Accumulated Other Comprehensive Income (Loss)

9 Months Ended

Sep. 30, 2023

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

Accumulated Other Comprehensive (Loss) Income

(11.) ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME

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.

(11.) ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME (Continued)


	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	)

(11.) ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME (Continued)

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	)

(11.) ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME (Continued)

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.