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Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended
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Sep. 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 nine months ended September 30, 2023 and 2022 (in thousands):
|  | Pre-tax Amount |  |  | Tax Effect |  |  | Net-of-tax Amount |
Three months ended September 30, 2023 |  |  |  |  |  |  |  |  |
Securities available for sale and transferred securities: |  |  |  |  |  |  |  |  |
Change in unrealized loss during the period |  | $ | (36,914 | ) |  | $ | (9,457 | ) |  | $ | (27,457 | )
Reclassification adjustment for net gains included in net income (1) |  |  | 16 |  |  |  | 4 |  |  |  | 12 |
Total securities available for sale and transferred securities |  |  | (36,898 | ) |  |  | (9,453 | ) |  |  | (27,445 | )
Hedging derivative instruments: |  |  |  |  |  |  |  |  |
Change in unrealized gain during the period |  |  | 518 |  |  |  | 133 |  |  |  | 385 |
Pension obligations: |  |  |  |  |  |  |  |  |
Amortization of prior service credit included in income |  |  | (123 | ) |  |  | (31 | ) |  |  | (92 | )
Amortization of net actuarial loss included in income |  |  | 316 |  |  |  | 81 |  |  |  | 235 |
Total pension obligations |  |  | 193 |  |  |  | 50 |  |  |  | 143 |
Other comprehensive loss |  | $ | (36,187 | ) |  | $ | (9,270 | ) |  | $ | (26,917 | )
Nine months ended September 30, 2023 |  |  |  |  |  |  |  |  |
Securities available for sale and transferred securities: |  |  |  |  |  |  |  |  |
Change in unrealized loss during the period |  | $ | (34,279 | ) |  | $ | (8,782 | ) |  | $ | (25,497 | )
Reclassification adjustment for net gains included in net income (1) |  |  | 51 |  |  |  | 13 |  |  |  | 38 |
Total securities available for sale and transferred securities |  |  | (34,228 | ) |  |  | (8,769 | ) |  |  | (25,459 | )
Hedging derivative instruments: |  |  |  |  |  |  |  |  |
Change in unrealized gain during the period |  |  | 1,514 |  |  |  | 388 |  |  |  | 1,126 |
Pension obligations: |  |  |  |  |  |  |  |  |
Amortization of prior service credit included in income |  |  | (368 | ) |  |  | (94 | ) |  |  | (274 | )
Amortization of net actuarial loss included in income |  |  | 948 |  |  |  | 243 |  |  |  | 705 |
Total pension and post-retirement obligations |  |  | 580 |  |  |  | 149 |  |  |  | 431 |
Other comprehensive loss |  | $ | (32,134 | ) |  | $ | (8,232 | ) |  | $ | (23,902 | )
(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 September 30, 2022 |  |  |  |  |  |  |  |  |
Securities available for sale and transferred securities: |  |  |  |  |  |  |  |  |
Change in unrealized loss during the period |  | $ | (57,655 | ) |  | $ | (14,773 | ) |  | $ | (42,882 | )
Reclassification adjustment for net gains included in net income (1) |  |  | 23 |  |  |  | 7 |  |  |  | 16 |
Total securities available for sale and transferred securities |  |  | (57,632 | ) |  |  | (14,766 | ) |  |  | (42,866 | )
Hedging derivative instruments: |  |  |  |  |  |  |  |  |
Change in unrealized gain during the period |  |  | 1,829 |  |  |  | 469 |  |  |  | 1,360 |
Pension and post-retirement obligations: |  |  |  |  |  |  |  |  |
Amortization of prior service credit included in income |  |  | — |  |  |  | — |  |  |  | — |
Amortization of net actuarial loss included in income |  |  | 64 |  |  |  | 16 |  |  |  | 48 |
Total pension and post-retirement obligations |  |  | 64 |  |  |  | 16 |  |  |  | 48 |
Other comprehensive loss |  | $ | (55,739 | ) |  | $ | (14,281 | ) |  | $ | (41,458 | )
Nine months ended September 30, 2022 |  |  |  |  |  |  |  |  |
Securities available for sale and transferred securities: |  |  |  |  |  |  |  |  |
Change in unrealized loss during the period |  | $ | (177,638 | ) |  | $ | (45,514 | ) |  | $ | (132,124 | )
Reclassification adjustment for net gains included in net income (1) |  |  | 95 |  |  |  | 25 |  |  |  | 70 |
Total securities available for sale and transferred securities |  |  | (177,543 | ) |  |  | (45,489 | ) |  |  | (132,054 | )
Hedging derivative instruments: |  |  |  |  |  |  |  |  |
Change in unrealized gain during the period |  |  | 5,291 |  |  |  | 1,356 |  |  |  | 3,935 |
Pension and post-retirement obligations: |  |  |  |  |  |  |  |  |
Amortization of prior service credit included in income |  |  | — |  |  |  | — |  |  |  | — |
Amortization of net actuarial loss included in income |  |  | 192 |  |  |  | 49 |  |  |  | 143 |
Total pension and post-retirement obligations |  |  | 192 |  |  |  | 49 |  |  |  | 143 |
Other comprehensive loss |  | $ | (172,060 | ) |  | $ | (44,084 | ) |  | $ | (127,976 | )
(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 nine months ended September 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 (Loss) Income |
