Annual report pursuant to Section 13 and 15(d)

OTHER COMPREHENSIVE INCOME (LOSS)

v3.20.4
OTHER COMPREHENSIVE INCOME (LOSS)
 12 Months Ended
Dec. 31, 2020
Equity [Abstract]  
OTHER COMPREHENSIVE INCOME (LOSS)
Note 18
OTHER COMPREHENSIVE INCOME (LOSS)
 
 
FASB Topic
 
ASC 220, “Comprehensive Income” requires that certain
 
transactions and other economic events that bypass the
income statement be displayed as other comprehensive
 
income.
 
Total comprehensive
 
income is reported in the consolidated
statements of comprehensive income and changes in shareowners
 
’
 
equity.
 
 
The following table summarizes the tax effects
 
for each component of other comprehensive income (loss) and includes
separately the reclassification adjustment for investment
 
securities and benefit plans:
Before
Tax
Net of
Tax
(Expense)
Tax
(Dollars in Thousands)
Amount
Benefit
Amount
2020
Investment Securities:
Change in net unrealized gain (loss) on securities available
 
for sale
$
2,437
$
(628)
$
1,809
Amortization of losses on securities transferred from available
 
for sale to
held to maturity
36
(9)
27
Total Investment
 
Securities
2,473
(637)
1,836
Derivative:
Change in net unrealized gain (loss) on effective
 
cash flow hedge
$
574
$
(146)
$
428
Benefit Plans:
Reclassification adjustment for amortization of prior service
 
cost
(880)
223
(657)
Reclassification adjustment for amortization of net loss
4,391
(1,113)
3,278
Current year actuarial loss
(27,924)
7,078
(20,846)
Total Benefit Plans
(24,413)
6,188
(18,225)
Total Other Comprehensive
 
Loss
$
(21,366)
$
5,405
$
(15,961)
2019
Investment Securities:
Change in net unrealized gain (loss) on securities available
 
for sale
$
3,790
$
(950)
$
2,840
Amortization of losses on securities transferred from available
 
for sale to
held to maturity
43
(11)
32
Total Investment
 
Securities
3,833
(961)
2,872
Benefit Plans:
Reclassification adjustment for amortization of prior service
 
cost
15
(4)
11
Reclassification adjustment for amortization of net loss
4,623
(1,170)
3,453
Current year actuarial loss
(7,642)
1,940
(5,702)
Total Benefit Plans
(3,004)
766
(2,238)
Total Other Comprehensive
 
Income
$
829
$
(195)
$
634
2018
Investment Securities:
Change in net unrealized gain (loss) on securities available
 
for sale
$
(409)
$
103
$
(306)
Amortization of losses on securities transferred from available
 
for sale to
held to maturity
55
(14)
41
Total Investment
 
Securities
(354)
89
(265)
Benefit Plans:
Reclassification adjustment for amortization of prior service
 
cost
199
(50)
149
Reclassification adjustment for amortization of net loss
5,299
(1,346)
3,953
Current year actuarial loss
(815)
207
(608)
Total Benefit Plans
4,683
(1,189)
3,494
Total Other Comprehensive
 
Income
$
4,329
$
(1,100)
$
3,229
Accumulated other comprehensive loss was comprised of
 
the following components:
Accumulated
Securities
Other
Available
Interest Rate
Retirement
Comprehensive
 
(Dollars in Thousands)
for Sale
Swap
Plans
Loss
Balance as of January 1, 2020
$
864
$
-
$
(29,045)
$
(28,181)
Other comprehensive income (loss) during the period
1,836
428
(18,225)
(15,961)
Balance as of December 31, 2020
$
2,700
$
428
$
(47,270)
$
(44,142)
Balance as of January 1, 2019
$
(2,008)
$
-
$
(26,807)
$
(28,815)
Other comprehensive income (loss) during the period
2,872
-
(2,238)
634
Balance as of December 31, 2019
$
864
$
-
$
(29,045)
$
(28,181)
Balance as of January 1, 2018
$
(1,743)
$
-
$
(30,301)
$
(32,044)
Other comprehensive (loss) income during the period
(265)
-
3,494
3,229
Balance as of December 31, 2018
$
(2,008)
$
-
$
(26,807)
$
(28,815)