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Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended
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Dec. 31, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] |
Components of Other Comprehensive Income (Loss) | The following table presents the components of other comprehensive income (loss) for the years ended December 31 (in thousands):
|  | Pre-tax Amount |  |  | Tax Effect |  |  | Net-of-tax Amount |
2023 |  |  |  |  |  |  |  |  |
Securities available for sale and transferred securities: |  |  |  |  |  |  |  |  |
Change in unrealized gain (loss) during the year |  | $ | 18,849 |  |  | $ | 4,829 |  |  | $ | 14,020 |
Reclassification adjustment for net gains included in net income (1) |  |  | 3,642 |  |  |  | 934 |  |  |  | 2,708 |
Total securities available for sale and transferred securities |  |  | 22,491 |  |  |  | 5,763 |  |  |  | 16,728 |
Hedging derivative instruments: |  |  |  |  |  |  |  |  |
Change in unrealized (loss) gain during the year |  |  | (1,108 | ) |  |  | (284 | ) |  |  | (824 | )
Pension and post-retirement obligations: |  |  |  |  |  |  |  |  |
Net actuarial (loss) gain arising during the year |  |  | (2,470 | ) |  |  | (633 | ) |  |  | (1,837 | )
Amortization of net actuarial loss and prior service cost included in income |  |  | 4,677 |  |  |  | 1,198 |  |  |  | 3,479 |
Total pension and post-retirement obligations |  |  | 2,207 |  |  |  | 565 |  |  |  | 1,642 |
Other comprehensive income |  | $ | 23,590 |  |  | $ | 6,044 |  |  | $ | 17,546 |
2022 |  |  |  |  |  |  |  |  |
Securities available for sale and transferred securities: |  |  |  |  |  |  |  |  |
Change in unrealized (loss) gain during the year |  | $ | (166,380 | ) |  | $ | (42,630 | ) |  | $ | (123,750 | )
Reclassification adjustment for net gains included in net income (1) |  |  | 117 |  |  |  | 30 |  |  |  | 87 |
Total securities available for sale and transferred securities |  |  | (166,263 | ) |  |  | (42,600 | ) |  |  | (123,663 | )
Hedging derivative instruments: |  |  |  |  |  |  |  |  |
Change in unrealized gain (loss) during the year |  |  | 4,807 |  |  |  | 1,232 |  |  |  | 3,575 |
Pension and post-retirement obligations: |  |  |  |  |  |  |  |  |
Net actuarial (loss) gain arising during the year |  |  | (5,932 | ) |  |  | (1,520 | ) |  |  | (4,412 | )
Amortization of net actuarial loss and prior service cost included in income |  |  | 296 |  |  |  | 76 |  |  |  | 220 |
Total pension and post-retirement obligations |  |  | (5,636 | ) |  |  | (1,444 | ) |  |  | (4,192 | )
Other comprehensive loss |  | $ | (167,092 | ) |  | $ | (42,812 | ) |  | $ | (124,280 | )
2021 |  |  |  |  |  |  |  |  |
Securities available for sale and transferred securities: |  |  |  |  |  |  |  |  |
Change in unrealized (loss) gain during the year |  | $ | (26,643 | ) |  | $ | (6,826 | ) |  | $ | (19,817 | )
Reclassification adjustment for net gains included in net income (1) |  |  | 139 |  |  |  | 36 |  |  |  | 103 |
Total securities available for sale and transferred securities |  |  | (26,504 | ) |  |  | (6,790 | ) |  |  | (19,714 | )
Hedging derivative instruments: |  |  |  |  |  |  |  |  |
Change in unrealized gain (loss) during the year |  |  | 1,984 |  |  |  | 508 |  |  |  | 1,476 |
Pension and post-retirement obligations: |  |  |  |  |  |  |  |  |
Net actuarial gain (loss) arising during the year |  |  | 3,162 |  |  |  | 810 |  |  |  | 2,352 |
Amortization of net actuarial loss and prior service cost included in income |  |  | 741 |  |  |  | 190 |  |  |  | 551 |
