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Accumulated Other Comprehensive Loss (Tables)
 9 Months Ended
Sep. 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 nine months ended September 30, 2024 and 2023 (in thousands):

 

 

 

Pre-tax
Amount

 

 

Tax
Effect

 

 

Net-of-tax
Amount

 

Three months ended September 30, 2024

 

 

 

 

 

 

 

 

 

Securities available for sale and transferred securities:

 

 

 

 

 

 

 

 

 

Change in unrealized loss during the period

 

$

34,176

 

 

$

8,756

 

 

$

25,420

 

Reclassification adjustment for net gains included in net income (1)

 

 

13

 

 

 

3

 

 

 

10

 

Total securities available for sale and transferred securities

 

 

34,189

 

 

 

8,759

 

 

 

25,430

 

Hedging derivative instruments:

 

 

 

 

 

 

 

 

 

Change in unrealized gain during the period

 

 

(2,488

)

 

 

(637

)

 

 

(1,851

)

Pension obligations:

 

 

 

 

 

 

 

 

 

Amortization of prior service credit included in income

 

 

(134

)

 

 

(34

)

 

 

(100

)

Amortization of net actuarial loss included in income

 

 

358

 

 

 

92

 

 

 

266

 

Total pension obligations

 

 

224

 

 

 

58

 

 

 

166

 

Other comprehensive income

 

$

31,925

 

 

$

8,180

 

 

$

23,745

 

Nine months ended September 30, 2024

 

 

 

 

 

 

 

 

 

Securities available for sale and transferred securities:

 

 

 

 

 

 

 

 

 

Change in unrealized loss during the period

 

$

25,228

 

 

$

6,463

 

 

$

18,765

 

Reclassification adjustment for net gains included in net income (1)

 

 

40

 

 

 

10

 

 

 

30

 

Total securities available for sale and transferred securities

 

 

25,268

 

 

 

6,473

 

 

 

18,795

 

Hedging derivative instruments:

 

 

 

 

 

 

 

 

 

Change in unrealized gain during the period

 

 

(1,856

)

 

 

(475

)

 

 

(1,381

)

Pension obligations:

 

 

 

 

 

 

 

 

 

Amortization of prior service credit included in income

 

 

(402

)

 

 

(103

)

 

 

(299

)

Amortization of net actuarial loss included in income

 

 

1,073

 

 

 

276

 

 

 

797

 

Total pension obligations

 

 

671

 

 

 

173

 

 

 

498

 

Other comprehensive loss

 

$

24,083

 

 

$

6,171

 

 

$

17,912

 

 

(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, 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 obligations

 

 

580

 

 

 

149

 

 

 

431

 

Other comprehensive income

 

$

(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.
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, 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 September 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

Balance at beginning of period

 

$

4,381

 

 

$

(118,541

)

 

$

(11,614

)

 

$

(125,774

)

Other comprehensive (loss) income before reclassifications

 

 

(1,851

)

 

 

25,420

 

 

 

—

 

 

 

23,569

 

Amounts reclassified from accumulated other comprehensive income

 

 

—

 

 

 

10

 

 

 

166

 

 

 

176

 

Net current period other comprehensive (loss) income

 

 

(1,851

)

 

 

25,430

 

 

 

166

 

 

 

23,745

 

Balance at end of period

 

$

2,530

 

 

$

(93,111

)

 

$

(11,448

)

 

$

(102,029

)

Nine months ended September 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

Balance at beginning of period

 

$

3,911

 

 

$

(111,906

)

 

$

(11,946

)

 

$

(119,941

)

Other comprehensive (loss) income before reclassifications

 

 

(1,381

)

 

 

18,765

 

 

 

—

 

 

 

17,384

 

Amounts reclassified from accumulated other comprehensive income

 

 

—

 

 

 

30

 

 

 

498

 

 

 

528

 

Net current period other comprehensive (loss) income

 

 

(1,381

)

 

 

18,795

 

 

 

498

 

 

 

17,912

 

Balance at end of period

 

$

2,530

 

 

$

(93,111

)

 

$

(11,448

)

 

$

(102,029

)

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

)
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 nine months ended September 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
September 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)

 

 

(358

)

 

 

(316

)

 

Salaries and employee benefits

 

 

(224

)

 

 

(193

)

 

Total before tax

 

 

58

 

 

 

50

 

 

Income tax benefit

 

 

(166

)

 

 

(143

)

 

Net of tax

Total reclassified for the period

 

$

(176

)

 

$

(155

)

 

 

 

 

Nine months ended

 

 

 

 

 

September 30,

 

 

 

 

 

2024

 

 

2023

 

 

 

Amortization of unrealized holding gains
   on investment securities transferred from
   available for sale to held to maturity

 

$

(40

)

 

$

(51

)

 

Interest income

 

 

(40

)

 

 

(51

)

 

Total before tax

 

 

10

 

 

 

13

 

 

Income tax expense

 

 

(30

)

 

 

(38

)

 

Net of tax

Amortization of pension and post-retirement items:

 

 

 

 

 

 

 

 

Prior service credit (1)

 

 

402

 

 

 

368

 

 

Salaries and employee benefits

Net actuarial losses (1)

 

 

(1,073

)

 

 

(948

)

 

Salaries and employee benefits

 

 

(671

)

 

 

(580

)

 

Total before tax

 

 

173

 

 

 

149

 

 

Income tax benefit

 

 

(498

)

 

 

(431

)

 

Net of tax

Total reclassified for the period

 

$

(528

)

 

$

(469

)

 

 

 

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