Accumulated Other Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2023

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

Accumulated Other Comprehensive (Loss) Income

(16.) ACCUMULATED 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.

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

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	)

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.