Accumulated Other Comprehensive Loss

9 Months Ended

Sep. 30, 2022

Accumulated Other Comprehensive Loss [Abstract]

Accumulated Other Comprehensive Loss

Note 7 – Accumulated Other Comprehensive Loss

The following table presents the changes in each component of accumulated other comprehensive loss for the 12 months ended December 31, 2021 and the three month periods ended March 31, 2022,  June 30, 2022 and September 30, 2022:

	Investment		Investment
	securities-		securities-		Investment
	with OTTI		all other		securities-		Cash Flow		Pension
(in thousands)	AFS		AFS		HTM		Hedge		Plan		SERP		Total
Accumulated OCL, net:
Balance - January 1, 2021	$	(3,277)	$	(25)	$	(315)	$	(954)	$	(22,630)	$	(1,662)	$	(28,863)
Other comprehensive income/(loss) before reclassifications		2,475		(5,611)		—		635		3,431		(521)		409
Amounts reclassified from accumulated other comprehensive loss		(147)		(113)		181		—		1,091		128		1,140
Balance - December 31, 2021	$	(949)	$	(5,749)	$	(134)	$	(319)	$	(18,108)	$	(2,055)	$	(27,314)
Other comprehensive income/(loss) before reclassifications		103		(1,843)		(6,100)		614		(2,651)		—		(9,877)
Amounts reclassified from accumulated other comprehensive loss		(37)		(2)		69		—		204		50		284
Balance - March 31, 2022	$	(883)	$	(7,594)	$	(6,165)	$	295	$	(20,555)	$	(2,005)	$	(36,907)
Other comprehensive income/(loss) before reclassifications		(582)		(3,924)		—		182		(5,069)		—		(9,393)
Amounts reclassified from accumulated other comprehensive loss		(37)		—		168		—		204		49		384
Balance - June 30, 2022	$	(1,502)	$	(11,518)	$	(5,997)	$	477	$	(25,420)	$	(1,956)	$	(45,916)
Other comprehensive   income/(loss) before   reclassifications		(146)		(4,957)		—		392		(2,592)		—		(7,303)
Amounts reclassified from   accumulated other   comprehensive loss		(37)		—		167		—		205		50		385
Balance - September 30, 2022	$	(1,685)	$	(16,475)	$	(5,830)	$	869	$	(27,807)	$	(1,906)	$	(52,834)

The following tables present the components of other comprehensive income/(loss) for the nine and three month periods ended September 30, 2022 and 2021:

	Before		Tax
Components of Other Comprehensive Loss	Tax		(Expense)
(in thousands)	Amount		Benefit		Net
For the nine months ended September 30, 2022
Available for sale (AFS) securities with OTTI:
Unrealized holding losses	$	(853)	$	228	$	(625)
Less: accretable yield recognized in income		152		(41)		111
Net unrealized losses on investments with OTTI		(1,005)		269		(736)
Available for sale securities – all other:
Unrealized holding losses		(22,971)		6,147		(16,824)
Unrealized holding losses on securities transferred from available for sale to held to maturity		8,328		(2,228)		6,100
Less: gains recognized in income		3		(1)		2
Net unrealized losses on all other AFS securities		(14,646)		3,920		(10,726)
Held to maturity securities:
Unrealized holding losses on securities transferred to held to maturity		(8,328)		2,228		(6,100)
Less: gains recognized in income		93		(25)		68
Less: amortization recognized in income		(644)		172		(472)
Net unrealized losses on HTM securities		(7,777)		2,081		(5,696)
Cash flow hedges:
Unrealized holding gains		1,622		(434)		1,188
Pension Plan:
Unrealized net actuarial loss		(14,079)		3,767		(10,312)
Less: amortization of unrecognized loss		(837)		224		(613)
Net pension plan liability adjustment		(13,242)		3,543		(9,699)
SERP:
Unrealized net actuarial loss		—		—		—
Less: amortization of unrecognized loss		(203)		54		(149)
Net SERP liability adjustment		203		(54)		149
Other comprehensive loss	$	(34,845)	$	9,325	$	(25,520)

	Before		Tax
Components of Other Comprehensive Income	Tax		(Expense)
(in thousands)	Amount		Benefit		Net
For the nine months ended September 30, 2021
Available for sale (AFS) securities with OTTI:
Unrealized holding gains	$	3,274	$	(877)	$	2,397
Less: accretable yield recognized in income		151		(40)		111
Net unrealized gains on investments with OTTI		3,123		(837)		2,286
Available for sale securities – all other:
Unrealized holding losses		(5,035)		1,349		(3,686)
Less: gains recognized in income		154		(41)		113
Net unrealized losses on all other AFS securities		(5,189)		1,390		(3,799)
Held to maturity securities:
Unrealized holding gains		—		—		—
Less: gains recognized in income		(54)		14		(40)
Less: amortization recognized in income		(96)		26		(70)
Net unrealized gains on HTM securities		150		(40)		110
Cash flow hedges:
Unrealized holding gains		615		(165)		450
Pension Plan:
Unrealized net actuarial gain		139		(37)		102
Less: amortization of unrecognized loss		(1,116)		299		(817)
Net pension plan liability adjustment		1,255		(336)		919
SERP:
Unrealized net actuarial loss		—		—		—
Less: amortization of unrecognized loss		(226)		60		(166)
Less: amortization of prior service costs		1		—		1
Net SERP liability adjustment		225		(60)		165
Other comprehensive income	$	179	$	(48)	$	131

