XML 16 R5.htm IDEA: XBRL DOCUMENT v3.24.3
Condensed Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Before Tax Amount        
Income (loss) before tax amount $ 23,388 $ 21,269 $ 71,536 $ 68,286
Net unrealized gains (losses) on available-for-sale investment securities, before tax amount        
Net unrealized holding gains (losses) arising during the period 11,791 (12,622) 8,950 (10,411)
Reversal of provision for credit losses (139) 0 (89) 397
Less: reclassification adjustment for net gains on sales realized in net income (18) 0 (18) 0
Other comprehensive income (loss), securities, available-for-sale, adjustment, before tax 11,634 (12,622) 8,843 (10,014)
Net unrealized gains (losses) on interest rate swaps used in cash flow hedges, before tax amount        
Net unrealized holding gains (losses) arising during the period 3,098 (2,541) (1,979) (6,716)
Less: reclassification adjustment for net losses realized in net income 575 1,558 3,747 3,989
Reclassification adjustment included in earnings [1] 370   370  
Total net unrealized gains (losses) on interest rate swaps used in cash flow hedges 4,043 (983) 2,138 (2,727)
Defined benefit pension plans, Before Tax Amount        
Amortization of net actuarial loss included in net periodic pension costs [2] 147 247 441 739
Total defined benefit pension plans 147 247 441 739
Other comprehensive income (loss), before tax amount 15,824 (13,358) 11,422 (12,002)
Total comprehensive income (loss), before tax amount 39,212 7,911 82,958 56,284
Tax Expense (Benefit)        
Income tax expense 4,810 4,253 14,546 13,436
Net unrealized gains (losses) on interest rate swaps used in cash flow hedges, before tax expense (benefit)        
Net unrealized holding gains (losses) arising during the period 2,476 (2,651) 1,880 (2,186)
(Reversal of provision) provision for credit losses (29) 0 (19) 83
Less: reclassification adjustment for net gains on sales realized in net income (4) 0 (4) 0
Total net unrealized gains (losses) on available-for-sale investment securities 2,443 (2,651) 1,857 (2,103)
Net unrealized gains (losses) on interest rate swaps used in cash flow hedges, tax expense (benefit)        
Net unrealized holding gains (losses) arising during the period 650 (534) (416) (1,411)
Less: reclassification adjustment for net losses realized in net income 121 327 787 838
Reclassification adjustment recorded in earnings [1] 78   78  
Total net unrealized gains (losses) on interest rate swaps used in cash flow hedges 849 (207) 449 (573)
Defined benefit pension plans, tax expense (benefit)        
Amortization of net actuarial loss included in net periodic pension costs [2] 31 52 93 156
Other comprehensive (income) loss, defined benefit plan, after reclassification adjustment, tax 31 52 93 156
Other comprehensive income (loss), tax expense (benefit) 3,323 (2,806) 2,399 (2,520)
Total comprehensive income (loss), tax expense (benefit) 8,133 1,447 16,945 10,916
Net of Tax Amount        
Net income 18,578 17,016 56,990 54,850
Net unrealized gains (losses) on available-for-sale investment securities, net of tax amount        
Net unrealized holding gains (losses) arising during the period 9,315 (9,971) 7,070 (8,225)
Recovery of provision for credit losses, after tax (110) 0 (70) 314
Less: reclassification adjustment for net gains on sales realized in net income (14) 0 (14) 0
Other comprehensive income (loss), securities, available-for-sale, adjustment, after tax 9,191 (9,971) 6,986 (7,911)
Net unrealized gains (losses) on interest rate swaps used in cash flow hedges, net of tax amount        
Net unrealized holding gains (losses) arising during the period 2,448 (2,007) (1,563) (5,305)
Less: reclassification adjustment for net losses realized in net income 454 1,231 2,960 3,151
Reclassification adjustment recorded in earnings [1] 292   292  
Total net unrealized gains (losses) on interest rate swaps used in cash flow hedges 3,194 (776) 1,689 (2,154)
Defined benefit pension plans, net of tax amount        
Amortization of net actuarial loss included in net periodic pension costs [2] 116 195 348 583
Other comprehensive (income) loss, defined benefit plan, after reclassification adjustment, after tax 116 195 348 583
Other comprehensive income (loss), net of tax amount 12,501 (10,552) 9,023 (9,482)
Total comprehensive income (loss), net of tax amount $ 31,079 $ 6,464 $ 66,013 $ 45,368
[1]
(1) Represents reclassification to earnings as a reduction to interest income of amounts included in accumulated other comprehensive income on the condensed consolidated balance sheet related to the interest rate swap terminated on August 2, 2024.
[2]
(2) These accumulated other comprehensive loss components are included in the computation of net periodic pension cost (before tax amount). See Note 8, "Retirement Plans and Other Postretirement Benefits" for additional details.