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Accumulated Other Comprehensive Loss (Tables)
 3 Months Ended
Mar. 31, 2020
Accumulated Other Comprehensive Loss [Abstract]  
Schedule of Accumulated Other Comprehensive Loss



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in thousands)

 

Investment
securities-
with OTTI
AFS

 

Investment
securities-
all other
AFS

 

Investment
securities-
HTM

 

Cash Flow
Hedge

 

Pension
Plan

 

SERP

 

Total

Accumulated OCL, net:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance – January 1, 2019

 

$

 (1,899)

 

$

 (3,601)

 

$

 (1,131)

 

$

 773 

 

$

 (18,017)

 

$

 (528)

 

$

 (24,403)

Other comprehensive
  income/(loss) before
  reclassifications

 

 

 (497)

 

 

 2,748 

 

 

 —

 

 

 (858)

 

 

 (3,189)

 

 

 (730)

 

 

 (2,526)

Amounts reclassified from
  accumulated other
  comprehensive loss

 

 

 (146)

 

 

 —

 

 

 232 

 

 

 —

 

 

 789 

 

 

 83 

 

 

 958 

Balance – December 31, 2019

 

$

 (2,542)

 

$

 (853)

 

$

 (899)

 

$

 (85)

 

$

 (20,417)

 

$

 (1,175)

 

$

 (25,971)

Other comprehensive
  income/(loss) before
  reclassifications

 

 

 (1,188)

 

 

 1,384 

 

 

 —

 

 

 (963)

 

 

 (5,177)

 

 

 —

 

 

 (5,944)

Amounts reclassified from
  accumulated other
  comprehensive loss

 

 

 (37)

 

 

 —

 

 

 53 

 

 

 —

 

 

 262 

 

 

 34 

 

 

 312 

Balance - March 31, 2020

 

$

 (3,767)

 

$

 531 

 

$

 (846)

 

$

 (1,048)

 

$

 (25,332)

 

$

 (1,141)

 

$

 (31,603)



Components of Comprehensive Income



 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

Components of Other Comprehensive Loss
(in thousands)

 

Before
Tax
Amount

 

Tax
(Expense)
Benefit

 

Net

For the three months ended March 31, 2020

 

 

 

 

 

 

 

 

 

Available for sale (AFS) securities with OTTI:

 

 

 

 

 

 

 

 

 

Unrealized holding losses

 

$

 (1,623)

 

$

 435 

 

$

 (1,188)

Less:  accretable yield recognized in income

 

 

 50 

 

 

 (13)

 

 

 37 

Net unrealized losses on investments with OTTI

 

 

 (1,673)

 

 

 448 

 

 

 (1,225)

Available for sale securities – all other:

 

 

 

 

 

 

 

 

 

Unrealized holding gains

 

 

 1,890 

 

 

 (506)

 

 

 1,384 

Less:  gains recognized in income

 

 

 —

 

 

 —

 

 

 —

Net unrealized gains on all other AFS securities

 

 

 1,890 

 

 

 (506)

 

 

 1,384 

Held to maturity securities:

 

 

 

 

 

 

 

 

 

Unrealized holding gains

 

 

 —

 

 

 —

 

 

 —

Less:  amortization recognized in income

 

 

 (72)

 

 

 19 

 

 

 (53)

Net unrealized gains on HTM securities

 

 

 72 

 

 

 (19)

 

 

 53 

Cash flow hedges:

 

 

 

 

 

 

 

 

 

Unrealized holding losses

 

 

 (1,315)

 

 

 352 

 

 

 (963)

Pension Plan:

 

 

 

 

 

 

 

 

 

Unrealized net actuarial loss

 

 

 (7,070)

 

 

 1,893 

 

 

 (5,177)

Less: amortization of unrecognized loss

 

 

 (358)

 

 

 96 

 

 

 (262)

Net pension plan liability adjustment

 

 

 (6,712)

 

 

 1,797 

 

 

 (4,915)

SERP:

 

 

 

 

 

 

 

 

 

Unrealized net actuarial loss

 

 

 —

 

 

 —

 

 

 —

Less: amortization of unrecognized loss

 

 

 (47)

 

 

 12 

 

 

 (35)

Less: amortization of prior service costs

 

 

 1 

 

 

 —

 

 

 1 

Net SERP liability adjustment

 

 

 46 

 

 

 (12)

 

 

 34 

Other comprehensive loss

 

$

 (7,692)

 

$

 2,060 

 

$

 (5,632)









 

 

