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Accumulated Other Comprehensive Loss (Tables)

6 Months Ended

Jun. 30, 2024

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

Components of Other Comprehensive (Loss) Income

The following tables present the components of other comprehensive (loss) income for the three and six months ended June 30, 2024 and 2023 (in thousands):

		Pre-tax Amount				Tax Effect				Net-of-tax Amount
Three months ended June 30, 2024
Securities available for sale and transferred securities:
Change in unrealized loss during the period		$	698			$	179			$	519
Reclassification adjustment for net gains included in net income (1)			13				3				10
Total securities available for sale and transferred securities			711				182				529
Hedging derivative instruments:
Change in unrealized gain during the period			(275	)			(70	)			(205	)
Pension obligations:
Amortization of prior service credit included in income			(134	)			(35	)			(99	)
Amortization of net actuarial loss included in income			357				92				265
Total pension obligations			223				57				166
Other comprehensive income		$	659			$	169			$	490
Six months ended June 30, 2024
Securities available for sale and transferred securities:
Change in unrealized loss during the period		$	(8,948	)		$	(2,293	)		$	(6,655	)
Reclassification adjustment for net gains included in net income (1)			27				7				20
Total securities available for sale and transferred securities			(8,921	)			(2,286	)			(6,635	)
Hedging derivative instruments:
Change in unrealized gain during the period			632				162				470
Pension obligations:
Amortization of prior service credit included in income			(268	)			(69	)			(199	)
Amortization of net actuarial loss included in income			715				184				531
Total pension obligations			447				115				332
Other comprehensive loss		$	(7,842	)		$	(2,009	)		$	(5,833	)

(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, 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 loss 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 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.

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, 2024 and 2023 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 June 30, 2024
Balance at beginning of period		$	4,586			$	(119,070	)		$	(11,780	)		$	(126,264	)
Other comprehensive income (loss) before reclassifications			(205	)			519				—				314
Amounts reclassified from accumulated other comprehensive income			—				10				166				176
Net current period other comprehensive income (loss)			(205	)			529				166				490
Balance at end of period		$	4,381			$	(118,541	)		$	(11,614	)		$	(125,774	)
Six months ended June 30, 2024
Balance at beginning of period		$	3,911			$	(111,906	)		$	(11,946	)		$	(119,941	)
Other comprehensive income (loss) before reclassifications			470				(6,655	)			—				(6,185	)
Amounts reclassified from accumulated other comprehensive income			—				20				332				352
Net current period other comprehensive income (loss)			470				(6,635	)			332				(5,833	)
Balance at end of period		$	4,381			$	(118,541	)		$	(11,614	)		$	(125,774	)
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	)

Amounts Reclassified Out of Each Component of Accumulated Other Comprehensive (Loss) Income

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, 2024 and 2023 (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 June 30,
		2024				2023
Amortization of unrealized holding gain on investment securities transferred from available for sale to held to maturity		$	(13	)		$	(16	)		Interest income
			(13	)			(16	)		Total before tax
			3				4			Income tax expense
			(10	)			(12	)		Net of tax
Amortization of pension and post-retirement items:
Prior service credit (1)			134				123			Salaries and employee benefits
Net actuarial losses (1)			(357	)			(316	)		Salaries and employee benefits
			(223	)			(193	)		Total before tax
			57				49			Income tax benefit
			(166	)			(144	)		Net of tax
Total reclassified for the period		$	(176	)		$	(156	)
		Six months ended
		June 30,
		2024				2023
Amortization of unrealized holding gains    on investment securities transferred from    available for sale to held to maturity		$	(27	)		$	(35	)		Interest income
			(27	)			(35	)		Total before tax
			7				9			Income tax expense
			(20	)			(26	)		Net of tax
Amortization of pension and post-retirement items:
Prior service credit (1)			268				245			Salaries and employee benefits
Net actuarial losses (1)			(715	)			(632	)		Salaries and employee benefits
			(447	)			(387	)		Total before tax
			115				99			Income tax benefit
			(332	)			(288	)		Net of tax
Total reclassified for the period		$	(352	)		$	(314	)

(1) These items are included in the computation of net periodic pension expense. See Note 12 – Employee Benefit Plans for additional information.

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Tabular disclosure of information about items reclassified out of accumulated other comprehensive income (loss).

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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

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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

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