Other Comprehensive Income (Loss)

3 Months Ended

Mar. 31, 2024

The following table presents the activity in other comprehensive income (loss):


Three months ended March 31,	2024			2023
(Dollars in thousands)	Pre-tax Amounts	Income Tax Benefit (Expense)	Net of Tax	Pre-tax Amounts	Income Tax Expense	Net of Tax
Available for Sale Debt Securities:
Change in fair value of available for sale debt securities	($14,748)	$3,760	($10,988)	$17,365	($4,167)	$13,198



Cash Flow Hedges:
Change in fair value of cash flow hedges	2,656	(677)	1,979	1,046	(251)	795
Net cash flow hedge losses reclassified into earnings (1)	1,645	(419)	1,226	2,636	(634)	2,002
Net change in fair value of cash flow hedges	4,301	(1,096)	3,205	3,682	(885)	2,797
Defined Benefit Plan Obligations:

Amortization of net actuarial losses (2)	31	(8)	23	59	(14)	45


Total other comprehensive (loss) income	($10,416)	$2,656	($7,760)	$21,106	($5,066)	$16,040

(1)For the three months ended March 31, 2024 and 2023, the pre-tax amounts reclassified into earnings in the Unaudited Consolidated Statements of Income included reductions of $2.1 million and $2.8 million, respectively, in interest and fees on loans, as well as reductions of $493 thousand and $127 thousand, respectively, in FHLB interest expense.

(2)The pre-tax amounts are included in other expenses in the Unaudited Consolidated Statements of Income.

The following tables present the changes in AOCL by component, net of tax:


(Dollars in thousands)	Net Unrealized Losses on Available For Sale Debt Securities	Net Unrealized Losses on Cash Flow Hedges	Net Unrealized Losses on Defined Benefit Plan Obligations	Total
For the three months ended March 31, 2024
Balance at December 31, 2023	($116,591)	($15,619)	($8,943)	($141,153)
Other comprehensive (loss) income before reclassifications	(10,988)	1,979	—	(9,009)
Amounts reclassified from AOCL	—	1,226	23	1,249
Net other comprehensive (loss) income	(10,988)	3,205	23	(7,760)
Balance at March 31, 2024	($127,579)	($12,414)	($8,920)	($148,913)


(Dollars in thousands)	Net Unrealized Losses on Available For Sale Debt Securities	Net Unrealized Losses on Cash Flow Hedges	Net Unrealized Losses on Defined Benefit Plan Obligations	Total
For the three months ended March 31, 2023
Balance at December 31, 2022	($131,033)	($22,645)	($4,122)	($157,800)
Other comprehensive income before reclassifications	13,198	795	—	13,993
Amounts reclassified from AOCL	—	2,002	45	2,047
Net other comprehensive income	13,198	2,797	45	16,040
Balance at March 31, 2023	($117,835)	($19,848)	($4,077)	($141,760)