XML 47 R38.htm IDEA: XBRL DOCUMENT
v3.23.2

Accumulated Other Comprehensive Income (Loss) (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] |
Components of Other Comprehensive Income (Loss) | The following tables present the components of other comprehensive (loss) income for the three and six months ended June 30, 2023 and 2022 (in thousands):
|  | Pre-tax Amount |  |  | Tax Effect |  |  | Net-of-tax Amount |
Three months ended June 30, 2023 |  |  |  |  |  |  |  |  |
Securities available for sale and transferred securities: |  |  |  |  |  |  |  |  |
Change in unrealized loss during the period |  | $ | (11,643 | ) |  | $ | (2,983 | ) |  | $ | (8,660 | )
Reclassification adjustment for net gains included in net income (1) |  |  | 16 |  |  |  | 4 |  |  |  | 12 |
Total securities available for sale and transferred securities |  |  | (11,627 | ) |  |  | (2,979 | ) |  |  | (8,648 | )
Hedging derivative instruments: |  |  |  |  |  |  |  |  |
Change in unrealized gain during the period |  |  | 1,887 |  |  |  | 483 |  |  |  | 1,404 |
Pension obligations: |  |  |  |  |  |  |  |  |
Amortization of prior service credit included in income |  |  | (123 | ) |  |  | (32 | ) |  |  | (91 | )
Amortization of net actuarial loss included in income |  |  | 316 |  |  |  | 81 |  |  |  | 235 |
Total pension obligations |  |  | 193 |  |  |  | 49 |  |  |  | 144 |
Other comprehensive loss |  | $ | (9,547 | ) |  | $ | (2,447 | ) |  | $ | (7,100 | )
Six months ended June 30, 2023 |  |  |  |  |  |  |  |  |
Securities available for sale and transferred securities: |  |  |  |  |  |  |  |  |
Change in unrealized gain during the period |  | $ | 2,635 |  |  | $ | 675 |  |  | $ | 1,960 |
Reclassification adjustment for net gains included in net income (1) |  |  | 35 |  |  |  | 9 |  |  |  | 26 |
Total securities available for sale and transferred securities |  |  | 2,670 |  |  |  | 684 |  |  |  | 1,986 |
Hedging derivative instruments: |  |  |  |  |  |  |  |  |
Change in unrealized gain during the period |  |  | 996 |  |  |  | 255 |  |  |  | 741 |
Pension obligations: |  |  |  |  |  |  |  |  |
Amortization of prior service credit included in income |  |  | (245 | ) |  |  | (63 | ) |  |  | (182 | )
Amortization of net actuarial loss included in income |  |  | 632 |  |  |  | 162 |  |  |  | 470 |
Total pension and post-retirement obligations |  |  | 387 |  |  |  | 99 |  |  |  | 288 |
Other comprehensive income |  | $ | 4,053 |  |  | $ | 1,038 |  |  | $ | 3,015 |
(1) Includes amounts related to the amortization/accretion of unrealized net gains and losses related to the Company’s reclassification of available for sale investment securities to the held to maturity category. The unrealized net gains/losses will be amortized/accreted over the remaining life of the investment securities as an adjustment of yield.
|  | Pre-tax Amount |  |  | Tax Effect |  |  | Net-of-tax Amount |
Three months ended June 30, 2022 |  |  |  |  |  |  |  |  |
Securities available for sale and transferred securities: |  |  |  |  |  |  |  |  |
Change in unrealized loss during the period |  | $ | (44,966 | ) |  | $ | (11,520 | ) |  | $ | (33,446 | )
Reclassification adjustment for net gains included in net income (1) |  |  | 41 |  |  |  | 10 |  |  |  | 31 |
Total securities available for sale and transferred securities |  |  | (44,925 | ) |  |  | (11,510 | ) |  |  | (33,415 | )
Hedging derivative instruments: |  |  |  |  |  |  |  |  |
Change in unrealized gain during the period |  |  | 991 |  |  |  | 254 |  |  |  | 737 |
Pension and post-retirement obligations: |  |  |  |  |  |  |  |  |
Amortization of prior service credit included in income |  |  | — |  |  |  | — |  |  |  | — |
Amortization of net actuarial loss included in income |  |  | 64 |  |  |  | 17 |  |  |  | 47 |
Total pension and post-retirement obligations |  |  | 64 |  |  |  | 17 |  |  |  | 47 |
Other comprehensive loss |  | $ | (43,870 | ) |  | $ | (11,239 | ) |  | $ | (32,631 | )
Six months ended June 30, 2022 |  |  |  |  |  |  |  |  |
Securities available for sale and transferred securities: |  |  |  |  |  |  |  |  |
Change in unrealized loss during the period |  | $ | (119,983 | ) |  | $ | (30,741 | ) |  | $ | (89,242 | )
