ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

12 Months Ended

Dec. 31, 2023

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

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

17. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

The following table presents the components of other comprehensive income (loss) for the years ended December 31, 2023, 2022 and 2021, by component:


(Dollars in thousands)	Before Tax		Tax Effect		Net of Tax
Year ended December 31, 2023
Net change in fair value of investment securities:
Net unrealized gains on investment securities arising during the period	$	19,762	$	5,437	$	14,325
Less: Reclassification adjustment for losses realized in net income	2,074		547		1,527
Less: Amortization of unrealized losses on investment securities transferred to HTM	7,440		2,105		5,335
Net change in fair value of investment securities	29,276		8,089		21,187

Net change in fair value of derivative:
Net unrealized gains arising during the period	491		107		384
Net change in fair value of derivative	491		107		384

SERPs:
Net actuarial losses arising during the period	(182)		(48)		(134)
Amortization of net actuarial gains	(74)		(20)		(54)
Amortization of net transition obligation	7		2		5


SERPs	(249)		(66)		(183)
Other comprehensive income	$	29,518	$	8,130	$	21,388


(Dollars in thousands)	Before Tax		Tax Effect		Net of Tax
Year ended December 31, 2022
Net change in fair value of investment securities:
Net unrealized losses on investment securities arising during the period	$	(204,250)	$	(54,109)	$	(150,141)

Less: Amortization of unrealized losses on investment securities transferred to HTM	6,218		1,520		4,698
Net change in fair value of investment securities	(198,032)		(52,589)		(145,443)

Net change in fair value of derivative:
Net unrealized gains arising during the period	6,326		1,681		4,645
Net change in fair value of derivative	6,326		1,681		4,645

Defined benefit retirement plan and SERPs:
Net actuarial gains arising during the period	2,007		537		1,470
Amortization of net actuarial losses	304		81		223
Amortization of net transition obligation	18		4		14

Settlement	4,884		1,817		3,067
Defined benefit retirement plan and SERPs	7,213		2,439		4,774
Other comprehensive loss	$	(184,493)	$	(48,469)	$	(136,024)


(Dollars in thousands)	Before Tax		Tax Effect		Net of Tax
Year ended December 31, 2021
Net change in fair value of investment securities:
Net unrealized losses on investment securities arising during the period	$	(41,237)	$	(11,030)	$	(30,207)
Less: Reclassification adjustment for gains realized in net income	(150)		(40)		(110)

Net change in fair value of investment securities	(41,387)		(11,070)		(30,317)





Defined benefit retirement plan and SERPs:
Net actuarial gains arising during the period	2,014		544		1,470
Amortization of net actuarial losses	1,036		291		745
Amortization of net transition obligation	18		4		14


Defined benefit retirement plan and SERPs	3,068		839		2,229
Other comprehensive loss	$	(38,319)	$	(10,231)	$	(28,088)

The following table presents the changes in each component of AOCI, net of tax, for the years ended December 31, 2023, 2022 and 2021:


(Dollars in thousands)	Investment Securities		Derivatives		Defined Benefit Plans		AOCI
Year ended December 31, 2023
Balance at beginning of period	$	(149,109)	$	4,645	$	480	$	(143,984)





Other comprehensive income (loss) before reclassifications	14,325		384		(134)		14,575
Amounts reclassified from AOCI	6,862		—		(49)		6,813
Net other comprehensive income (loss)	21,187		384		(183)		21,388
Balance at end of period	$	(127,922)	$	5,029	$	297	$	(122,596)


(Dollars in thousands)	Investment Securities		Derivatives		Defined Benefit Plans		AOCI
Year ended December 31, 2022
Balance at beginning of period	$	(3,666)	$	—	$	(4,294)	$	(7,960)





Other comprehensive (loss) income before reclassifications	(150,141)		4,645		1,470		(144,026)
Amounts reclassified from AOCI	4,698		—		3,304		8,002
Net other comprehensive (loss) income	(145,443)		4,645		4,774		(136,024)
Balance at end of period	$	(149,109)	$	4,645	$	480	$	(143,984)


(Dollars in thousands)	Investment Securities		Defined Benefit Plans		AOCI
Year ended December 31, 2021
Balance at beginning of period	$	26,651	$	(6,523)	$	20,128





Other comprehensive (loss) income before reclassifications	(30,207)		1,470		(28,737)
Amounts reclassified from AOCI	(110)		759		649
Net other comprehensive (loss) income	(30,317)		2,229		(28,088)
Balance at end of period	$	(3,666)	$	(4,294)	$	(7,960)

The following table presents the amounts reclassified out of each component of AOCI for the years ended December 31, 2023, 2022 and 2021:


	Amount Reclassified from AOCI						Affected Line Item in the
	Year ended December 31,						Statement Where Net
Details about AOCI Components	2023		2022		2021		Income is Presented
	(Dollars in thousands)
Sale of available-for-sale investment securities:
Realized (losses) gains on available-for-sale investment securities	$	(2,074)	$	—	$	150	Net gains (losses) on sales of investment securities
Tax effect	547		—		(40)		Income tax benefit (expense)
Net of tax	$	(1,527)	$	—	$	110

Amortization of unrealized losses on investment securities transferred to HTM	$	(7,440)	$	(6,218)	$	—	Interest and dividends on investment securities
Tax effect	2,105		1,520		—		Income tax benefit
Net of tax	$	(5,335)	$	(4,698)	$	—

Defined benefit plan items:
Amortization of net actuarial gains (losses)	$	74	$	(304)	$	(1,036)	Other operating expense - other (1)
Amortization of net transition obligation	(7)		(18)		(18)		Other operating expense - other (1)

Settlement	—		(4,884)		—		Other operating expense - other (1)
Total before tax	67		(5,206)		(1,054)
Tax effect	(18)		1,902		295		Income tax (expense) benefit
Net of tax	$	49	$	(3,304)	$	(759)

Total reclassifications, net of tax	$	(6,813)	$	(8,002)	$	(649)

(1)These accumulated other comprehensive income components are included in the computation of net periodic benefit cost (see Note 14 - Retirement Benefits for additional details).