Other Comprehensive Income

9 Months Ended

Sep. 30, 2020

Equity [Abstract]

Other Comprehensive Income

Other Comprehensive Income

(In Thousands)

Changes in the components of other comprehensive income, net of tax, were as follows for the periods presented:

	Pre-Tax		Tax Expense (Benefit)		Net of Tax
Three months ended September 30, 2020
Securities available for sale:
Unrealized holding gains on securities	$	519	$	131	$	388
Total securities available for sale	519		131		388
Derivative instruments:
Unrealized holding gains on derivative instruments	1,576		401		1,175
Total derivative instruments	1,576		401		1,175
Defined benefit pension and post-retirement benefit plans:
Amortization of net actuarial loss recognized in net periodic pension cost	65		17		48
Total defined benefit pension and post-retirement benefit plans	65		17		48
Total other comprehensive income	$	2,160	$	549	$	1,611
Three months ended September 30, 2019
Securities available for sale:
Unrealized holding losses on securities	$	(84)	$	(22)	$	(62)
Reclassification adjustment for losses realized in net income	2,516		640		1,876
Total securities available for sale	2,432		618		1,814
Derivative instruments:
Unrealized holding losses on derivative instruments	(949)		(241)		(708)
Total derivative instruments	(949)		(241)		(708)
Defined benefit pension and post-retirement benefit plans:
Amortization of net actuarial loss recognized in net periodic pension cost	104		26		78
Total defined benefit pension and post-retirement benefit plans	104		26		78
Total other comprehensive income	$	1,587	$	403	$	1,184

	Pre-Tax		Tax Expense (Benefit)		Net of Tax
Nine months ended September 30, 2020
Securities available for sale:
Unrealized holding gains on securities	$	26,404	$	6,719	$	19,685
Reclassification adjustment for gains realized in net income	(31)		(8)		(23)
Total securities available for sale	26,373		6,711		19,662
Derivative instruments:
Unrealized holding losses on derivative instruments	(3,516)		(895)		(2,621)
Total derivative instruments	(3,516)		(895)		(2,621)
Defined benefit pension and post-retirement benefit plans:
Amortization of net actuarial loss recognized in net periodic pension cost	195		50		145
Total defined benefit pension and post-retirement benefit plans	195		50		145
Total other comprehensive income	$	23,052	$	5,866	$	17,186
Nine months ended September 30, 2019
Securities available for sale:
Unrealized holding gains on securities	$	27,695	$	7,047	$	20,648
Reclassification adjustment for losses realized in net income	2,511		639		1,872
Total securities available for sale	30,206		7,686		22,520
Derivative instruments:
Unrealized holding losses on derivative instruments	(4,244)		(1,080)		(3,164)
Total derivative instruments	(4,244)		(1,080)		(3,164)
Defined benefit pension and post-retirement benefit plans:
Amortization of net actuarial loss recognized in net periodic pension cost	314		80		234
Total defined benefit pension and post-retirement benefit plans	314		80		234
Total other comprehensive income	$	26,276	$	6,686	$	19,590

The accumulated balances for each component of other comprehensive income, net of tax, were as follows as of the dates presented:

	September 30, 2020		December 31, 2019
Unrealized gains on securities	$	41,225	$	21,563
Non-credit related portion of previously recorded other-than-temporary impairment on securities	(11,319)		(11,319)
Unrealized losses on derivative instruments	(5,468)		(2,847)
Unrecognized losses on defined benefit pension and post-retirement benefit plans obligations	(6,488)		(6,633)
Total accumulated other comprehensive income	$	17,950	$	764