Loss on Sale		(63	)		(17	)		(46	)
Amortization of Unrealized Holding (Gains) Losses on Held-to- Maturity Securities ¹		804			212			592
Net Unrealized Gains (Losses) on Investment Securities		38,818			10,285			28,533
Defined Benefit Plans:
Amortization of Net Actuarial Losses (Gains)		1,218			323			895
Amortization of Prior Service Credit		(216	)		(57	)		(159	)
Defined Benefit Plans, Net		1,002			266			736
Other Comprehensive Income (Loss)	$	39,820		$	10,551		$	29,269

^{The amount relates to the amortization/accretion of unrealized net gains and losses related to the Company’s reclassification of available-for-sale investment securities to the held-to-maturity category. The unrealized net gains/losses will be amortized/accreted over the remaining life of the investment securities as an adjustment of yield.}

The following table presents the changes in each component of accumulated other comprehensive income (loss), net of tax, for the three and nine months ended September 30, 2020, and September 30, 2019:

(dollars in thousands)	Investment Securities- Available- for-Sale			Investment Securities- Held-to-Maturity			Defined Benefit Plans			Accumulated Other Comprehensive Income (Loss)
Three Months Ended September 30, 2020
Balance at Beginning of Period	$	57,511		$	(578	)	$	(38,008	)	$	18,925
Other Comprehensive Income (Loss) Before Reclassifications		(4,976	)		—			—			(4,976	)
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)		—			76			374			450
Total Other Comprehensive Income (Loss)		(4,976	)		76			374			(4,526	)
Balance at End of Period	$	52,535		$	(502	)	$	(37,634	)	$	14,399
Three Months Ended September 30, 2019
Balance at Beginning of Period	$	8,859		$	(764	)	$	(35,519	)	$	(27,424	)
Other Comprehensive Income (Loss) Before Reclassifications		5,376			—			—			5,376
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)		—			29			245			274
Total Other Comprehensive Income (Loss)		5,376			29			245			5,650
Balance at End of Period	$	14,235		$	(735	)	$	(35,274	)	$	(21,774	)
Nine Months Ended September 30, 2020
Balance at Beginning of Period	$	8,359		$	(715	)	$	(38,756	)	$	(31,112	)
Other Comprehensive Income (Loss) Before Reclassifications		44,232			—			—			44,232
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)		(56	)		213			1,122			1,279
Total Other Comprehensive Income (Loss)		44,176			213			1,122			45,511
Balance at End of Period	$	52,535		$	(502	)	$	(37,634	)	$	14,399
Nine Months Ended September 30, 2019
Balance at Beginning of Period	$	(10,447	)	$	(4,586	)	$	(36,010	)	$	(51,043	)
Other Comprehensive Income (Loss) Before Reclassifications		27,987			—			—			27,987
Transfers		(3,259	)		3,259			—			—
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)		(46	)		592			736			1,282
Total Other Comprehensive Income (Loss)		24,682			3,851			736			29,269
Balance at End of Period	$	14,235		$	(735	)	$	(35,274	)	$	(21,774	)

The following table presents the amounts reclassified out of each component of accumulated other comprehensive income (loss) for the three and nine months ended September 30, 2020, and September 30, 2019:

Details about Accumulated Other Comprehensive Income (Loss) Components	Amount Reclassified from Accumulated Other Comprehensive Income (Loss)¹						Affected Line Item in the Statement Where Net Income Is Presented
	Three Months Ended September 30,
(dollars in thousands)	2020			2019
Amortization of Unrealized Holding Gains (Losses) on Investment Securities Held-to-Maturity	$	(103	)	$	(39	)	Interest Income
		27			10		Provision for Income Tax
		(76	)		(29	)	Net of Tax
Amortization of Defined Benefit Plan Items
Prior Service Credit ²		62			72
Net Actuarial Losses ²		(571	)		(406	)
		(509	)		(334	)	Total Before Tax
		135			89		Provision for Income Tax
		(374	)		(245	)	Net of Tax
Total Reclassifications for the Period	$	(450	)	$	(274	)	Net of Tax

Details about Accumulated Other Comprehensive Income (Loss) Components	Amount Reclassified from Accumulated Other Comprehensive Income (Loss)¹						Affected Line Item in the Statement Where Net Income Is Presented
	Nine Months Ended September 30,
(dollars in thousands)	2020			2019
Amortization of Unrealized Holding Gains (Losses) on Investment Securities Held-to-Maturity	$	(289	)	$	(804	)	Interest Income
		76			212		Provision for Income Tax
		(213	)		(592	)	Net of Tax
Sale of Investment Securities Available-for-Sale		77			63		Investment Securities Gains (Losses), Net
		(21	)		(17	)	Provision for Income Tax
		56			46		Net of tax
Amortization of Defined Benefit Plan Items
Prior Service Credit ²		185			216
Net Actuarial Losses ²		(1,712	)		(1,218	)
		(1,527	)		(1,002	)	Total Before Tax
		405			266		Provision for Income Tax
		(1,122	)		(736	)	Net of Tax
Total Reclassifications for the Period	$	(1,279	)	$	(1,282	)	Net of Tax

¹	^{Amounts in parentheses indicate reductions to net income.}

²	^{These accumulated other comprehensive income (loss) components are included in the computation of net periodic benefit cost and are included in Other Noninterest Expense on the consolidated statements of income (see Note 11 Pension Plans and Postretirement Benefit Plan for additional details).}