Three months ended September 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |
Balance at beginning of period |  | $ | 5,476 |  |  | $ | (126,648 | ) |  | $ | (13,300 | ) |  | $ | (134,472 | )
Other comprehensive income (loss) before reclassifications |  |  | 385 |  |  |  | (27,457 | ) |  |  | — |  |  |  | (27,072 | )
Amounts reclassified from accumulated other comprehensive income |  |  | — |  |  |  | 12 |  |  |  | 143 |  |  |  | 155 |
Net current period other comprehensive income (loss) |  |  | 385 |  |  |  | (27,445 | ) |  |  | 143 |  |  |  | (26,917 | )
Balance at end of period |  | $ | 5,861 |  |  | $ | (154,093 | ) |  | $ | (13,157 | ) |  | $ | (161,389 | )
Nine months ended September 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |
Balance at beginning of period |  | $ | 4,735 |  |  | $ | (128,634 | ) |  | $ | (13,588 | ) |  | $ | (137,487 | )
Other comprehensive income (loss) before reclassifications |  |  | 1,126 |  |  |  | (25,497 | ) |  |  | — |  |  |  | (24,371 | )
Amounts reclassified from accumulated other comprehensive income |  |  | — |  |  |  | 38 |  |  |  | 431 |  |  |  | 469 |
Net current period other comprehensive income (loss) |  |  | 1,126 |  |  |  | (25,459 | ) |  |  | 431 |  |  |  | (23,902 | )
Balance at end of period |  | $ | 5,861 |  |  | $ | (154,093 | ) |  | $ | (13,157 | ) |  | $ | (161,389 | )
Three months ended September 30, 2022 |  |  |  |  |  |  |  |  |  |  |  |
Balance at beginning of period |  | $ | 3,735 |  |  | $ | (94,159 | ) |  | $ | (9,301 | ) |  | $ | (99,725 | )
Other comprehensive income (loss) before reclassifications |  |  | 1,360 |  |  |  | (42,882 | ) |  |  | — |  |  |  | (41,522 | )
Amounts reclassified from accumulated other comprehensive income |  |  | — |  |  |  | 16 |  |  |  | 48 |  |  |  | 64 |
Net current period other comprehensive income (loss) |  |  | 1,360 |  |  |  | (42,866 | ) |  |  | 48 |  |  |  | (41,458 | )
Balance at end of period |  | $ | 5,095 |  |  | $ | (137,025 | ) |  | $ | (9,253 | ) |  | $ | (141,183 | )
Nine months ended September 30, 2022 |  |  |  |  |  |  |  |  |  |  |  |
Balance at beginning of period |  | $ | 1,160 |  |  | $ | (4,971 | ) |  | $ | (9,396 | ) |  | $ | (13,207 | )
Other comprehensive income (loss) before reclassifications |  |  | 3,935 |  |  |  | (132,124 | ) |  |  | — |  |  |  | (128,189 | )
Amounts reclassified from accumulated other comprehensive income |  |  | — |  |  |  | 70 |  |  |  | 143 |  |  |  | 213 |
Net current period other comprehensive income (loss) |  |  | 3,935 |  |  |  | (132,054 | ) |  |  | 143 |  |  |  | (127,976 | )
Balance at end of period |  | $ | 5,095 |  |  | $ | (137,025 | ) |  | $ | (9,253 | ) |  | $ | (141,183 | )
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 nine months ended September 30, 2023 and 2022 (in thousands):
Details About Accumulated Other Comprehensive (Loss) Income Components |  | Amount Reclassified from Accumulated Other Comprehensive (Loss) Income |  |  | Affected Line Item in the Consolidated Statement of Income
|  | Three months ended September 30, |  |  |
|  | 2023 |  |  | 2022 |  |  |
Realized loss on sale of investment securities |  | $ | — |  |  | $ | — |  |  | Net (loss) gain on investment securities
Amortization of unrealized holding gain on investment securities transferred from available for sale to held to maturity |  |  | (16 | ) |  |  | (23 | ) |  | Interest income
|  |  | (16 | ) |  |  | (23 | ) |  | Total before tax
|  |  | 4 |  |  |  | 7 |  |  | Income tax expense
|  |  | (12 | ) |  |  | (16 | ) |  | 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
|  |  | 50 |  |  |  | 16 |  |  | Income tax benefit
|  |  | (143 | ) |  |  | (48 | ) |  | Net of tax
Total reclassified for the period |  | $ | (155 | ) |  | $ | (64 | ) |  |
|  | Nine months ended |  |  |
|  | September 30, |  |  |
|  | 2023 |  |  | 2022 |  |  |
Realized loss 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 |  |  | (51 | ) |  |  | (80 | ) |  | Interest income
|  |  | (51 | ) |  |  | (95 | ) |  | Total before tax
|  |  | 13 |  |  |  | 25 |  |  | Income tax expense
|  |  | (38 | ) |  |  | (70 | ) |  | Net of tax
Amortization of pension and post-retirement items: |  |  |  |  |  |  |  |
Prior service credit (1) |  |  | 368 |  |  |  | — |  |  | Salaries and employee benefits
Net actuarial losses (1) |  |  | (948 | ) |  |  | (192 | ) |  | Salaries and employee benefits
|  |  | (580 | ) |  |  | (192 | ) |  | Total before tax
|  |  | 149 |  |  |  | 49 |  |  | Income tax benefit
|  |  | (431 | ) |  |  | (143 | ) |  | Net of tax
Total reclassified for the period |  | $ | (469 | ) |  | $ | (213 | ) |  |
(1) These items are included in the computation of net periodic pension expense. See Note 13 – Employee Benefit Plans for additional information.

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