Accumulated Other Comprehensive Loss

3 Months Ended

Mar. 31, 2023

Accumulated Other Comprehensive Loss [Abstract]

Accumulated Other Comprehensive Loss

Note 8 – 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, 2022 and the three month period ended March 31, 2023:

	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, 2022	$	(949)	$	(5,749)	$	(134)	$	(319)	$	(18,108)	$	(2,055)	$	(27,314)
Other comprehensive income/(loss) before reclassifications		(614)		(10,629)		(6,120)		1,116		684		2,430		(13,133)
Amounts reclassified from accumulated other comprehensive loss		(148)		(2)		551		—		821		199		1,421
Balance - December 31, 2022	$	(1,711)	$	(16,380)	$	(5,703)	$	797	$	(16,603)	$	574	$	(39,026)
Other comprehensive income/(loss) before reclassifications		(1,180)		985		—		(138)		123		—		(210)
Amounts reclassified from accumulated other comprehensive loss		(37)		—		133		—		184		(1)		279
Balance - March 31, 2023	$	(2,928)	$	(15,395)	$	(5,570)	$	659	$	(16,296)	$	573	$	(38,957)

The following tables present the components of other comprehensive income/(loss) for the three month period ended March 31, 2023 and 2022:

	Before		Tax
Components of Other Comprehensive Income	Tax		(Expense)
(in thousands)	Amount		Benefit		Net
For the three months ended March 31, 2023
Available for sale (AFS) securities with OTTI:
Unrealized holding losses	$	(1,606)	$	426	$	(1,180)
Less: accretable yield recognized in income		50		(13)		37
Net unrealized losses on investments with OTTI		(1,656)		439		(1,217)
Available for sale securities – all other:
Unrealized holding gains		1,340		(355)		985
Held to maturity securities:
Unrealized holding losses on securities transferred to held to maturity		—		—		—
Less: amortization recognized in income		(181)		48		(133)
Net unrealized gains on HTM securities		181		(48)		133
Cash flow hedges:
Unrealized holding losses		(188)		50		(138)
Pension Plan:
Unrealized net actuarial gain		168		(45)		123
Less: amortization of unrecognized loss		(250)		66		(184)
Net pension plan liability adjustment		418		(111)		307
SERP:
Unrealized net actuarial loss		—		—		—
Less: amortization of unrecognized gain		2		(1)		1
Net SERP liability adjustment		(2)		1		(1)
Other comprehensive income	$	93	$	(24)	$	69

	Before		Tax
Components of Other Comprehensive Loss	Tax		(Expense)
(in thousands)	Amount		Benefit		Net
For the three months ended March 31, 2022
Available for sale (AFS) securities with OTTI:
Unrealized holding gains	$	141	$	(38)	$	103
Less: accretable yield recognized in income		50		(13)		37
Net unrealized gains on investments with OTTI		91		(25)		66
Available for sale securities – all other:
Unrealized holding losses		(10,844)		2,901		(7,943)
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		(2,519)		674		(1,845)
Held to maturity securities:
Unrealized holding losses on securities transferred to held to maturity		(8,328)		2,228		(6,100)
Less: amortization recognized in income		(94)		25		(69)
Net unrealized loss on HTM securities		(8,234)		2,203		(6,031)
Cash flow hedges:
Unrealized holding gains		839		(225)		614
Pension Plan:
Unrealized net actuarial loss		(3,620)		969		(2,651)
Less: amortization of unrecognized loss		(279)		75		(204)
Net pension plan liability adjustment		(3,341)		894		(2,447)
SERP:
Less: amortization of unrecognized loss		(68)		18		(50)
Less: amortization of prior service costs		—		—		—
Net SERP liability adjustment		68		(18)		50
Other comprehensive loss	$	(13,096)	$	3,503	$	(9,593)

The following table presents the details of amounts reclassified from accumulated other comprehensive loss for the three month period ended March 31, 2023 and 2022:

Amounts Reclassified from	Three Months Ended
Accumulated Other Comprehensive Loss	March 31,				Affected Line Item in the Statement
(in thousands)	2023		2022		Where Net Income is Presented
Net unrealized gains on available for sale investment securities with OTTI:
Accretable yield	$	50	$	50	Interest income on taxable investment securities
Taxes		(13)		(13)	Credit for income tax expense
	$	37	$	37	Net of tax
Net unrealized gains on available for sale investment securities - all others:
Gains recognized	$	—	$	3	Net gains
Taxes		—		(1)	Provision for income tax expense
	$	—	$	2	Net of tax
Net unrealized losses on held to maturity securities:
Amortization	$	(181)	$	(94)	Interest income on taxable investment securities
Taxes		48		25	Provision for income tax expense
	$	(133)	$	(69)	Net of tax
Net pension plan liability adjustment:
Amortization of unrecognized loss	$	(250)	$	(279)	Other Expense
Taxes		66		75	Provision for income tax expense
	$	(184)	$	(204)	Net of tax
Net SERP liability adjustment:
Amortization of unrecognized gain/(loss)	$	2	$	(68)	Other Expense
Taxes		(1)		18	(Credit)/provision for income tax expense
	$	1	$	(50)	Net of tax
Total reclassifications for the period	$	(279)	$	(284)	Net of tax