Accumulated Other Comprehensive Loss

9 Months Ended

Sep. 30, 2021

Accumulated Other Comprehensive Loss [Abstract]

Accumulated Other Comprehensive Loss

Note 8 – Accumulated Other Comprehensive Loss

The following table presents the changes in each component of accumulated other comprehensive loss for the 12 months ended December 31, 2020, the three months ended March 31, 2021, the three months ended June 30, 2021, and the three months ended September 30, 2021:

	Investment		Investment
	securities-		securities-		Investment
	with OTTI		all other		securities-		Cash Flow		Pension
(in thousands)	AFS		AFS		HTM		Hedge		Plan		SERP		Total
Accumulated OCL, net:
Balance - January 1, 2020	$	(2,542)	$	(853)	$	(899)	$	(85)	$	(20,417)	$	(1,175)	$	(25,971)
Other comprehensive income/(loss) before reclassifications		(587)		1,291		—		(869)		(3,262)		(625)		(4,052)
Amounts reclassified from accumulated other comprehensive loss		(148)		(463)		584		—		1,049		138		1,160
Balance - December 31, 2020	$	(3,277)	$	(25)	$	(315)	$	(954)	$	(22,630)	$	(1,662)	$	(28,863)
Other comprehensive income/(loss) before reclassifications		266		(5,202)		—		405		(139)		—		(4,670)
Amounts reclassified from accumulated other comprehensive loss		(37)		—		45		—		272		55		335
Balance - March 31, 2021	$	(3,048)	$	(5,227)	$	(270)	$	(549)	$	(22,497)	$	(1,607)	$	(33,198)
Other comprehensive income/(loss) before reclassifications		1,581		2,034		—		(34)		938		—		4,519
Amounts reclassified from accumulated other comprehensive loss		(37)		(113)		34		—		272		55		211
Balance - June 30, 2021	$	(1,504)	$	(3,306)	$	(236)	$	(583)	$	(21,287)	$	(1,552)	$	(28,468)
Other comprehensive   income/(loss) before   reclassifications		550		(518)		—		79		(697)		—		(586)
Amounts reclassified from   accumulated other   comprehensive loss		(37)		—		31		—		273		55		322
Balance - September 30, 2021	$	(991)	$	(3,824)	$	(205)	$	(504)	$	(21,711)	$	(1,497)	$	(28,732)

The following tables present the components of other comprehensive income/(loss) for the nine and three month periods ended September 30, 2021 and 2020:

	Before		Tax
Components of Other Comprehensive Income	Tax		(Expense)
(in thousands)	Amount		Benefit		Net
For the nine months ended September 30, 2021
Available for sale (AFS) securities with OTTI:
Unrealized holding gains	$	3,274	$	(877)	$	2,397
Less: accretable yield recognized in income		151		(40)		111
Net unrealized gains on investments with OTTI		3,123		(837)		2,286
Available for sale securities – all other:
Unrealized holding losses		(5,035)		1,349		(3,686)
Less: gains recognized in income		154		(41)		113
Net unrealized losses on all other AFS securities		(5,189)		1,390		(3,799)
Held to maturity securities:
Unrealized holding gains		—		—		—
Less: losses recognized in income		(54)		14		(40)
Less: amortization recognized in income		(96)		26		(70)
Net unrealized gains on HTM securities		150		(40)		110
Cash flow hedges:
Unrealized holding gains		615		(165)		450
Pension Plan:
Unrealized net actuarial gain		139		(37)		102
Less: amortization of unrecognized loss		(1,116)		299		(817)
Net pension plan liability adjustment		1,255		(336)		919
SERP:
Unrealized net actuarial loss		—		—		—
Less: amortization of unrecognized loss		(226)		60		(166)
Less: amortization of prior service costs		1		—		1
Net SERP liability adjustment		225		(60)		165
Other comprehensive income	$	179	$	(48)	$	131

	Before		Tax
Components of Other Comprehensive Income	Tax		(Expense)
(in thousands)	Amount		Benefit		Net
For the nine months ended September 30, 2020
Available for sale (AFS) securities with OTTI:
Unrealized holding losses	$	(1,249)	$	335	$	(914)
Less: accretable yield recognized in income		151		(40)		111
Net unrealized losses on investments with OTTI		(1,400)		375		(1,025)
Available for sale securities – all other:
Unrealized holding gains		2,446		(655)		1,791
Less: gains recognized in income		622		(167)		455
Net unrealized gains on all other AFS securities		1,824		(488)		1,336
Held to maturity securities:
Unrealized holding gains		—		—		—
Less: gains recognized in income		60		(16)		44
Less: amortization recognized in income		(809)		217		(592)
Net unrealized gains on HTM securities		749		(201)		548
Cash flow hedges:
Unrealized holding losses		(1,335)		363		(972)
Pension Plan:
Unrealized net actuarial loss		(895)		240		(655)
Less: amortization of unrecognized loss		(1,074)		288		(786)
Net pension plan liability adjustment		179		(48)		131
SERP:
Unrealized net actuarial loss		—		—		—
Less: amortization of unrecognized loss		(141)		38		(103)
Less: amortization of prior service costs		2		(1)		1
Net SERP liability adjustment		139		(37)		102
Other comprehensive income	$	156	$	(36)	$	120

