Accumulated Other Comprehensive Loss

3 Months Ended

Mar. 31, 2022

Accumulated Other Comprehensive Loss [Abstract]

Accumulated Other Comprehensive Loss

Note 7 – 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, 2021, and the three months ended March 31, 2022:

	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, 2021	$	(3,277)	$	(25)	$	(315)	$	(954)	$	(22,630)	$	(1,662)	$	(28,863)
Other comprehensive income/(loss) before reclassifications		2,475		(5,611)		—		635		3,431		(521)		409
Amounts reclassified from accumulated other comprehensive loss		(147)		(113)		181		—		1,091		128		1,140
Balance - December 31, 2021	$	(949)	$	(5,749)	$	(134)	$	(319)	$	(18,108)	$	(2,055)	$	(27,314)
Other comprehensive income/(loss) before reclassifications		103		(1,843)		(6,100)		614		(2,651)		—		(9,877)
Amounts reclassified from accumulated other comprehensive loss		(37)		(2)		69		—		204		50		284
Balance - March 31, 2022	$	(883)	$	(7,594)	$	(6,165)	$	295	$	(20,555)	$	(2,005)	$	(36,907)

The following tables present the components of other comprehensive income/(loss) for the three month periods ended March 31, 2022 and 2021:

	Before		Tax
Components of Other Comprehensive Loss	Tax		(Expense)
(in thousands)	Amount		Benefit		Net
For the three months ended March 31, 2022
Available for sale (AFS) securities with OTTI:
Unrealized holding gains	$	141	$	(38)	$	103
Less: accretable yield recognized in income		50		(13)		37
Net unrealized gains on investments with OTTI		91		(25)		66
Available for sale securities – all other:
Unrealized holding losses		(10,844)		2,901		(7,943)
Unrealized holding losses on securities transferred from available for sale to held to maturity		8,328		(2,228)		6,100
Less: gains recognized in income		3		(1)		2
Net unrealized losses on all other AFS securities		(2,519)		674		(1,845)
Held to maturity securities:
Unrealized holding losses on securities transferred to held to maturity		(8,328)		2,228		(6,100)
Less: amortization recognized in income		(94)		25		(69)
Net unrealized losses on HTM securities		(8,234)		2,203		(6,031)
Cash flow hedges:
Unrealized holding gains		839		(225)		614
Pension Plan:
Unrealized net actuarial loss		(3,620)		969		(2,651)
Less: amortization of unrecognized loss		(279)		75		(204)
Net pension plan liability adjustment		(3,341)		894		(2,447)
SERP:
Less: amortization of unrecognized loss		(68)		18		(50)
Less: amortization of prior service costs		—		—		—
Net SERP liability adjustment		68		(18)		50
Other comprehensive loss	$	(13,096)	$	3,503	$	(9,593)

	Before		Tax
Components of Other Comprehensive Loss	Tax		(Expense)
(in thousands)	Amount		Benefit		Net
For the three months ended March 31, 2021
Available for sale (AFS) securities with OTTI:
Unrealized holding gains	$	363	$	(97)	$	266
Less: accretable yield recognized in income		50		(13)		37
Net unrealized gains on investments with OTTI		313		(84)		229
Available for sale securities – all other:
Unrealized holding losses		(7,105)		1,903		(5,202)
Less: gains recognized in income		—		—		—
Net unrealized gains on all other AFS securities		(7,105)		1,903		(5,202)
Held to maturity securities:
Unrealized holding gains		—		—		—
Less: amortization recognized in income		(61)		16		(45)
Net unrealized gains on HTM securities		61		(16)		45
Cash flow hedges:
Unrealized holding gains		532		(127)		405
Pension Plan:
Unrealized net actuarial loss		(190)		51		(139)
Less: amortization of unrecognized loss		(372)		100		(272)
Net pension plan liability adjustment		182		(49)		133
SERP:
Less: amortization of unrecognized loss		(75)		19		(56)
Less: amortization of prior service costs		1		—		1
Net SERP liability adjustment		74		(19)		55
Other comprehensive loss	$	(5,943)	$	1,608	$	(4,335)

The following table presents the details of amounts reclassified from accumulated other comprehensive loss for the three month periods ended March 31, 2022 and 2021:

Amounts Reclassified from	Three Months Ended
Accumulated Other Comprehensive Loss	March 31,				Affected Line Item in the Statement
(in thousands)	2022		2021		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	$	3	$	—	Net gains
Taxes		(1)		—	Provision for income tax expense
	$	2	$	—	Net of tax
Net unrealized losses on held to maturity securities:
Amortization	$	(94)	$	(61)	Interest income on taxable investment securities
Taxes		25		16	Provision for income tax expense
	$	(69)	$	(45)	Net of tax
Net pension plan liability adjustment:
Amortization of unrecognized loss	$	(279)	$	(372)	Other Expense
Taxes		75		100	Provision for income tax expense
	$	(204)	$	(272)	Net of tax
Net SERP liability adjustment:
Amortization of unrecognized loss	$	(68)	$	(75)	Other Expense
Amortization of prior service costs		—		1	Salaries and employee benefits
Taxes		18		19	Provision for income tax expense
	$	(50)	$	(55)	Net of tax
Total reclassifications for the period	$	(284)	$	(335)	Net of tax