Reclassification adjustment for net gains included in net income (1) |  |  | 72 |  |  |  | 18 |  |  |  | 54 |
Total securities available for sale and transferred securities |  |  | (119,911 | ) |  |  | (30,723 | ) |  |  | (89,188 | )
Hedging derivative instruments: |  |  |  |  |  |  |  |  |
Change in unrealized gain during the period |  |  | 3,462 |  |  |  | 887 |  |  |  | 2,575 |
Pension and post-retirement obligations: |  |  |  |  |  |  |  |  |
Amortization of prior service credit included in income |  |  | — |  |  |  | — |  |  |  | — |
Amortization of net actuarial loss included in income |  |  | 128 |  |  |  | 33 |  |  |  | 95 |
Total pension and post-retirement obligations |  |  | 128 |  |  |  | 33 |  |  |  | 95 |
Other comprehensive loss |  | $ | (116,321 | ) |  | $ | (29,803 | ) |  | $ | (86,518 | )
(1) Includes amounts related to the amortization/accretion of unrealized net gains and losses related to the Company’s reclassification of available for sale investment securities to the held to maturity category. The unrealized net gains/losses will be amortized/accreted over the remaining life of the investment securities as an adjustment of yield.
Components of Accumulated Other Comprehensive Income (Loss) | Activity in accumulated other comprehensive income (loss), net of tax, for the three and six months ended June 30, 2023 and 2022 was as follows (in thousands):
|  | Hedging Derivative Instruments |  |  | Securities Available for Sale and Transferred Securities |  |  | Pension and Post- retirement Obligations |  |  | Accumulated Other Comprehensive Income (Loss) |
Three months ended June 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |
Balance at beginning of period |  | $ | 4,072 |  |  | $ | (118,000 | ) |  | $ | (13,444 | ) |  | $ | (127,372 | )
Other comprehensive income (loss) before reclassifications |  |  | 1,404 |  |  |  | (8,660 | ) |  |  | — |  |  |  | (7,256 | )
Amounts reclassified from accumulated other comprehensive income |  |  | — |  |  |  | 12 |  |  |  | 144 |  |  |  | 156 |
Net current period other comprehensive income (loss) |  |  | 1,404 |  |  |  | (8,648 | ) |  |  | 144 |  |  |  | (7,100 | )
Balance at end of period |  | $ | 5,476 |  |  | $ | (126,648 | ) |  | $ | (13,300 | ) |  | $ | (134,472 | )
Six months ended June 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |
Balance at beginning of period |  | $ | 4,735 |  |  | $ | (128,634 | ) |  | $ | (13,588 | ) |  | $ | (137,487 | )
Other comprehensive income (loss) before reclassifications |  |  | 741 |  |  |  | 1,960 |  |  |  | — |  |  |  | 2,701 |
Amounts reclassified from accumulated other comprehensive income |  |  | — |  |  |  | 26 |  |  |  | 288 |  |  |  | 314 |
Net current period other comprehensive income (loss) |  |  | 741 |  |  |  | 1,986 |  |  |  | 288 |  |  |  | 3,015 |
Balance at end of period |  | $ | 5,476 |  |  | $ | (126,648 | ) |  | $ | (13,300 | ) |  | $ | (134,472 | )
Three months ended June 30, 2022 |  |  |  |  |  |  |  |  |  |  |  |
Balance at beginning of period |  | $ | 2,998 |  |  | $ | (60,744 | ) |  | $ | (9,348 | ) |  | $ | (67,094 | )
Other comprehensive income (loss) before reclassifications |  |  | 737 |  |  |  | (33,446 | ) |  |  | — |  |  |  | (32,709 | )
Amounts reclassified from accumulated other comprehensive income |  |  | — |  |  |  | 31 |  |  |  | 47 |  |  |  | 78 |
Net current period other comprehensive income (loss) |  |  | 737 |  |  |  | (33,415 | ) |  |  | 47 |  |  |  | (32,631 | )
Balance at end of period |  | $ | 3,735 |  |  | $ | (94,159 | ) |  | $ | (9,301 | ) |  | $ | (99,725 | )
Six months ended June 30, 2022 |  |  |  |  |  |  |  |  |  |  |  |
Balance at beginning of period |  | $ | 1,160 |  |  | $ | (4,971 | ) |  | $ | (9,396 | ) |  | $ | (13,207 | )
Other comprehensive income (loss) before reclassifications |  |  | 2,575 |  |  |  | (89,242 | ) |  |  | — |  |  |  | (86,667 | )
Amounts reclassified from accumulated other comprehensive income |  |  | — |  |  |  | 54 |  |  |  | 95 |  |  |  | 149 |
Net current period other comprehensive income (loss) |  |  | 2,575 |  |  |  | (89,188 | ) |  |  | 95 |  |  |  | (86,518 | )
Balance at end of period |  | $ | 3,735 |  |  | $ | (94,159 | ) |  | $ | (9,301 | ) |  | $ | (99,725 | )
