Accumulated Other Comprehensive Income (Loss)

6 Months Ended

Jun. 30, 2021

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


	Three Months Ended June 30, 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	$	76,131	$	(7,144)		$	149	$	(29,550)	$	39,586
Other comprehensive income (loss):
Other comprehensive income (loss) before reclassifications	33,166		(3,104)			—		—		30,062
Reclassification adjustments included in net income	375		1,599			—		(9)		1,965
Income tax (expense) benefit	(7,044)		315			—		3		(6,726)
Net current-period other comprehensive income (loss), net of tax	26,497		(1,190)			—		(6)		25,301
Ending balance, net of tax	$	102,628	$	(8,334)		$	149	$	(29,556)	$	64,887

	Six Months Ended June 30, 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	(15,813)		7,919			—		—		(7,894)
Reclassification adjustments included in net income	(1,212)		3,167			—		632		2,587

Income tax benefit (expense)	3,575		(2,329)			—		(132)		1,114
Net current-period other comprehensive (loss) income, net of tax	(13,450)		8,757			—		500		(4,193)

Ending balance, net of tax	$	102,628	$	(8,334)		$	149	$	(29,556)	$	64,887


	Three Months Ended June 30, 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	$	82,330	$	(17,236)		$	(146)	$	(31,409)	$	33,539
Other comprehensive income (loss):
Other comprehensive income (loss) before reclassifications	25,813		(5,439)			163		(7,558)		12,979
Reclassification adjustments included in net income	(2,447)		797			(3)		664		(989)
Income tax (expense) benefit	(4,906)		974			(34)		1,448		(2,518)
Net current-period other comprehensive income (loss), net of tax	18,460		(3,668)			126		(5,446)		9,472
Ending balance, net of tax	$	100,790	$	(20,904)		$	(20)	$	(36,855)	$	43,011

	Six Months Ended June 30, 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	87,299		(25,039)			163		(7,558)		54,865
Reclassification adjustments included in net income	(7,867)		696			(4)		1,392		(5,783)
Income tax (expense) benefit	(16,680)		5,111			(34)		1,296		(10,307)
Net current-period other comprehensive income (loss), net of tax	62,752		(19,232)			125		(4,870)		38,775
Ending balance, net of tax	$	100,790	$	(20,904)		$	(20)	$	(36,855)	$	43,011

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020






Unrealized gains and losses on securities transferred:
Amortization of unrealized gains and losses (1)	$	(390)	$	(215)	$	(806)	$	(336)
Tax benefit	82		46		169		71
Net of tax	(308)		(169)		(637)		(265)

Unrealized gains and losses on available for sale securities:
Realized net gain on sale of securities (2)	15		2,662		2,018		8,203


Tax expense	(4)		(559)		(424)		(1,723)
Net of tax	11		2,103		1,594		6,480

Derivatives:
Realized net loss on interest rate swap derivatives (3)	(1,599)		(803)		(3,167)		(710)
Tax benefit	336		168		665		149
Net of tax	(1,263)		(635)		(2,502)		(561)

Amortization of unrealized gains on terminated interest rate swap derivatives (3)	—		6		—		14
Tax expense	—		(2)		—		(3)
Net of tax	—		4		—		11

Amortization of pension plan:
Net actuarial gain (loss) (4)	9		(664)		(632)		(1,392)
Prior service credit (4)	—		3		—		4
Total before tax	9		(661)		(632)		(1,388)
Tax (expense) benefit	(3)		139		132		291
Net of tax	6		(522)		(500)		(1,097)
Total reclassifications for the period, net of tax	$	(1,554)	$	781	$	(2,045)	$	4,568

(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.”