Accumulated Other Comprehensive Loss

6 Months Ended

Jun. 30, 2020

Accumulated Other Comprehensive Loss [Abstract]

Accumulated Other Comprehensive Loss

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Note 9 – 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, 2019, the three months ended March 31, 2020, and the three months ended June 30, 2020:

(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)
Other comprehensive ‎  income/(loss) before ‎  reclassifications		(244)		642		—		(81)		3,137		—		3,454
Amounts reclassified from ‎  accumulated other ‎  comprehensive loss		(37)		(34)		441		—		262		34		666
Balance - June 30, 2020	$	(4,048)	$	1,139	$	(405)	$	(1,129)	$	(21,933)	$	(1,107)	$	(27,483)

The following tables present the components of other comprehensive income/(loss) for the six and three month periods ended

June 30, 2020 and 2019:

Components of Other Comprehensive Loss ‎(in thousands)	Before ‎Tax ‎Amount		Tax ‎(Expense) ‎Benefit		Net
For the six months ended June 30, 2020
Available for sale (AFS) securities with OTTI:
Unrealized holding losses	$	(1,956)	$	524	$	(1,432)
Less: accretable yield recognized in income		101		(27)		74
Net unrealized losses on investments with OTTI		(2,057)		551		(1,506)
Available for sale securities – all other:
Unrealized holding gains		2,767		(741)		2,026
Less: gains recognized in income		47		(13)		34
Net unrealized gains on all other AFS securities		2,720		(728)		1,992
Held to maturity securities:
Unrealized holding gains		—		—		—
Less: gains recognized in income		60		(16)		44
Less: amortization recognized in income		(735)		197		(538)
Net unrealized gains on HTM securities		675		(181)		494
Cash flow hedges:
Unrealized holding losses		(1,425)		381		(1,044)
Pension Plan:
Unrealized net actuarial loss		(2,786)		746		(2,040)
Less: amortization of unrecognized loss		(716)		192		(524)
Net pension plan liability adjustment		(2,070)		554		(1,516)
SERP:
Unrealized net actuarial loss		—		—		—
Less: amortization of unrecognized loss		(94)		25		(69)
Less: amortization of prior service costs		1		—		1
Net SERP liability adjustment		93		(25)		68
Other comprehensive loss	$	(2,064)	$	552	$	(1,512)

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Components of Other Comprehensive Income ‎(in thousands)	Before ‎Tax ‎Amount		Tax ‎(Expense) ‎Benefit		Net
For the six months ended June 30, 2019
Available for sale (AFS) securities with OTTI:
Unrealized holding losses	$	(276)	$	75	$	(201)
Less: accretable yield recognized in income		99		(26)		73
Net unrealized losses on investments with OTTI		(375)		101		(274)
Available for sale securities – all other:
Unrealized holding gains		3,405		(923)		2,482
Net unrealized gains on all other AFS securities		3,405		(923)		2,482
Held to maturity securities:
Unrealized holding gains		—		—		—
Less: amortization recognized in income		(161)		43		(118)
Net unrealized gains on HTM securities		161		(43)		118
Cash flow hedges:
Unrealized holding losses		(1,098)		297		(801)
Pension Plan:
Unrealized net actuarial gain		3,353		(909)		2,444
Less: amortization of unrecognized loss		(538)		146		(392)
Net pension plan liability adjustment		3,891		(1,055)		2,836
SERP:
Unrealized net actuarial loss		—		—		—
Less: amortization of unrecognized loss		(58)		15		(43)
Less: amortization of prior service costs		1		—		1
Net SERP liability adjustment		57		(15)		42
Other comprehensive income	$	6,041	$	(1,638)	$	4,403

