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ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

6 Months Ended

Jun. 30, 2023

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 income (loss) for the three and six months ended June 30, 2023 and 2022:

(dollars in thousands)						Before Tax						Tax Effect						Net of Tax
Three Months Ended June 30, 2023
Net change in fair value of investment securities:
Net unrealized losses on AFS investment securities arising during the period						$	(8,204)					$	(2,179)					$	(6,025)
Less: Amortization of unrealized losses on investment securities transferred to HTM						1,976						525						1,451
Net change in fair value of investment securities						(6,228)						(1,654)						(4,574)
Net change in fair value of derivatives:
Net unrealized gains arising during the period						2,777						737						2,040
Net change in fair value of derivatives						2,777						737						2,040
SERPs:
Amortization of net actuarial loss						(20)						(5)						(15)
Amortization of net transition obligation						2						—						2
SERPs						(18)						(5)						(13)
Other comprehensive loss						$	(3,469)					$	(922)					$	(2,547)

(dollars in thousands)						Before Tax						Tax Effect						Net of Tax
Three Months Ended June 30, 2022
Net change in fair value of investment securities:
Net unrealized losses on AFS investment securities arising during the period						$	(61,628)					$	(16,478)					$	(45,150)
Less: Amortization of unrealized losses on investment securities transferred to HTM						1,976						528						1,448
Net change in fair value of 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:
Amortization of net actuarial loss						131						35						96
Amortization of net transition obligation						5						1						4
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
Six Months Ended June 30, 2023
Net change in fair value of investment securities:
Net unrealized gains on AFS investment securities arising during the period						$	7,054					$	1,873					$	5,181
Less: Amortization of unrealized losses on investment securities transferred to HTM						3,644						968						2,676
Net change in fair value of investment securities						10,698						2,841						7,857
Net change in fair value of derivatives:
Net unrealized gains arising during the period						1,178						301						877
Net change in fair value of derivatives						1,178						301						877
Defined benefit retirement plan and SERPs:
Amortization of net actuarial loss						(39)						(10)						(29)
Amortization of net transition obligation						4						—						4
Defined benefit retirement plan and SERPs						(35)						(10)						(25)
Other comprehensive income						$	11,841					$	3,132					$	8,709

(dollars in thousands)						Before Tax						Tax Effect						Net of Tax
Six Months Ended June 30, 2022
Net change in fair value of investment securities:
Net unrealized losses on AFS investment securities arising during the period						$	(170,076)					$	(45,476)					$	(124,600)
Less: Amortization of unrealized losses on investment securities transferred to HTM						1,976						528						1,448
Net change in fair value of 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)

The following tables present the changes in each component of accumulated other comprehensive income (loss), net of tax ("AOCI"), for the three and six months ended June 30, 2023 and 2022:

(dollars in thousands)						Investment Securities						Derivatives						SERPs [1]						AOCI
Three Months Ended June 30, 2023
Balance at beginning of period						$	(136,678)					$	3,482					$	468					$	(132,728)
Other comprehensive income (loss) before reclassifications						(6,025)						2,040						—						(3,985)
Reclassification adjustments from AOCI						1,451						—						(13)						1,438
Total other comprehensive income (loss)						(4,574)						2,040						(13)						(2,547)
Balance at end of period						$	(141,252)					$	5,522					$	455					$	(135,275)

(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 income (loss) before reclassifications						(45,150)						2,147						(697)						(43,700)
Reclassification adjustments from AOCI						1,448						—						3,167						4,615
Total other comprehensive income (loss)						(43,702)						2,147						2,470						(39,085)
Balance at end of period						$	(126,818)					$	2,110					$	(1,724)					$	(126,432)

[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 subsequent to June 30, 2022 relates entirely to the SERPs.

(dollars in thousands)						Investment Securities						Derivatives						SERPs [1]						AOCI
Six Months Ended June 30, 2023
Balance at beginning of period						$	(149,109)					$	4,645					$	480					$	(143,984)
Other comprehensive income before reclassifications						5,181						877						—						6,058
Reclassification adjustments from AOCI						2,676						—						(25)						2,651
Total other comprehensive income (loss)						7,857						877						(25)						8,709
Balance at end of period						$	(141,252)					$	5,522					$	455					$	(135,275)

(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 income (loss) before reclassifications						(124,600)						2,110						(697)						(123,187)
Reclassification adjustments from AOCI						1,448						—						3,267						4,715
Total other comprehensive income (loss)						(123,152)						2,110						2,570						(118,472)
Balance at end of period						$	(126,818)					$	2,110					$	(1,724)					$	(126,432)
[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 subsequent to June 30, 2022 relates entirely to the SERPs.

The following tables present the amounts reclassified out of each component of AOCI for the three and six months ended June 30, 2023 and 2022:

						Amount Reclassified from AOCI												Affected Line Item in the Statement Where Net Income is Presented
(dollars in thousands)						Three Months Ended June 30,
Details about AOCI Components						2023						2022
Amortization of unrealized losses on investment securities transferred to held-to-maturity:
Amortization						$	(1,976)					$	(1,976)					Interest and dividends on investment securities
Tax effect						525						528						Income tax expense
Net of tax						$	(1,451)					$	(1,448)
Defined benefit retirement and supplemental executive retirement plan items:
Amortization of net actuarial gain (loss)						$	20					$	(131)					Other operating expense - other
Amortization of net transition obligation						(2)						(5)						Other operating expense - other
Total before tax						18						(5,020)
Tax effect						(5)						1,853						Income tax benefit (expense)
Net of tax						$	13					$	(3,167)
Total reclassification adjustments from AOCI for the period, net of tax						$	(1,438)					$	(4,615)

						Amount Reclassified from AOCI												Affected Line Item in the Statement Where Net Income is Presented
(dollars in thousands)						Six Months Ended June 30,
Details about AOCI Components						2023						2022
Amortization of unrealized losses on investment securities transferred to held-to-maturity:
Amortization						$	(3,644)					$	(1,976)					Interest and dividends on investment securities
Tax effect						968						528						Income tax expense
Net of tax						$	(2,676)					$	(1,448)
Defined benefit retirement and supplemental executive retirement plan items:
Amortization of net actuarial loss						$	39					$	(264)					Other operating expense - other
Amortization of net transition obligation						(4)						(9)						Other operating expense - other
Settlement						—						(4,884)						Other operating expense - other
Total before tax						35						(5,157)
Tax effect						(10)						1,890						Income tax benefit (expense)
Net of tax						$	25					$	(3,267)
Total reclassification adjustments from AOCI for the period, net of tax						$	(2,651)					$	(4,715)

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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://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//1943274/2147483586/944-220-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//1943274/2147483589/942-220-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

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