Components of Other Comprehensive Loss (in thousands)	Before Tax Amount		Tax (Expense) Benefit		Net
For the three months ended September 30, 2022
Available for sale (AFS) securities with OTTI:
Unrealized holding losses	$	(199)	$	53	$	(146)
Less: accretable yield recognized in income		51		(14)		37
Net unrealized losses on investments with OTTI		(250)		67		(183)
Available for sale securities – all other:
Unrealized holding losses		(6,768)		1,811		(4,957)
Less: gains recognized in income		—		—		—
Net unrealized losses on all other AFS securities		(6,768)		1,811		(4,957)
Held to maturity securities:
Unrealized holding gains		—		—		—
Less: gains recognized in income		93		(25)		68
Less: amortization recognized in income		(320)		85		(235)
Net unrealized gains on HTM securities		227		(60)		167
Cash flow hedges:
Unrealized holding gains		534		(142)		392
Pension Plan:
Unrealized net actuarial loss		(3,537)		945		(2,592)
Less: amortization of unrecognized loss		(279)		74		(205)
Net pension plan liability adjustment		(3,258)		871		(2,387)
SERP:
Unrealized net actuarial loss		—		—		—
Less: amortization of unrecognized loss		(68)		18		(50)
Net SERP liability adjustment		68		(18)		50
Other comprehensive loss	$	(9,447)	$	2,529	$	(6,918)

Components of Other Comprehensive Loss (in thousands)	Before Tax Amount		Tax (Expense) Benefit		Net
For the three months ended September 30, 2021
Available for sale (AFS) securities with OTTI:
Unrealized holding gains	$	751	$	(201)	$	550
Less: accretable yield recognized in income		50		(13)		37
Net unrealized gains on investments with OTTI		701		(188)		513
Available for sale securities – all other:
Unrealized holding losses		(708)		190		(518)
Less: gains recognized in income		—		—		—
Net unrealized losses on all other AFS securities		(708)		190		(518)
Held to maturity securities:
Unrealized holding gains		—		—		—
Less: gains recognized in income		(54)		14		(40)
Less: amortization recognized in income		12		(3)		9
Net unrealized gains on HTM securities		42		(11)		31
Cash flow hedges:
Unrealized holding gains		108		(29)		79
Pension Plan:
Unrealized net actuarial loss		(951)		254		(697)
Less: amortization of unrecognized loss		(372)		99		(273)
Less: amortization of prior service costs		—		—		—
Net pension plan liability adjustment		(579)		155		(424)
SERP:
Unrealized net actuarial loss		—		—		—
Less: amortization of unrecognized loss		(76)		20		(56)
Less: amortization of prior service costs		1		—		1
Net SERP liability adjustment		75		(20)		55
Other comprehensive loss	$	(361)	$	97	$	(264)

The following table presents the details of amounts reclassified from accumulated other comprehensive loss for the nine and three month periods ended September 30, 2022 and 2021:

Amounts Reclassified from	Nine Months Ended
Accumulated Other Comprehensive Loss	September 30,				Affected Line Item in the Statement
(in thousands)	2022		2021		Where Net Income is Presented
Net unrealized gains on available for sale investment securities with OTTI:
Accretable yield	$	152	$	151	Interest income on taxable investment securities
Taxes		(41)		(40)	Provision for income tax expense
	$	111	$	111	Net of tax
Net unrealized gains on available for sale investment securities - all others:
Gains recognized	$	3	$	154	Net gains
Taxes		(1)		(41)	Provision for income tax expense
	$	2	$	113	Net of tax
Net unrealized losses on held to maturity securities:
Amortization	$	(644)	$	(96)	Interest income on taxable investment securities
Gains/(losses) recognized		93		(54)	Net gains/(losses)
Taxes		147		40	Provision for income tax expense
	$	(404)	$	(110)	Net of tax
Net pension plan liability adjustment:
Amortization of unrecognized loss	$	(837)	$	(1,116)	Other Expense
Taxes		224		299	Provision for income tax expense
	$	(613)	$	(817)	Net of tax
Net SERP liability adjustment:
Amortization of unrecognized loss	$	(203)	$	(226)	Other Expense
Amortization of prior service costs		—		1	Salaries and employee benefits
Taxes		54		60	Provision for income tax expense
	$	(149)	$	(165)	Net of tax
Total reclassifications for the period	$	(1,053)	$	(868)	Net of tax

Amounts Reclassified from	Three Months Ended
Accumulated Other Comprehensive Loss	September 30,				Affected Line Item in the Statement
(in thousands)	2022		2021		Where Net Income is Presented
Net unrealized gains on available for sale investment securities with OTTI:
Accretable Yield	$	51	$	50	Interest income on taxable investment securities
Taxes		(14)		(13)	Provision for income tax expense
	$	37	$	37	Net of tax
Net unrealized losses on held to maturity securities:
Amortization	$	(320)	$	12	Interest income on taxable investment securities
Gains/(losses) recognized		93		(54)	Net gains/(losses)
Taxes		60		11	Provision for income tax expense
	$	(167)	$	(31)	Net of tax
Net pension plan liability adjustment:
Amortization of unrecognized loss	$	(279)	$	(372)	Other expense
Amortization of prior service costs		—		—	Salaries and employee benefits
Taxes		74		99	Provision for income tax expense
	$	(205)	$	(273)	Net of tax
Net SERP liability adjustment:
Amortization of unrecognized loss	$	(68)	$	(76)	Other expense
Amortization of prior service costs		—		1	Salaries and employee benefits
Taxes		18		20	Provision for income tax expense
	$	(50)	$	(55)	Net of tax
Total reclassifications for the period	$	(385)	$	(322)	Net of tax