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Components of Other Comprehensive Income ‎(in thousands)	Before ‎Tax ‎Amount		Tax ‎(Expense) ‎Benefit		Net
For the three months ended June 30, 2020
Available for sale (AFS) securities with OTTI:
Unrealized holding losses	$	(333)	$	89	$	(244)
Less: accretable yield recognized in income		51		(14)		37
Net unrealized losses on investments with OTTI		(384)		103		(281)
Available for sale securities – all other:
Unrealized holding gains		877		(235)		642
Less: gains recognized in income		47		(13)		34
Net unrealized gains on all other AFS securities		830		(222)		608
Held to maturity securities:
Unrealized holding gains		—		—		—
Less: gains recognized in income		60		(16)		44
Less: amortization recognized in income		(662)		177		(485)
Net unrealized gains on HTM securities		602		(161)		441
Cash flow hedges:
Unrealized holding losses		(111)		30		(81)
Pension Plan:
Unrealized net actuarial gain		4,284		(1,147)		3,137
Less: amortization of unrecognized loss		(358)		96		(262)
Net pension plan liability adjustment		4,642		(1,243)		3,399
SERP:
Unrealized net actuarial loss		—		—		—
Less: amortization of unrecognized loss		(47)		13		(34)
Less: amortization of prior service costs		—		—		—
Net SERP liability adjustment		47		(13)		34
Other comprehensive income	$	5,626	$	(1,506)	$	4,120

Components of Other Comprehensive Income ‎(in thousands)	Before ‎Tax ‎Amount		Tax ‎(Expense) ‎Benefit		Net
For the three months ended June 30, 2019
Available for sale (AFS) securities with OTTI:
Unrealized holding losses	$	(216)	$	59	$	(157)
Less: accretable yield recognized in income		50		(13)		37
Net unrealized losses on investments with OTTI		(266)		72		(194)
Available for sale securities – all other:
Unrealized holding gains		2,169		(588)		1,581
Less: losses recognized in income		6		(2)		4
Net unrealized gains on all other AFS securities		2,163		(586)		1,577
Held to maturity securities:
Unrealized holding gains		—		—		—
Less: amortization recognized in income		(86)		23		(63)
Net unrealized gains on HTM securities		86		(23)		63
Cash flow hedges:
Unrealized holding losses		(666)		180		(486)
Pension Plan:
Unrealized net actuarial gain		701		(190)		511
Less: amortization of unrecognized loss		(269)		73		(196)
Net pension plan liability adjustment		970		(263)		707
SERP:
Less: amortization of unrecognized loss		(29)		8		(21)
Net SERP liability adjustment		29		(8)		21
Other comprehensive income	$	2,316	$	(628)	$	1,688

The following table presents the details of amounts reclassified from accumulated other comprehensive loss for the six and three month periods ended June 30, 2020 and 2019:

Amounts Reclassified from	Six Months Ended
Accumulated Other Comprehensive Loss	June 30,				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		101		99	Interest income on taxable investment securities
Taxes		(27)		(26)	Provision for income tax expense
	$	74	$	73	Net of tax
Net unrealized gains on available for sale investment securities - all others:
Gains on sales	$	47	$	—	Net gains
Taxes		(13)		—	Provision for income tax expense
	$	34	$	—	Net of tax
Net unrealized gains on held to maturity securities:
Amortization	$	(735)	$	(161)	Interest income on taxable investment securities
Gains on calls		60		—	Net gains
Taxes		181		43	Provision for income tax expense
	$	(494)	$	(118)	Net of tax
Net pension plan liability adjustment:
Amortization of unrecognized loss	$	(716)	$	(538)	Other Expense
Taxes		192		146	Provision for income tax expense
	$	(524)	$	(392)	Net of tax
Net SERP liability adjustment:
Amortization of unrecognized loss	$	(94)	$	(58)	Other Expense
Amortization of prior service costs		1		1	Salaries and employee benefits
Taxes		25		15	Provision for income tax expense
	$	(68)	$	(42)	Net of tax
Total reclassifications for the period	$	(978)	$	(479)	Net of tax

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Amounts Reclassified from	Three Months Ended
Accumulated Other Comprehensive Loss	June 30,				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	$	51	$	50	Interest income on taxable investment securities
Taxes		(14)		(13)	Provision for income tax expense
	$	37	$	37	Net of tax
Net unrealized gains on available for sale investment securities - all others:
Gains on sales	$	47	$	6	Net gains
Taxes		(13)		(2)	Provision for income tax expense
	$	34	$	4	Net of tax
Net unrealized gains on held to maturity securities:
Amortization	$	(662)	$	(86)	Interest income on taxable investment securities
Gains on calls		60		—	Net gains
Taxes		161		23	Provision for income tax expense
	$	(441)	$	(63)	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
Taxes		13		8	Provision for income tax expense
	$	(34)	$	(21)	Net of tax
Total reclassifications for the period	$	(666)	$	(239)	Net of tax