Total pension and post-retirement obligations |  |  | 3,903 |  |  |  | 1,000 |  |  |  | 2,903 |
Other comprehensive loss |  | $ | (20,617 | ) |  | $ | (5,282 | ) |  | $ | (15,335 | )
(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, 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) |
Balance at January 1, 2023 |  | $ | 4,735 |  |  | $ | (128,634 | ) |  | $ | (13,588 | ) |  | $ | (137,487 | )
Other comprehensive (loss) income before reclassifications |  |  | (824 | ) |  |  | 14,020 |  |  |  | (1,837 | ) |  |  | 11,359 |
Amounts reclassified from accumulated other comprehensive income (loss) |  |  | - |  |  |  | 2,708 |  |  |  | 3,479 |  |  |  | 6,187 |
Net current period other comprehensive (loss) income |  |  | (824 | ) |  |  | 16,728 |  |  |  | 1,642 |  |  |  | 17,546 |
Balance at December 31, 2023 |  | $ | 3,911 |  |  | $ | (111,906 | ) |  | $ | (11,946 | ) |  | $ | (119,941 | )
Balance at January 1, 2022 |  | $ | 1,160 |  |  | $ | (4,971 | ) |  | $ | (9,396 | ) |  | $ | (13,207 | )
Other comprehensive income (loss) before reclassifications |  |  | 3,575 |  |  |  | (123,750 | ) |  |  | (4,412 | ) |  |  | (124,587 | )
Amounts reclassified from accumulated other comprehensive income (loss) |  |  | - |  |  |  | 87 |  |  |  | 220 |  |  |  | 307 |
Net current period other comprehensive income (loss) |  |  | 3,575 |  |  |  | (123,663 | ) |  |  | (4,192 | ) |  |  | (124,280 | )
Balance at December 31, 2022 |  | $ | 4,735 |  |  | $ | (128,634 | ) |  | $ | (13,588 | ) |  | $ | (137,487 | )
Balance at January 1, 2021 |  | $ | (316 | ) |  | $ | 14,743 |  |  | $ | (12,299 | ) |  | $ | 2,128 |
Other comprehensive income (loss) before reclassifications |  |  | 1,476 |  |  |  | (19,817 | ) |  |  | 2,352 |  |  |  | (15,989 | )
Amounts reclassified from accumulated other comprehensive income (loss) |  |  | - |  |  |  | 103 |  |  |  | 551 |  |  |  | 654 |
Net current period other comprehensive income (loss) |  |  | 1,476 |  |  |  | (19,714 | ) |  |  | 2,903 |  |  |  | (15,335 | )
Balance at December 31, 2021 |  | $ | 1,160 |  |  | $ | (4,971 | ) |  | $ | (9,396 | ) |  | $ | (13,207 | )
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 income (loss) for the years ended December 31 (in thousands):
|  | Amount Reclassified from Accumulated Other Comprehensive (Loss) Income |  |  |
Details About Accumulated Other Comprehensive Income (Loss) Components |  | 2023 |  |  | 2022 |  |  | Affected Line Item in the Consolidated Statement of Income
Realized (loss) gain on sale of investment securities |  | $ | (3,576 | ) |  | $ | (15 | ) |  | Net gain on investment securities
Amortization of unrealized holding losses on investment securities transferred from available for sale to held to maturity |  |  | (66 | ) |  |  | (102 | ) |  | Interest income
|  |  | (3,642 | ) |  |  | (117 | ) |  | Total before tax
|  |  | 934 |  |  |  | 30 |  |  | Income tax benefit
|  |  | (2,708 | ) |  |  | (87 | ) |  | Net of tax
Amortization of pension and post-retirement items: |  |  |  |  |  |  |  |
Prior service credit (1) |  |  | (3,413 | ) |  |  | - |  |  | Salaries and employee benefits
Net actuarial losses (1) |  |  | (1,264 | ) |  |  | (296 | ) |  | Salaries and employee benefits
|  |  | (4,677 | ) |  |  | (296 | ) |  | Total before tax
|  |  | 1,198 |  |  |  | 76 |  |  | Income tax benefit
|  |  | (3,479 | ) |  |  | (220 | ) |  | Net of tax
Total reclassified for the period |  | $ | (6,187 | ) |  | $ | (307 | ) |  |
(1) These items are included in the computation of net periodic pension expense. See Note 20, Employee Benefit Plans, for additional information.

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