Accumulated Other Comprehensive Income (Loss)

3 Months Ended

Mar. 31, 2021

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Accumulated Other Comprehensive Income (Loss)

Accumulated Other Comprehensive Income (Loss)

The changes in accumulated other comprehensive income (loss) by component are as follows (in thousands):

	Three Months Ended March 31, 2021
					Pension Plans
	Unrealized Gains (Losses) on Securities		Unrealized Gains (Losses) on Derivatives		Net Prior Service (Cost) Credit		Net Gain (Loss)		Total
Beginning balance, net of tax	$	116,078	$	(17,091)	$	149	$	(30,056)	$	69,080
Other comprehensive income (loss):
Other comprehensive (loss) income before reclassifications	(48,979)		11,023		—		—		(37,956)
Reclassification adjustments included in net income	(1,587)		1,568		—		641		622
Income tax benefit (expense)	10,619		(2,644)		—		(135)		7,840
Net current-period other comprehensive (loss) income, net of tax	(39,947)		9,947		—		506		(29,494)
Ending balance, net of tax	$	76,131	$	(7,144)	$	149	$	(29,550)	$	39,586

	Three Months Ended March 31, 2020
					Pension Plans
	Unrealized Gains (Losses) on Securities		Unrealized Gains (Losses) on Derivatives		Net Prior  Service  (Cost)  Credit		Net Gain (Loss)		Total
Beginning balance, net of tax	$	38,038	$	(1,672)	$	(145)	$	(31,985)	$	4,236
Other comprehensive income (loss):
Other comprehensive income (loss) before reclassifications	61,486		(19,600)		—		—		41,886
Reclassification adjustments included in net income	(5,420)		(101)		(1)		728		(4,794)
Income tax (expense) benefit	(11,774)		4,137		—		(152)		(7,789)
Net current-period other comprehensive income (loss), net of tax	44,292		(15,564)		(1)		576		29,303
Ending balance, net of tax	$	82,330	$	(17,236)	$	(146)	$	(31,409)	$	33,539

The reclassification adjustments out of accumulated other comprehensive income (loss) included in net income are presented below (in thousands):

	Three Months Ended March 31,
	2021		2020
Unrealized gains and losses on securities transferred:
Amortization of unrealized gains and losses (1)	$	(416)	$	(121)
Tax benefit	87		25
Net of tax	(329)		(96)
Unrealized gains and losses on available for sale securities:
Realized net gain on sale of securities (2)	2,003		5,541
Tax expense	(420)		(1,164)
Net of tax	1,583		4,377
Derivatives:
Realized net (loss) gain on interest rate swap derivatives (3)	(1,568)		93
Tax benefit (expense)	329		(19)
Net of tax	(1,239)		74
Amortization of unrealized gains on terminated interest rate swap derivatives (3)	—		8
Tax expense	—		(1)
Net of tax	—		7
Amortization of pension plan:
Net actuarial loss (4)	(641)		(728)
Prior service credit (4)	—		1
Total before tax	(641)		(727)
Tax benefit	135		152
Net of tax	(506)		(575)
Total reclassifications for the period, net of tax	$	(491)	$	3,787

(1)    Included in interest income on the consolidated statements of income.

(2)    Listed as net gain on sale of securities AFS on the consolidated statements of income.

(3)    Included in interest expense for FHLB borrowings on the consolidated statements of income.

(4)    These AOCI components are included in the computation of net periodic pension cost (income) presented in “Note 8 – Employee Benefit Plans.”