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Other Comprehensive Income
 12 Months Ended
Dec. 31, 2019
Equity [Abstract]  
Other Comprehensive Income
OTHER COMPREHENSIVE INCOME (Note 20)
The following table presents the tax effects allocated to each component of other comprehensive income (loss) for the years ended December 31, 2019, 2018 and 2017. Components of other comprehensive income (loss) include changes in net unrealized gains and losses on debt securities available for sale (including the non-credit portion of other-than-temporary impairment charges relating to certain securities during the period); unrealized gains and losses on derivatives used in cash flow hedging relationships; and the pension benefit adjustment for the unfunded portion of various employee, officer and director pension plans. 
 
2019
 
2018
 
2017
 
Before
Tax
 
Tax
Effect
 
After
Tax
 
Before
Tax
 
Tax
Effect
 
After
Tax
 
Before
Tax
 
Tax
Effect
 
After
Tax
 
(in thousands)
Unrealized gains and losses on available for sale (AFS) debt securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net gains (losses) arising during the period
$
54,723

 
$
(15,461
)
 
$
39,262

 
$
(32,123
)
 
$
9,191

 
$
(22,932
)
 
$
1,485

 
$
(635
)
 
$
850

Less reclassification adjustment for net losses (gains) included in net income (1)
150

 
(31
)
 
119

 
2,873

 
(636
)
 
2,237

 
(264
)
 
108

 
(156
)
Net change
54,873

 
(15,492
)
 
39,381

 
(29,250
)
 
8,555

 
(20,695
)
 
1,221

 
(527
)
 
694

Unrealized gains and losses on derivatives (cash flow hedges)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net (losses) gains arising during the period
(1,380
)
 
391

 
(989
)
 
2,651

 
(777
)
 
1,874

 
1,005

 
(429
)
 
576

Less reclassification adjustment for net losses included in net income (2)
1,808

 
(517
)
 
1,291

 
3,493

 
(999
)
 
2,494

 
8,579

 
(3,551
)
 
5,028

Net change
428

 
(126
)
 
302

 
6,144

 
(1,776
)
 
4,368

 
9,584

 
(3,980
)
 
5,604

Defined benefit pension plan
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net (losses) gains arising during the period
(2,385
)
 
(176
)
 
(2,561
)
 
(9,916
)
 
2,765

 
(7,151
)
 
(3,843
)
 
1,121

 
(2,722
)
Amortization of prior service (cost) credit(3)
(135
)
 
42

 
(93
)
 
212

 
(66
)
 
146

 
268

 
(77
)
 
191

Amortization of net loss (3)
264

 
(76
)
 
188

 
625

 
(178
)
 
447

 
381

 
(133
)
 
248

Net change
(2,256
)
 
(210
)
 
(2,466
)
 
(9,079
)
 
2,521

 
(6,558
)
 
(3,194
)
 
911

 
(2,283
)
Total other comprehensive income (loss)
$
53,045

 
$
(15,828
)
 
$
37,217

 
$
(32,185
)
 
$
9,300

 
$
(22,885
)
 
$
7,611

 
$
(3,596
)
 
$
4,015


 
(1)
Included in losses on securities transactions, net.
(2)
Included in interest expense.
(3)
Included in the computation of net periodic pension cost. See Note 13 for details.

The following table presents the after-tax changes in the balances of each component of accumulated other comprehensive loss for the years ended December 31, 2019, 2018 and 2017: 
 
Components of Accumulated Other Comprehensive Loss
 
Total
Accumulated
Other
Comprehensive
Loss
 
Unrealized Gains
and Losses on AFS Securities
 
Unrealized Gains
and Losses on
Derivatives
 
Defined
Benefit
Pension
Plan
 
 
(in thousands)
Balance-December 31, 2016
$
(10,736
)
 
$
(12,464
)
 
$
(18,893
)
 
$
(42,093
)
Reclassification due to the adoption of ASU No. 2018-02
(2,342
)
 
(1,478
)
 
(4,107
)
 
(7,927
)
Balance-January 1, 2017
(13,078
)
 
(13,942
)
 
(23,000
)
 
(50,020
)
Other comprehensive income (loss) before reclassifications
850

 
576

 
(2,722
)
 
(1,296
)
Amounts reclassified from other comprehensive income (loss)
(156
)
 
5,028

 
439

 
5,311

Other comprehensive income (loss), net
694

 
5,604

 
(2,283
)
 
4,015

Balance-December 31, 2017
(12,384
)
 
(8,338
)
 
(25,283
)
 
(46,005
)
Reclassification due to the adoption of ASU No. 2016-01
(480
)
 
—

 
—

 
(480
)
Reclassification due to the adoption of ASU No. 2017-12
—

 
(61
)
 
—

 
(61
)
Balance-January 1, 2018
(12,864
)
 
(8,399
)
 
(25,283
)
 
(46,546
)
Other comprehensive income (loss) before reclassifications
(22,932
)
 
1,874

 
(7,151
)
 
(28,209
)
Amounts reclassified from other comprehensive income (loss)
2,237

 
2,494

 
593

 
5,324

Other comprehensive income (loss), net
(20,695
)
 
4,368

 
(6,558
)
 
(22,885
)
Balance-December 31, 2018
(33,559
)
 
(4,031
)
 
(31,841
)
 
(69,431
)
Other comprehensive income (loss) before reclassifications
39,262

 
(989
)
 
(2,561
)
 
35,712

Amounts reclassified from other comprehensive income (loss)
119

 
1,291

 
95

 
1,505

Other comprehensive income (loss), net
39,381

 
302

 
(2,466
)
 
37,217

Balance-December 31, 2019
$
5,822

 
$
(3,729
)
 
$
(34,307
)
 
$
(32,214
)