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ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | 9 Months Ended
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Sep. 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 nine months ended September 30, 2022 and 2021, by component:
(dollars in thousands) | Before Tax |  | Tax Effect |  | Net of Tax
Three Months Ended September 30, 2022 |  |  |  |  |
Net change in fair value of investment securities: |  |  |  |  |
Net unrealized losses on AFS investment securities arising during the period | $ | (37,854) |  |  | $ | (10,122) |  |  | $ | (27,732) |
Less: Amortization of unrealized losses on investment securities transferred to HTM | 2,319 |  |  | 620 |  |  | 1,699 |
Net change in fair value of investment securities | (35,535) |  |  | (9,502) |  |  | (26,033) |
Net change in fair value of derivatives: |  |  |  |  |
Net unrealized gains arising during the period | 4,360 |  |  | 1,166 |  |  | 3,194 |
Net change in fair value of derivatives | 4,360 |  |  | 1,166 |  |  | 3,194 |
SERPs: |  |  |  |  |
Amortization of net actuarial loss | 20 |  |  | 5 |  |  | 15 |
Amortization of net transition obligation | 5 |  |  | 2 |  |  | 3 |
SERPs | 25 |  |  | 7 |  |  | 18 |
Other comprehensive loss | $ | (31,150) |  |  | $ | (8,329) |  |  | $ | (22,821) |
(dollars in thousands) | Before Tax |  | Tax Effect |  | Net of Tax
Three Months Ended September 30, 2021 |  |  |  |  |
Net change in fair value of investment securities: |  |  |  |  |
Net unrealized losses on AFS investment securities arising during the period | $ | (9,254) |  |  | $ | (2,475) |  |  | $ | (6,779) |
Less: Reclassification adjustments from AOCI realized in net income | (100) |  |  | (27) |  |  | (73) |
Net change in fair value of investment securities | (9,354) |  |  | (2,502) |  |  | (6,852) |
Defined benefit retirement plan and SERPs: |  |  |  |  |
Amortization of net actuarial loss | 259 |  |  | 70 |  |  | 189 |
Amortization of net transition obligation | 5 |  |  | 1 |  |  | 4 |
Defined benefit retirement plan and SERPs | 264 |  |  | 71 |  |  | 193 |
Other comprehensive loss | $ | (9,090) |  |  | $ | (2,431) |  |  | $ | (6,659) |
(dollars in thousands) | Before Tax |  | Tax Effect |  | Net of Tax
Nine Months Ended September 30, 2022 |  |  |  |  |
Net change in fair value of investment securities: |  |  |  |  |
Net unrealized losses on AFS investment securities arising during the period | $ | (207,930) |  |  | $ | (55,598) |  |  | $ | (152,332) |
Less: Amortization of unrealized losses on investment securities transferred to HTM | 4,295 |  |  | 1,148 |  |  | 3,147 |
Net change in fair value of investment securities | (203,635) |  |  | (54,450) |  |  | (149,185) |
Net change in fair value of derivatives: |  |  |  |  |
Net unrealized gains arising during the period | 7,240 |  |  | 1,936 |  |  | 5,304 |
Net change in fair value of derivatives | 7,240 |  |  | 1,936 |  |  | 5,304 |
Defined benefit retirement plan and SERPs: |  |  |  |  |
Net actuarial losses arising during the period | (952) |  |  | (255) |  |  | (697) |
Amortization of net actuarial loss | 284 |  |  | 76 |  |  | 208 |
Amortization of net transition obligation | 14 |  |  | 4 |  |  | 10 |
Settlement | 4,884 |  |  | 1,817 |  |  | 3,067 |
Defined benefit retirement plan and SERPs | 4,230 |  |  | 1,642 |  |  | 2,588 |
Other comprehensive loss | $ | (192,165) |  |  | $ | (50,872) |  |  | $ | (141,293) |
(dollars in thousands) | Before Tax |  | Tax Effect |  | Net of Tax
Nine Months Ended September 30, 2021 |  |  |  |  |
Net change in fair value of investment securities: |  |  |  |  |
Net unrealized losses on AFS investment securities arising during the period | $ | (30,466) |  |  | $ | (8,150) |  |  | $ | (22,316) |
Less: Reclassification adjustments from AOCI realized in net income | (150) |  |  | (40) |  |  | (110) |
Net change in fair value of investment securities | (30,616) |  |  | (8,190) |  |  | (22,426) |
Defined benefit retirement plan and SERPs: |  |  |  |  |
Amortization of net actuarial loss | 777 |  |  | 222 |  |  | 555 |
Amortization of net transition obligation | 14 |  |  | 4 |  |  | 10 |
Defined benefit retirement plan and SERPs | 791 |  |  | 226 |  |  | 565 |
Other comprehensive loss | $ | (29,825) |  |  | $ | (7,964) |  |  | $ | (21,861) |
The following tables present the changes in each component of AOCI, net of tax, for the three and nine months ended September 30, 2022 and 2021:
(dollars in thousands) | Investment Securities |  | Derivatives |  | SERPs [1] |  | AOCI
Three Months Ended September 30, 2022 |  |  |  |  |  |  |
Balance at beginning of period | $ | (126,818) |  |  | $ | 2,110 |  |  | $ | (1,724) |  |  | $ | (126,432) |
Other comprehensive (loss) income before reclassifications | (27,732) |  |  | 3,194 |  |  | — |  |  | (24,538) |
Reclassification adjustments from AOCI | 1,699 |  |  | — |  |  | 18 |  |  | 1,717 |
Total other comprehensive (loss) income | (26,033) |  |  | 3,194 |  |  | 18 |  |  | (22,821) |
Balance at end of period | $ | (152,851) |  |  | $ | 5,304 |  |  | $ | (1,706) |  |  | $ | (149,253) |
(dollars in thousands) | Investment Securities |  | Derivatives |  | Defined Benefit Retirement Plan and SERPs [1] |  | AOCI
