XML 42 R22.htm IDEA: XBRL DOCUMENT v3.24.3
Comprehensive Income (Loss)
 9 Months Ended
Sep. 30, 2024
Equity [Abstract]  
Comprehensive Income (Loss) Comprehensive Income (Loss)
Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net income. Although certain changes in assets and liabilities, such as unrealized gains and losses on available-for-sale securities, are reported as a separate component of the equity section of the balance sheet identified as accumulated other comprehensive income (AOCI), such items, along with net income, are components of other comprehensive income (loss) (OCI).
The components of other comprehensive income (loss) and related tax effects are as follows:
Three months ended September 30,Nine months ended September 30,
(in thousands)2024202320242023
Unrealized holding gains (losses) on available for sale securities before reclassifications$63,232 $(62,525)$48,438 $(44,901)
Amounts reclassified out of AOCI:
Realized gain (loss) on debt securities(2)— 2,945 164 
Unrealized holding gains (losses) on available for sale securities after reclassifications63,230 (62,525)51,383 (44,737)
Tax effect(18,692)18,485 (15,191)13,226 
Unrealized holding gains (losses) on available for sale securities, net of tax44,538 (44,040)36,192 (31,511)
Change in unfunded status of the supplemental retirement plans before reclassifications114 114 344 342 
Amounts reclassified out of AOCI:
Amortization of prior service cost— — — — 
Amortization of actuarial losses(114)(114)(344)(342)
Total amounts reclassified out of accumulated other comprehensive loss(114)(114)(344)(342)
Change in unfunded status of the supplemental retirement plans after reclassifications— — — — 
Tax effect— — — — 
Change in unfunded status of the supplemental retirement plans, net of tax— — — — 
Change in joint beneficiary agreement liability before reclassifications— — — — 
Tax effect— — — — 
Change in joint beneficiary agreement liability before reclassifications, net of tax— — — — 
Total other comprehensive income (loss)$44,538 $(44,040)$36,192 $(31,511)
The components of accumulated other comprehensive loss, included in shareholders’ equity, are as follows:
(in thousands)September 30,
2024		December 31,
2023
Net unrealized loss on available for sale securities$(180,438)$(231,821)
Tax effect53,343 68,534 
Unrealized holding loss on available for sale securities, net of tax(127,095)(163,287)
Unfunded status of the supplemental retirement plans13,527 13,527 
Tax effect(3,999)(3,999)
Unfunded status of the supplemental retirement plans, net of tax9,528 9,528 
Joint beneficiary agreement liability590 590 
Tax effect— — 
Joint beneficiary agreement liability, net of tax590 590 
Accumulated other comprehensive loss $(116,977)$(153,169)