Accumulated Other Comprehensive Loss

12 Months Ended

Dec. 31, 2023

Accumulated Other Comprehensive Loss

Accumulated Other Comprehensive Loss

19. Accumulated Other Comprehensive Loss:

The components of accumulated other comprehensive loss included in stockholders’ equity at December 31, 2023 and 2022 are as follows:

(Dollars in thousands)		December 31, 2023		December 31, 2022
Net unrealized loss on investment securities available for sale	$	(51,527)	$	(66,250)
Income tax benefit		(11,270)		(14,266)
Net of income taxes		(40,257)		(51,984)
Benefit plan adjustments		(4,370)		(5,499)
Income tax benefit		(956)		(1,184)
Net of income taxes		(3,414)		(4,315)
Derivative adjustments		(871)		(47)
Income tax benefit		(191)		(10)
Net of income taxes		(680)		(37)
Accumulated other comprehensive loss	$	(44,351)	$	(56,336)

Other comprehensive income (loss) and related tax effects for the years ended December 31, 2023, 2022 and 2021 are as follows:

(Dollars in thousands)	2023		2022		2021
Unrealized gain (loss) on investment securities available for sale	$	14,804	$	(66,435)	$	(11,487)
Net (gain) loss on the sale of investment securities available for sale (1)		(81)		1,976
Other comprehensive income (loss) on available for sale debt securities		14,723		(64,459)		(11,487)
Benefit plans:
Amortization of actuarial loss (2)		194		198		301
Actuarial gain		935		172		1,808
Net change in benefit plan liabilities		1,129		370		2,109
Net change in derivatives		(824)		(728)		(322)
Other comprehensive income (loss) before taxes		15,028		(64,817)		(9,700)
Income tax expense (benefit)		3,043		(13,995)		(2,037)
Other comprehensive income (loss)	$	11,985	$	(50,822)	$	(7,663)

(1) Represents amounts reclassified out of accumulated comprehensive income (loss) and included in gains on sale of investment securities on the consolidated statements of income and comprehensive income.

(2) Represents amounts reclassified out of accumulated comprehensive income (loss) and included in the computation of net periodic pension expense. Refer to Note 15 included in these consolidated financial statements.