Other Comprehensive Income (Loss)

6 Months Ended

Jun. 30, 2024

The following tables present the activity in other comprehensive income (loss):


Three months ended June 30,	2024			2023
(Dollars in thousands)	Pre-tax Amounts	Income Tax Expense	Net of Tax	Pre-tax Amounts	Income Tax Benefit (Expense)	Net of Tax
Available for Sale Debt Securities:
Change in fair value of available for sale debt securities	$1,006	($257)	$749	($12,929)	$3,102	($9,827)



Cash Flow Hedges:
Change in fair value of cash flow hedges	802	(213)	589	1,696	(407)	1,289
Net cash flow hedge losses reclassified into earnings (1)	1,645	(419)	1,226	1,875	(449)	1,426
Net change in fair value of cash flow hedges	2,447	(632)	1,815	3,571	(856)	2,715
Defined Benefit Plan Obligations:

Amortization of net actuarial losses (2)	30	(7)	23	60	(15)	45


Total other comprehensive income (loss)	$3,483	($896)	$2,587	($9,298)	$2,231	($7,067)

(1)The pre-tax amounts reclassified into earnings in the Unaudited Consolidated Statements of Income included reductions of $2.1 million included in interest and fees on loans for both the three months ended June 30, 2024 and 2023, as well as reductions of $495 thousand and $264 thousand, respectively, included in FHLB interest expense.

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



Six months ended June 30,	2024			2023
(Dollars in thousands)	Pre-tax Amounts	Income Tax Benefit (Expense)	Net of Tax	Pre-tax Amounts	Income Tax Expense	Net of Tax
Securities available for sale:
Change in fair value of available for sale debt securities	($13,742)	$3,503	($10,239)	$4,436	($1,065)	$3,371



Cash flow hedges:
Change in fair value of cash flow hedges	3,458	(890)	2,568	2,742	(658)	2,084
Net cash flow hedge losses reclassified into earnings (1)	3,291	(839)	2,452	4,510	(1,082)	3,428
Net change in fair value of cash flow hedges	6,749	(1,729)	5,020	7,252	(1,740)	5,512
Defined benefit plan obligations:

Amortization of net actuarial losses (2)	61	(15)	46	119	(29)	90


Total other comprehensive (loss) income	($6,932)	$1,759	($5,173)	$11,807	($2,834)	$8,973

(1)For the six months ended June 30, 2024 and 2023, the pre-tax amounts reclassified into earnings in the Unaudited Consolidated Statements of Income included reductions of $4.3 million and $4.9 million, respectively, included in interest and fees on loans, as well as reductions of $988 thousand and $391 thousand, respectively, included 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 June 30, 2024
Balance at March 31, 2024	($127,579)	($12,414)	($8,920)	($148,913)
Other comprehensive income before reclassifications	749	589	—	1,338
Amounts reclassified from AOCL	—	1,226	23	1,249
Net other comprehensive income	749	1,815	23	2,587
Balance at June 30, 2024	($126,830)	($10,599)	($8,897)	($146,326)



(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 six months ended June 30, 2024
Balance at December 31, 2023	($116,591)	($15,619)	($8,943)	($141,153)
Other comprehensive (loss) income before reclassifications	(10,239)	2,568	—	(7,671)
Amounts reclassified from AOCL	—	2,452	46	2,498
Net other comprehensive (loss) income	(10,239)	5,020	46	(5,173)
Balance at June 30, 2024	($126,830)	($10,599)	($8,897)	($146,326)


(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 June 30, 2023
Balance at March 31, 2023	($117,835)	($19,848)	($4,077)	($141,760)
Other comprehensive (loss) income before reclassifications	(9,827)	1,289	—	(8,538)
Amounts reclassified from AOCL	—	1,426	45	1,471
Net other comprehensive (loss) income	(9,827)	2,715	45	(7,067)
Balance at June 30, 2023	($127,662)	($17,133)	($4,032)	($148,827)



(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 six months ended June 30, 2023
Balance at December 31, 2022	($131,033)	($22,645)	($4,122)	($157,800)
Other comprehensive income before reclassifications	3,371	2,084	—	5,455
Amounts reclassified from AOCL	—	3,428	90	3,518
Net other comprehensive income	3,371	5,512	90	8,973
Balance at June 30, 2023	($127,662)	($17,133)	($4,032)	($148,827)