Accumulated Other Comprehensive Income (Loss)

3 Months Ended

Mar. 31, 2023

Comprehensive Income Net Of Tax [Abstract]

Accumulated Other Comprehensive Income (Loss)

Note 8. Accumulated Other Comprehensive Income (Loss)

The following table presents the components of other comprehensive income (loss) for the three months ended March 31, 2023, and March 31, 2022:

(dollars in thousands)	Before Tax			Tax Effect			Net of Tax
Three Months Ended March 31, 2023
Net Unrealized Gains (Losses) on Investment Securities:
Net Unrealized Gains (Losses) Arising During the Period	$	32,918		$	8,723		$	24,195
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)    that (Increase) Decrease Net Income:
Amortization of Unrealized Holding (Gains) Losses on Held-to-    Maturity Securities 1		6,913			1,832			5,081
Net Unrealized Gains (Losses) on Investment Securities		39,831			10,555			29,276
Defined Benefit Plans:
Amortization of Net Actuarial Losses (Gains)		175			47			128
Amortization of Prior Service Credit		(61	)		(17	)		(44	)
Defined Benefit Plans, Net		114			30			84
Other Comprehensive Income (Loss)	$	39,945		$	10,585		$	29,360
Three Months Ended March 31, 2022
Net Unrealized Gains (Losses) on Investment Securities:
Net Unrealized Gains (Losses) Arising During the Period	$	(245,147	)	$	(64,974	)	$	(180,173	)
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)    that (Increase) Decrease Net Income:
Amortization of Unrealized Holding (Gains) Losses on Held-to-    Maturity Securities 1		67			18			49
Net Unrealized Gains (Losses) on Investment Securities		(245,080	)		(64,956	)		(180,124	)
Defined Benefit Plans:
Amortization of Net Actuarial Losses (Gains)		542			143			399
Amortization of Prior Service Credit		(62	)		(16	)		(46	)
Defined Benefit Plans, Net		480			127			353
Other Comprehensive Income (Loss)	$	(244,600	)	$	(64,829	)	$	(179,771	)

1These amount relates 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.

The following table presents the changes in each component of accumulated other comprehensive income (loss), net of tax, for the three months ended March 31, 2023, and March 31, 2022:

(dollars in thousands)	Investment Securities- Available- for-Sale			Investment Securities- Held-to-Maturity			Defined Benefit Plans			Accumulated Other Comprehensive Income (Loss)
Three Months Ended March 31, 2023
Balance at Beginning of Period	$	(240,783	)	$	(168,797	)	$	(25,078	)	$	(434,658	)
Other Comprehensive Income (Loss) Before Reclassifications		24,195			—			—			24,195
Amounts Reclassified from Accumulated Other    Comprehensive Income (Loss)		—			5,081			84			5,165
Total Other Comprehensive Income (Loss)		24,195			5,081			84			29,360
Balance at End of Period	$	(216,588	)	$	(163,716	)	$	(24,994	)	$	(405,298	)
Three Months Ended March 31, 2022
Balance at Beginning of Period	$	(32,940	)	$	54		$	(33,496	)		(66,382	)
Other Comprehensive Income (Loss) Before Reclassifications		(180,173	)		—			—			(180,173	)
Amounts Reclassified from Accumulated Other    Comprehensive Income (Loss)		—			49			353			402
Total Other Comprehensive Income (Loss)		(180,173	)		49			353			(179,771	)
Balance at End of Period	$	(213,113	)	$	103		$	(33,143	)	$	(246,153	)

The following table presents the amounts reclassified out of each component of accumulated other comprehensive income (loss) for the three months ended March 31, 2023, and March 31, 2022:

Details about Accumulated Other Comprehensive Income (Loss) Components	Amount Reclassified from Accumulated Other Comprehensive Income (Loss)1						Affected Line Item in the Statement Where Net Income Is Presented
	Three Months Ended March 31,
(dollars in thousands)	2023			2022
Amortization of Unrealized Holding Gains (Losses) on    Investment Securities Held-to-Maturity	$	(6,913	)	$	(67	)	Interest Income
		1,832			18		Provision for Income Tax
		(5,081	)		(49	)	Net of Tax
Amortization of Defined Benefit Plan Items
Prior Service Credit 2		61			62
Net Actuarial Losses 2		(175	)		(542	)
		(114	)		(480	)	Total Before Tax
		30			127		Provision for Income Tax
		(84	)		(353	)	Net of Tax
Total Reclassifications for the Period	$	(5,165	)	$	(402	)	Net of Tax

1.Amounts in parentheses indicate reductions to net income.

2.These accumulated other comprehensive income (loss) components are included in the computation of net periodic benefit cost and are included in other noninterest expense on the consolidated statements of income.