Three Months Ended September 30, 2021 |  |  |  |  |  |  |
Balance at beginning of period | $ | 11,077 |  |  | $ | — |  |  | $ | (6,151) |  |  | $ | 4,926 |
Other comprehensive loss before reclassifications | (6,779) |  |  | — |  |  | — |  |  | (6,779) |
Reclassification adjustments from AOCI | (73) |  |  | — |  |  | 193 |  |  | 120 |
Total other comprehensive (loss) income | (6,852) |  |  | — |  |  | 193 |  |  | (6,659) |
Balance at end of period | $ | 4,225 |  |  | $ | — |  |  | $ | (5,958) |  |  | $ | (1,733) |
(dollars in thousands) | Investment Securities |  | Derivatives |  | Defined Benefit Retirement Plan and SERPs [1] |  | AOCI
Nine Months Ended September 30, 2022 |  |  |  |  |  |  |
Balance at beginning of period | $ | (3,666) |  |  | $ | — |  |  | $ | (4,294) |  |  | $ | (7,960) |
Other comprehensive (loss) income before reclassifications | (152,332) |  |  | 5,304 |  |  | (697) |  |  | (147,725) |
Reclassification adjustments from AOCI | 3,147 |  |  | — |  |  | 3,285 |  |  | 6,432 |
Total other comprehensive (loss) income | (149,185) |  |  | 5,304 |  |  | 2,588 |  |  | (141,293) |
Balance at end of period | $ | (152,851) |  |  | $ | 5,304 |  |  | $ | (1,706) |  |  | $ | (149,253) |
(dollars in thousands) | Investment Securities |  | Derivatives |  | Defined Benefit Retirement Plan and SERPs [1] |  | AOCI
Nine Months Ended September 30, 2021 |  |  |  |  |  |  |
Balance at beginning of period | $ | 26,651 |  |  | $ | — |  |  | $ | (6,523) |  |  | $ | 20,128 |
Other comprehensive loss before reclassifications | (22,316) |  |  |  |  | — |  |  | (22,316) |
Reclassification adjustments from AOCI | (110) |  |  |  |  | 565 |  |  | 455 |
Total other comprehensive (loss) income | (22,426) |  |  | — |  |  | 565 |  |  | (21,861) |
Balance at end of period | $ | 4,225 |  |  | $ | — |  |  | $ | (5,958) |  |  | $ | (1,733) |
[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 September 30, 2022 relates entirely to the SERPs.
The following table presents the amounts reclassified out of each component of AOCI for the three and nine months ended September 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 September 30, |
(dollars in thousands) | 2022 |  | 2021 |
Sale of available-for-sale investment securities: |  |  |  |  |
Realized gain on sales of available-for-sale investment securities | $ | — |  |  | $ | 100 |  |  | Net gain on sales of investment securities
Tax effect | — |  |  | (27) |  |  | Income tax benefit (expense)
Net of tax | $ | — |  |  | $ | 73 |  |  |
Amortization of unrealized losses on investment securities transferred to held-to-maturity: |  |  |  |  |
Amortization | $ | (2,319) |  |  | $ | — |  |  |
Tax effect | 620 |  |  | — |  |  |
Net of tax | $ | (1,699) |  |  | $ | — |  |  |
Defined benefit retirement and supplemental executive retirement plan items: |  |  |  |  |
Amortization of net actuarial loss | $ | (20) |  |  | $ | (259) |  |  | Other operating expense - other
Amortization of net transition obligation | (5) |  |  | (5) |  |  | Other operating expense - other
Total before tax | (25) |  |  | (264) |  |  |
Tax effect | 7 |  |  | 71 |  |  | Income tax benefit (expense)
Net of tax | $ | (18) |  |  | $ | (193) |  |  |
Total reclassification adjustments from AOCI for the period, net of tax | $ | (1,717) |  |  | $ | (120) |  |  |
| Amount Reclassified from AOCI |  | Affected Line Item in the Statement Where Net Income is Presented
Details about AOCI Components | Nine months ended September 30, |
(dollars in thousands) | 2022 |  | 2021 |
Sale of available-for-sale investment securities: |  |  |  |  |
Realized gain on sales of available-for-sale investment securities | $ | — |  |  | $ | 150 |  |  | Net gain on sales of investment securities
Tax effect | — |  |  | (40) |  |  | Income tax benefit (expense)
Net of tax | $ | — |  |  | $ | 110 |  |  |
Amortization of unrealized losses on investment securities transferred to held-to-maturity: |  |  |  |  |
Amortization | $ | (4,295) |  |  | $ | — |  |  |
Tax effect | 1,148 |  |  | — |  |  |
Net of tax | $ | (3,147) |  |  | $ | — |  |  |
Defined benefit retirement and supplemental executive retirement plan items: |  |  |  |  |
Amortization of net actuarial loss | $ | (284) |  |  | $ | (777) |  |  | Other operating expense - other
Amortization of net transition obligation | (14) |  |  | (14) |  |  | Other operating expense - other
Settlement | (4,884) |  |  | — |  |  | Other operating expense - other
Total before tax | (5,182) |  |  | (791) |  |  |
Tax effect | 1,897 |  |  | 226 |  |  | Income tax benefit (expense)
Net of tax | $ | (3,285) |  |  | $ | (565) |  |  |
Total reclassification adjustments from AOCI for the period, net of tax | $ | (6,432) |  |  | $ | (455) |  |  |

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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 https://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 https://asc.fasb.org/extlink&oid=126953954&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 https://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 https://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263 + Details
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