 

 

 

 

 

 

 

Components of Other Comprehensive Income
(in thousands)

 

Before
Tax
Amount

 

Tax
(Expense)
Benefit

 

Net

For the three months ended March 31, 2019

 

 

 

 

 

 

 

 

 

Available for sale (AFS) securities with OTTI:

 

 

 

 

 

 

 

 

 

Unrealized holding losses

 

$

 (60)

 

$

 16 

 

$

 (44)

Less:  accretable yield recognized in income

 

 

 49 

 

 

 (13)

 

 

 36 

Net unrealized losses on investments with OTTI

 

 

 (109)

 

 

 29 

 

 

 (80)

Available for sale securities – all other:

 

 

 

 

 

 

 

 

 

Unrealized holding gains

 

 

 1,236 

 

 

 (335)

 

 

 901 

Less:  losses recognized in income

 

 

 (6)

 

 

 2 

 

 

 (4)

Net unrealized gains on all other AFS securities

 

 

 1,242 

 

 

 (337)

 

 

 905 

Held to maturity securities:

 

 

 

 

 

 

 

 

 

Unrealized holding gains

 

 

 —

 

 

 —

 

 

 —

Less:  amortization recognized in income

 

 

 (75)

 

 

 20 

 

 

 (55)

Net unrealized gains on HTM securities

 

 

 75 

 

 

 (20)

 

 

 55 

Cash flow hedges:

 

 

 

 

 

 

 

 

 

Unrealized holding losses

 

 

 (432)

 

 

 117 

 

 

 (315)

Pension Plan:

 

 

 

 

 

 

 

 

 

Unrealized net actuarial gain

 

 

 2,652 

 

 

 (719)

 

 

 1,933 

Less: amortization of unrecognized loss

 

 

 (269)

 

 

 73 

 

 

 (196)

Net pension plan liability adjustment

 

 

 2,921 

 

 

 (792)

 

 

 2,129 

SERP:

 

 

 

 

 

 

 

 

 

Less: amortization of unrecognized loss

 

 

 (29)

 

 

 7 

 

 

 (22)

Less: amortization of prior service costs

 

 

 1 

 

 

 —

 

 

 1 

Net SERP liability adjustment

 

 

 28 

 

 

 (7)

 

 

 21 

Other comprehensive income

 

$

 3,725 

 

$

 (1,010)

 

$

 2,715 



Reclassification out of Accumulated Other Comprehensive Income



 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Amounts Reclassified from

 

Three Months Ended

 

 

Accumulated Other Comprehensive Loss

 

March 31,

 

Affected Line Item in the Statement

(in thousands)

 

2020

 

2019

 

Where Net Income is Presented

Net unrealized losses on available for sale investment securities with OTTI:

 

 

 

 

 

 

 

 

Accretable yield

 

 

 50 

 

 

 49 

 

Interest income on taxable investment securities

Taxes

 

 

 (13)

 

 

 (13)

 

Provision for income tax expense



 

$

 37 

 

$

 36 

 

Net of tax

Net unrealized gains on available for sale investment securities - all others:

 

 

 

 

 

 

 

 

Losses on sales

 

$

 —

 

$

 (6)

 

Net gains

Taxes

 

 

 —

 

 

 2 

 

Provision for income tax expense



 

$

 —

 

$

 (4)

 

Net of tax

Net unrealized gains on held to maturity securities:

 

 

 

 

 

 

 

 

Amortization

 

$

 (72)

 

$

 (75)

 

Interest income on taxable investment securities

Taxes

 

 

 19 

 

 

 20 

 

Provision for income tax expense



 

$

 (53)

 

$

 (55)

 

Net of tax

Net pension plan liability adjustment:

 

 

 

 

 

 

 

 

Amortization of unrecognized loss

 

$

 (358)

 

$

 (269)

 

Other Expense

Taxes

 

 

 96 

 

 

 73 

 

Provision for income tax expense



 

$

 (262)

 

$

 (196)

 

Net of tax

Net SERP liability adjustment:

 

 

 

 

 

 

 

 

Amortization of unrecognized loss

 

$

 (47)

 

$

 (29)

 

Other Expense

Amortization of prior service costs

 

 

 1 

 

 

 1 

 

Salaries and employee benefits

Taxes

 

 

 12 

 

 

 7 

 

Provision for income tax expense



 

$

 (34)

 

$

 (21)

 

Net of tax

Total reclassifications for the period

 

$

 (312)

 

$

 (240)

 

Net of tax