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ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

6 Months Ended

Jun. 30, 2022

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

14. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

The following tables present the components of other comprehensive loss for the three and six months ended June 30, 2022 and 2021, by component:

(dollars in thousands)			Before Tax						Tax Effect						Net of Tax
Three Months Ended June 30, 2022
Net change in fair value of available-for-sale investment securities:
Net unrealized losses arising during the period			$	(61,628)					$	(16,478)					$	(45,150)
Less: Amortization of unrealized losses on investment securities transferred to held-to-maturity			1,976						528						1,448
Net change in fair value of available-for-sale investment securities			(59,652)						(15,950)						(43,702)
Net change in fair value of derivatives:
Net unrealized gains arising during the period			2,930						783						2,147
Net change in fair value of derivatives			2,930						783						2,147
Defined benefit retirement plan and SERPs:
Net actuarial losses arising during the period			(952)						(255)						(697)
Amortization of net actuarial loss			131						35						96
Amortization of net transition obligation			5						1						4
Settlement			4,884						1,817						3,067
Defined benefit retirement plan and SERPs			4,068						1,598						2,470
Other comprehensive loss			$	(52,654)					$	(13,569)					$	(39,085)

(dollars in thousands)			Before Tax						Tax Effect						Net of Tax
Three Months Ended June 30, 2021
Net change in fair value of available-for-sale investment securities:
Net unrealized gains arising during the period			$	2,407					$	643					$	1,764
Less: Reclassification adjustments from AOCI realized in net income			(50)						(13)						(37)
Net change in fair value of available-for-sale investment securities			2,357						630						1,727
Defined benefit retirement plan and SERPs:
Amortization of net actuarial loss			272						87						185
Amortization of net transition obligation			4						1						3
Defined benefit retirement plan and SERPs			276						88						188
Other comprehensive income			$	2,633					$	718					$	1,915

(dollars in thousands)			Before Tax						Tax Effect						Net of Tax
Six Months Ended June 30, 2022
Net change in fair value of available-for-sale investment securities:
Net unrealized losses arising during the period			$	(170,076)					$	(45,476)					$	(124,600)
Less: Amortization of unrealized losses on investment securities transferred to held-to-maturity			1,976						528						1,448
Net change in fair value of available-for-sale investment securities			(168,100)						(44,948)						(123,152)
Net change in fair value of derivatives:
Net unrealized gains arising during the period			2,880						770						2,110
Net change in fair value of derivatives			2,880						770						2,110
Defined benefit retirement plan and SERPs:
Net actuarial losses arising during the period			(952)						(255)						(697)
Amortization of net actuarial loss			264						71						193
Amortization of net transition obligation			9						2						7
Settlement			4,884						1,817						3,067
Defined benefit retirement plan and SERPs			4,205						1,635						2,570
Other comprehensive loss			$	(161,015)					$	(42,543)					$	(118,472)

(dollars in thousands)			Before Tax						Tax Effect						Net of Tax
Six Months Ended June 30, 2021
Net change in fair value of available-for-sale investment securities:
Net unrealized losses arising during the period			$	(21,212)					$	(5,675)					$	(15,537)
Less: Reclassification adjustments from AOCI realized in net income			(50)						(13)						(37)
Net change in fair value of available-for-sale investment securities			(21,262)						(5,688)						(15,574)
Defined benefit retirement plan and SERPs:
Amortization of net actuarial loss			518						153						365
Amortization of net transition obligation			9						2						7
Defined benefit retirement plan and SERPs			527						155						372
Other comprehensive loss			$	(20,735)					$	(5,533)					$	(15,202)

The following tables present the changes in each component of AOCI, net of tax, for the three and six months ended June 30, 2022 and 2021:

(dollars in thousands)			Investment Securities						Derivatives						Defined Benefit Retirement Plan and SERPs [1]						AOCI
Three Months Ended June 30, 2022
Balance at beginning of period			$	(83,116)					$	(37)					$	(4,194)					$	(87,347)
Other comprehensive (loss) income before reclassifications			(45,150)						2,147						(697)						(43,700)
Reclassification adjustments from AOCI			1,448						—						3,167						4,615
Total other comprehensive (loss) income			(43,702)						2,147						2,470						(39,085)
Balance at end of period			$	(126,818)					$	2,110					$	(1,724)					$	(126,432)