Amounts Reclassified Out of Each Component of Accumulated Other Comprehensive Income (Loss) | The following table presents the amounts reclassified out of each component of accumulated other comprehensive (loss) income for the three and six months ended June 30, 2023 and 2022 (in thousands):
Details About Accumulated Other Comprehensive Income (Loss) Components |  | Amount Reclassified from Accumulated Other Comprehensive Income (Loss) |  |  | Affected Line Item in the Consolidated Statement of Income
|  | Three months ended June 30, |  |  |
|  | 2023 |  |  | 2022 |  |  |
Realized loss on sale of investment securities |  | $ | — |  |  | $ | (15 | ) |  | Net (loss) gain on investment securities
Amortization of unrealized holding gain on investment securities transferred from available for sale to held to maturity |  |  | (16 | ) |  |  | (26 | ) |  | Interest income
|  |  | (16 | ) |  |  | (41 | ) |  | Total before tax
|  |  | 4 |  |  |  | 10 |  |  | Income tax expense
|  |  | (12 | ) |  |  | (31 | ) |  | Net of tax
Amortization of pension and post-retirement items: |  |  |  |  |  |  |  |
Prior service credit (1) |  |  | 123 |  |  |  | — |  |  | Salaries and employee benefits
Net actuarial losses (1) |  |  | (316 | ) |  |  | (64 | ) |  | Salaries and employee benefits
|  |  | (193 | ) |  |  | (64 | ) |  | Total before tax
|  |  | 49 |  |  |  | 17 |  |  | Income tax benefit
|  |  | (144 | ) |  |  | (47 | ) |  | Net of tax
Total reclassified for the period |  | $ | (156 | ) |  | $ | (78 | ) |  |
|  | Six months ended |  |  |
|  | June 30, |  |  |
|  | 2023 |  |  | 2022 |  |  |
Realized (loss) gain on sale of investment securities |  | $ | — |  |  | $ | (15 | ) |  | Net (loss) gain on investment securities
Amortization of unrealized holding gains on investment securities transferred from available for sale to held to maturity |  |  | (35 | ) |  |  | (57 | ) |  | Interest income
|  |  | (35 | ) |  |  | (72 | ) |  | Total before tax
|  |  | 9 |  |  |  | 18 |  |  | Income tax expense
|  |  | (26 | ) |  |  | (54 | ) |  | Net of tax
Amortization of pension and post-retirement items: |  |  |  |  |  |  |  |
Prior service credit (1) |  |  | 245 |  |  |  | — |  |  | Salaries and employee benefits
Net actuarial losses (1) |  |  | (632 | ) |  |  | (128 | ) |  | Salaries and employee benefits
|  |  | (387 | ) |  |  | (128 | ) |  | Total before tax
|  |  | 99 |  |  |  | 33 |  |  | Income tax benefit
|  |  | (288 | ) |  |  | (95 | ) |  | Net of tax
Total reclassified for the period |  | $ | (314 | ) |  | $ | (149 | ) |  |
(1) These items are included in the computation of net periodic pension expense. See Note 13 – Employee Benefit Plans for additional information.

X
- References No definition available. + Details
Name: | us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTaxAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information about items reclassified out of accumulated other comprehensive income (loss). + References No definition available. + Details
Name: | us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of accumulated other comprehensive income (loss). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 14A -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-14A Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 830 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481674/830-30-50-1 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 830 -SubTopic 30 -Name Accounting Standards Codification -Section 45 -Paragraph 20 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481694/830-30-45-20 + Details
Name: | us-gaap_ScheduleOfAccumulatedOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of components of comprehensive income (loss). Includes, but is not limited to, foreign currency translation adjustments, foreign currency transactions designated as economic hedges of a net investment in foreign entity, gain (loss) and prior service cost (credit) for pension plans and other postretirement benefit plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 1 -Section 45 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-1 + Details
Name: | us-gaap_ScheduleOfComprehensiveIncomeLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration