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Other Comprehensive Income (Loss) | 6 Months Ended
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Jun. 30, 2024
Equity [Abstract] |
Other Comprehensive Income (Loss) | Other Comprehensive Income (Loss) The following table presents the components of other comprehensive income (loss), both gross and net of tax, for the three and six months ended June 30, 2024 and 2023 (in thousands):
|  | Three months ended June 30,
|  | 2024 |  | 2023
|  | Before Tax |  | Tax Effect |  | After Tax |  | Before Tax |  | Tax Effect |  | After Tax
Components of Other Comprehensive Income: |  |  |  |  |  |  |  |  |  |  |  |
Unrealized gains and losses on available for sale debt securities: |  |  |  |  |  |  |  |  |  |  |  |
Net unrealized gains (losses) arising during the period |  | $ | 16,718 |  |  | (5,157) |  |  | 11,561 |  |  | (20,178) |  |  | 5,452 |  |  | (14,726) |
Reclassification adjustment for losses included in net income |  | 2,973 |  |  | (917) |  |  | 2,056 |  |  | — |  |  | — |  |  | — |
Total |  | 19,691 |  |  | (6,074) |  |  | 13,617 |  |  | (20,178) |  |  | 5,452 |  |  | (14,726) |
Unrealized gains and losses on derivatives (cash flow hedges): |  |  |  |  |  |  |  |  |  |  |  |
Net unrealized gains arising during the period |  | 1,361 |  |  | (420) |  |  | 941 |  | 5,002 |  |  | (1,352) |  |  | 3,650 |
Reclassification adjustment for (gains) included in net income |  | (3,734) |  |  | 1,152 |  |  | (2,582) |  |  | (4,124) |  |  | 1,114 |  |  | (3,010) |
Total |  | (2,373) |  |  | 732 |  |  | (1,641) |  |  | 878 |  |  | (238) |  |  | 640 |
Amortization related to post-retirement obligations |  | (514) |  |  | 159 |  |  | (355) |  |  | (358) |  |  | 97 |  |  | (261) |
Total other comprehensive income (loss) |  | $ | 16,804 |  |  | (5,183) |  |  | 11,621 |  |  | (19,658) |  |  | 5,311 |  |  | (14,347) |
|  | Six months ended June 30,
|  | 2024 |  | 2023
|  | Before Tax |  | Tax Effect |  | After Tax |  | Before Tax |  | Tax Effect |  | After Tax
Components of Other Comprehensive Income: |  |  |  |  |  |  |  |  |  |  |  |
Unrealized gains and losses on available for sale debt securities: |  |  |  |  |  |  |  |  |  |  |  |
Net unrealized gains arising during the period |  | $ | 2,319 |  |  | (715) |  |  | 1,604 |  |  | 7,641 |  |  | (1,503) |  |  | 6,138 |
Reclassification adjustment for losses included in net income |  | 2,973 |  |  | (917) |  |  | 2,056 |  |  | — |  |  | — |  |  | — |
Total |  | 5,292 |  |  | (1,632) |  |  | 3,660 |  |  | 7,641 |  |  | (1,503) |  |  | 6,138 |
Unrealized gains and losses on derivatives (cash flow hedges): |  |  |  |  |  |  |  |  |  |  |  |
Net unrealized gains arising during the period |  | 5,993 |  |  | (1,849) |  |  | 4,144 |  |  | 4,219 |  |  | (1,186) |  |  | 3,033 |
Reclassification adjustment for (gains) included in net income |  | (7,909) |  |  | 2,440 |  |  | (5,469) |  |  | (8,343) |  |  | 2,254 |  |  | (6,089) |
Total |  | (1,916) |  |  | 591 |  |  | (1,325) |  |  | (4,124) |  |  | 1,068 |  |  | (3,056) |
Amortization related to post-retirement obligations |  | (1,712) |  |  | 528 |  |  | (1,184) |  |  | (727) |  |  | 197 |  |  | (530) |
Total other comprehensive income (loss) |  | $ | 1,664 |  |  | (513) |  |  | 1,151 |  |  | 2,790 |  |  | (238) |  |  | 2,552 |
The following tables present the changes in the components of accumulated other comprehensive (loss), net of tax, for the three and six months ended June 30, 2024 and 2023 (in thousands):
|  | Changes in Accumulated Other Comprehensive (Loss) by Component, net of tax for the three months ended June 30,
|  | 2024 |  | 2023
|  | Unrealized Losses on Available for Sale Debt Securities |  | Post- Retirement Obligations |  | Unrealized Gains on Derivatives (cash flow hedges) |  | Accumulated Other Comprehensive (Loss) |  | Unrealized Losses on Available for Sale Debt Securities |  | Post- Retirement Obligations |  | Unrealized Gains on Derivatives (cash flow hedges) |  | Accumulated Other Comprehensive (Loss)
Balance as of March 31, |  | $ | (164,446) |  |  | 3,108 |  |  | 9,753 |  |  | (151,585) |  |  | (165,750) |  |  | 1,303 |  |  | 16,301 |  |  | (148,146) |
Current - period other comprehensive income (loss) |  | 13,617 |  |  | (355) |  |  | (1,641) |  |  | 11,621 |  |  | (14,726) |  |  | (261) |  |  | 640 |  |  | (14,347) |
Balance as of June 30, |  | $ | (150,829) |  |  | 2,753 |  |  | 8,112 |  |  | (139,964) |  |  | (180,476) |  |  | 1,042 |  |  | 16,941 |  |  | (162,493) |
|  | Changes in Accumulated Other Comprehensive (Loss) by Component, net of tax for the six months ended June 30,
|  | 2024 |  | 2023
|  | Unrealized Losses on Available for Sale Debt Securities |  | Post- Retirement Obligations |  | Unrealized Gains on Derivatives (cash flow hedges) |  | Accumulated Other Comprehensive Income (Loss) |  | Unrealized Losses on Available for Sale Debt Securities |  | Post- Retirement Obligations |  | Unrealized Gains on Derivatives (cash flow hedges) |  | Accumulated Other Comprehensive Income (Loss)
Balance as of December 31, |  | $ | (154,489) |  |  | 3,937 |  |  | 9,437 |  |  | (141,115) |  |  | (186,614) |  |  | 1,572 |  |  | 19,997 |  |  | (165,045) |
Current - period other comprehensive income (loss) |  | 3,660 |  |  | (1,184) |  |  | (1,325) |  |  | 1,151 |  |  | 6,138 |  |  | (530) |  |  | (3,056) |  |  | 2,552 |
Balance as of June 30, |  | $ | (150,829) |  |  | 2,753 |  |  | 8,112 |  |  | (139,964) |  |  | (180,476) |  |  | 1,042 |  |  | 16,941 |  |  | (162,493) |
The following tables summarize the reclassifications from accumulated other comprehensive (loss) to the consolidated statements of income for the three and six months ended June 30, 2024 and 2023 (in thousands):
|  | Reclassifications From Accumulated Other Comprehensive Income ("AOCI")
|  | Amount reclassified from AOCI for the three months ended June 30, |  | Affected line item in the Consolidated Statement of Income
|  | 2024 |  | 2023 |
Details of AOCI: |  |  |  |  |  |
Available for sale debt securities: |  |  |  |  |  |
Realized net losses on the sale of securities available for sale |  | $ | 2,973 |  |  | — |  |  | Net loss on securities transactions
|  | (917) |  |  | — |  |  | Income tax expense
|  | $ | 2,056 |  |  | — |  |  | Net of tax
Cash flow hedges: |  |  |  |  |  |
Realized net gains on derivatives |  | $ | (3,734) |  |  | (4,124) |  |  | Interest expense
|  | 1,152 |  |  | 1,114 |  |  | Income tax expense
|  | $ | (2,582) |  |  | (3,010) |  |  |
Post-retirement obligations: |  |  |  |  |  |
Amortization of actuarial gains |  | $ | (514) |  |  | (356) |  |  | Compensation and employee benefits (1)
|  | 159 |  |  | 96 |  |  | Income tax expense
|  | $ | (355) |  |  | (260) |  |  | Net of tax
Total reclassifications |  | $ | (881) |  |  | (3,270) |  |  | Net of tax
|  | Reclassifications From Accumulated Other Comprehensive Income
|  | Amount reclassified from AOCI for the six months ended June 30, |  | Affected line item in the Consolidated Statement of Income
|  | 2024 |  | 2023 |
Details of AOCI: |  |  |  |  |  |
Available for sale debt securities: |  |  |  |  |  |
Realized net losses on the sale of securities available for sale |  | $ | 2,973 |  |  | — |  |  | Net loss on securities transactions
|  | (917) |  |  | — |  |  | Income tax expense
|  | $ | 2,056 |  |  | — |  |  | Net of tax
Cash flow hedges: |  |  |  |  |  |
Realized net gains on derivatives |  | $ | (7,909) |  |  | (8,343) |  |  | Interest expense
|  | 2,440 |  |  | 2,254 |  |  | Income tax expense
|  | $ | (5,469) |  |  | (6,089) |  |  |
Post-retirement obligations: |  |  |  |  |  |
Amortization of actuarial gains |  | $ | (1,030) |  |  | (712) |  |  | Compensation and employee benefits (1)
|  | 318 |  |  | 192 |  |  | Income tax expense
|  | $ | (712) |  |  | (520) |  |  | Net of tax
Total reclassifications |  | $ | (4,125) |  |  | (6,609) |  |  | Net of tax
(1) This item is included in the computation of net periodic benefit cost. See Note 8. Components of Net Periodic Benefit Cost.

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- Definition The entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(19)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(21)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 942 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04(23)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/220/tableOfContent + Details
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