(dollars in thousands)			Investment Securities						Derivatives						Defined Benefit Retirement Plan and SERPs [1]						AOCI
Three Months Ended June 30, 2021
Balance at beginning of period			$	9,350					$	—					$	(6,339)					$	3,011
Other comprehensive income before reclassifications			1,764						—						—						1,764
Reclassification adjustments from AOCI			(37)						—						188						151
Total other comprehensive income			1,727						—						188						1,915
Balance at end of period			$	11,077					$	—					$	(6,151)					$	4,926

(dollars in thousands)			Investment Securities						Derivatives						Defined Benefit Retirement Plan and SERPs [1]						AOCI
Six Months Ended June 30, 2022
Balance at beginning of period			$	(3,666)					$	—					$	(4,294)					$	(7,960)
Other comprehensive (loss) income before reclassifications			(124,600)						2,110						(697)						(123,187)
Reclassification adjustments from AOCI			1,448						—						3,267						4,715
Total other comprehensive (loss) income			(123,152)						2,110						2,570						(118,472)
Balance at end of period			$	(126,818)					$	2,110					$	(1,724)					$	(126,432)

(dollars in thousands)			Investment Securities						Derivatives						Defined Benefit Retirement Plan and SERPs [1]						AOCI
Six Months Ended June 30, 2021
Balance at beginning of period			$	26,651					$	—					$	(6,523)					$	20,128
Other comprehensive loss before reclassifications			(15,537)						—						—						(15,537)
Reclassification adjustments from AOCI			(37)						—						372						335
Total other comprehensive (loss) income			(15,574)						—						372						(15,202)
Balance at end of period			$	11,077					$	—					$	(6,151)					$	4,926
[1] During the second quarter of 2022, the Company settled all obligations related to its defined benefit retirement plan. As a result, the AOCI balance in the defined benefit retirement plan and SERPs column as of June 30, 2022 relates entirely to the SERPs.

The following table presents the amounts reclassified out of each component of AOCI for the three and six months ended June 30, 2022 and 2021:

			Amount Reclassified from AOCI												Affected Line Item in the Statement Where Net Income is Presented
Details about AOCI Components			Three months ended June 30,
(dollars in thousands)			2022						2021
Sale of available-for-sale investment securities:
Realized gain on sales of available-for-sale investment securities			$	—					$	50								Net gain on sales of investment securities
Tax effect			—						(13)									Income tax benefit (expense)
Net of tax			$	—					$	37
Amortization of unrealized losses on investment securities transferred to held-to-maturity:
Amortization			$	(1,976)					$	—
Tax effect			528						—
Net of tax			$	(1,448)					$	—
Defined benefit retirement and supplemental executive retirement plan items:
Amortization of net actuarial loss			$	(131)					$	(272)					Other operating expense - other
Amortization of net transition obligation			(5)						(4)						Other operating expense - other
Amortization of prior service cost			—						—						Other operating expense - other
Settlement			(4,884)						—						Other operating expense - other
Total before tax			(5,020)						(276)
Tax effect			1,853						88						Income tax benefit (expense)
Net of tax			$	(3,167)					$	(188)
Total reclassification adjustments from AOCI for the period, net of tax			$	(4,615)					$	(151)

			Amount Reclassified from AOCI												Affected Line Item in the Statement Where Net Income is Presented
Details about AOCI Components			Six months ended June 30,
(dollars in thousands)			2022						2021
Sale of available-for-sale investment securities:
Realized gain on sales of available-for-sale investment securities			$	—					$	50					Net gain on sales of investment securities
Tax effect			—						(13)						Income tax benefit (expense)
Net of tax			$	—					$	37
Amortization of unrealized losses on investment securities transferred to held-to-maturity:
Amortization			$	(1,976)					$	—
Tax effect			528						—
Net of tax			$	(1,448)					$	—
Defined benefit retirement and supplemental executive retirement plan items:
Amortization of net actuarial loss			$	(264)					$	(518)					Other operating expense - other
Amortization of net transition obligation			(9)						(9)						Other operating expense - other
Amortization of prior service cost			—						—						Other operating expense - other
Settlement			(4,884)						—						Other operating expense - other
Total before tax			(5,157)						(527)
Tax effect			1,890						155						Income tax benefit (expense)
Net of tax			$	(3,267)					$	(372)
Total reclassification adjustments from AOCI for the period, net of tax			$	(4,715)					$	(335)

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- References

No definition available.

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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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-URI http://asc.fasb.org/topic&trid=2134417

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(21))
-URI http://asc.fasb.org/extlink&oid=123367319&loc=SL114868664-224227

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(23))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

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