Components of Other Comprehensive Loss (in thousands)	Before Tax Amount		Tax (Expense) Benefit		Net
For the three months ended September 30, 2021
Available for sale (AFS) securities with OTTI:
Unrealized holding gains	$	751	$	(201)	$	550
Less: accretable yield recognized in income		50		(13)		37
Net unrealized gains on investments with OTTI		701		(188)		513
Available for sale securities – all other:
Unrealized holding losses		(708)		190		(518)
Less: gains recognized in income		—		—		—
Net unrealized gains on all other AFS securities		(708)		190		(518)
Held to maturity securities:
Unrealized holding gains		—		—		—
Less: losses recognized in income		(54)		14		(40)
Less: amortization recognized in income		12		(3)		9
Net unrealized gains on HTM securities		42		(11)		31
Cash flow hedges:
Unrealized holding gains		108		(29)		79
Pension Plan:
Unrealized net actuarial loss		(951)		254		(697)
Less: amortization of unrecognized loss		(372)		99		(273)
Net pension plan liability adjustment		(579)		155		(424)
SERP:
Less: amortization of unrecognized loss		(76)		20		(56)
Less: amortization of prior service costs		1		—		1
Net SERP liability adjustment		75		(20)		55
Other comprehensive loss	$	(361)	$	97	$	(264)

Components of Other Comprehensive Income (in thousands)	Before Tax Amount		Tax (Expense) Benefit		Net
For the three months ended September 30, 2020
Available for sale (AFS) securities with OTTI:
Unrealized holding gains	$	708	$	(190)	$	518
Less: accretable yield recognized in income		50		(13)		37
Net unrealized losses on investments with OTTI		658		(177)		481
Available for sale securities – all other:
Unrealized holding losses		(321)		86		(235)
Less: gains recognized in income		575		(154)		421
Net unrealized gains on all other AFS securities		(896)		240		(656)
Held to maturity securities:
Less: amortization recognized in income		(74)		20		(54)
Net unrealized gains on HTM securities		74		(20)		54
Cash flow hedges:
Unrealized holding gains		90		(18)		72
Pension Plan:
Unrealized net actuarial gain		1,891		(506)		1,385
Less: amortization of unrecognized loss		(358)		96		(262)
Net pension plan liability adjustment		2,249		(602)		1,647
SERP:
Less: amortization of unrecognized loss		(47)		13		(34)
Less: amortization of prior service costs		1		(1)		—
Net SERP liability adjustment		46		(12)		34
Other comprehensive income	$	2,221	$	(589)	$	1,632

The following table presents the details of amounts reclassified from accumulated other comprehensive loss for the nine and three month periods ended September 30, 2021 and 2020:

Amounts Reclassified from	Nine Months Ended
Accumulated Other Comprehensive Loss	September 30,				Affected Line Item in the Statement
(in thousands)	2021		2020		Where Net Income is Presented
Net unrealized gains on available for sale investment securities with OTTI:
Accretable yield	$	151	$	151	Interest income on taxable investment securities
Taxes		(40)		(40)	Provision for income tax expense
	$	111	$	111	Net of tax
Net unrealized gains on available for sale investment securities - all others:
Gains recognized	$	154	$	622	Net gains
Taxes		(41)		(167)	Provision for income tax expense
	$	113	$	455	Net of tax
Net unrealized losses on held to maturity securities:
Amortization	$	(96)	$	(809)	Interest income on taxable investment securities
(Losses)/gains recognized		(54)		60	Net gains
Taxes		40		201	Provision for income tax expense
	$	(110)	$	(548)	Net of tax
Net pension plan liability adjustment:
Amortization of unrecognized loss	$	(1,116)	$	(1,074)	Other Expense
Taxes		299		288	Provision for income tax expense
	$	(817)	$	(786)	Net of tax
Net SERP liability adjustment:
Amortization of unrecognized loss	$	(226)	$	(141)	Other Expense
Amortization of prior service costs		1		2	Salaries and employee benefits
Taxes		60		37	Provision for income tax expense
	$	(165)	$	(102)	Net of tax
Total reclassifications for the period	$	(868)	$	(870)	Net of tax

Amounts Reclassified from	Three Months Ended
Accumulated Other Comprehensive Loss	September 30,				Affected Line Item in the Statement
(in thousands)	2021		2020		Where Net Income is Presented
Net unrealized gains on available for sale investment securities with OTTI:
Accretable Yield	$	50	$	50	Interest income on taxable investment securities
Taxes		(13)		(13)	Provision for income tax expense
	$	37	$	37	Net of tax
Net unrealized gains on available for sale investment securities - all others:
Gains recognized	$	—	$	575	Net gains
Taxes		—		(154)	Provision for income tax expense
	$	—	$	421	Net of tax
Net unrealized losses on held to maturity securities:
Amortization	$	12	$	(74)	Interest income on taxable investment securities
Losses recognized		(54)		—	Net gains
Taxes		11		20	Provision for income tax expense
	$	(31)	$	(54)	Net of tax
Net pension plan liability adjustment:
Amortization of unrecognized loss	$	(372)	$	(358)	Other expense
Amortization of prior service costs		—		—	Salaries and employee benefits
Taxes		99		96	Provision for income tax expense
	$	(273)	$	(262)	Net of tax
Net SERP liability adjustment:
Amortization of unrecognized loss	$	(76)	$	(47)	Other expense
Amortization of prior service costs		1		1	Salaries and employee benefits
Taxes		20		12	Provision for income tax expense
	$	(55)	$	(34)	Net of tax
Total reclassifications for the period	$	(322)	$	108	Net of tax