Accumulated Other Comprehensive Loss (Tables)

6 Months Ended

Jun. 30, 2023

Accumulated Other Comprehensive Loss [Abstract]

Schedule of Accumulated Other Comprehensive Loss

	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 (loss)/income 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 (loss)/income before reclassifications		(1,180)		985		—		(138)		123		—		(210)
Amounts reclassified from accumulated other comprehensive income		(37)		—		133		—		184		(1)		279
Balance - March 31, 2023	$	(2,928)	$	(15,395)	$	(5,570)	$	659	$	(16,296)	$	573	$	(38,957)
Other comprehensive income/(loss) before reclassifications		111		(1,654)		—		150		(42)		—		(1,435)
Amounts reclassified from accumulated other comprehensive loss		(40)		—		129		—		195		(2)		282
Balance - June 30, 2023	$	(2,857)	$	(17,049)	$	(5,441)	$	809	$	(16,143)	$	571	$	(40,110)

Components of Comprehensive Income

	Before		Tax
Components of Other Comprehensive Loss	Tax		(Expense)
(in thousands)	Amount		Benefit		Net
For the six months ended June 30, 2023
Available for sale (AFS) securities with OTTI:
Unrealized holding losses	$	(1,408)	$	339	$	(1,069)
Less: accretable yield recognized in income		101		(24)		77
Net unrealized losses on investments with OTTI		(1,509)		363		(1,146)
Available for sale securities – all other:
Unrealized holding losses		(881)		212		(669)
Held to maturity securities:
Unrealized holding losses on securities transferred to held to maturity		—		—		—
Less: amortization recognized in income		(345)		83		(262)
Net unrealized gains on HTM securities		345		(83)		262
Cash flow hedges:
Unrealized holding gains		16		(4)		12
Pension Plan:
Unrealized net actuarial gain		105		(24)		81
Less: amortization of unrecognized loss		(499)		120		(379)
Net pension plan liability adjustment		604		(144)		460
SERP:
Unrealized net actuarial loss		—		—		—
Less: amortization of unrecognized loss		4		(1)		3
Net SERP liability adjustment		(4)		1		(3)
Other comprehensive loss	$	(1,429)	$	345	$	(1,084)

	Before		Tax
Components of Other Comprehensive Loss	Tax		(Expense)
(in thousands)	Amount		Benefit		Net
For the six months ended June 30, 2022
Available for sale (AFS) securities with OTTI:
Unrealized holding gains	$	(654)	$	175	$	(479)
Less: accretable yield recognized in income		101		(27)		74
Net unrealized losses on investments with OTTI		(755)		202		(553)
Available for sale securities – all other:
Unrealized holding losses		(16,203)		4,336		(11,867)
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		(7,878)		2,109		(5,769)
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		(324)		87		(237)
Net unrealized losses on HTM securities		(8,004)		2,141		(5,863)
Cash flow hedges:
Unrealized holding gains		1,088		(292)		796
Pension Plan:
Unrealized net actuarial loss		(10,542)		2,822		(7,720)
Less: amortization of unrecognized loss		(558)		150		(408)
Net pension plan liability adjustment		(9,984)		2,672		(7,312)
SERP:
Unrealized net actuarial loss		—		—		—
Less: amortization of unrecognized loss		(135)		36		(99)
Less: amortization of prior service costs		—		—		—
Net SERP liability adjustment		135		(36)		99
Other comprehensive loss	$	(25,398)	$	6,796	$	(18,602)

Components of Other Comprehensive Loss (in thousands)	Before Tax Amount		Tax (Expense) Benefit		Net
For the three months ended June 30, 2023
Available for sale (AFS) securities with OTTI:
Unrealized holding losses	$	198	$	(87)	$	111
Less: accretable yield recognized in income		51		(11)		40
Net unrealized gains on investments with OTTI		147		(76)		71
Available for sale securities – all other:
Net unrealized losses on all other AFS securities		(2,221)		567		(1,654)
Held to maturity securities:
Unrealized holding gains		—		—		—
Less: amortization recognized in income		(164)		35		(129)
Net unrealized gains on HTM securities		164		(35)		129
Cash flow hedges:
Unrealized holding gains		204		(54)		150
Pension Plan:
Unrealized net actuarial loss		(63)		21		(42)
Less: amortization of unrecognized loss		(249)		54		(195)
Net pension plan liability adjustment		186		(33)		153
SERP:
Unrealized net actuarial loss		—		—		—
Less: amortization of unrecognized loss		2		—		2
Net SERP liability adjustment		(2)		—		(2)
Other comprehensive loss	$	(1,522)	$	369	$	(1,153)

Components of Other Comprehensive Loss (in thousands)	Before Tax Amount		Tax (Expense) Benefit		Net
For the three months ended June 30, 2022
Available for sale (AFS) securities with OTTI:
Unrealized holding gains	$	(795)	$	213	$	(582)
Less: accretable yield recognized in income		51		(14)		37
Net unrealized losses on investments with OTTI		(846)		227		(619)
Available for sale securities – all other:
Unrealized holding losses		(5,359)		1,435		(3,924)
Less: gains recognized in income		—		—		—
Net unrealized losses on all other AFS securities		(5,359)		1,435		(3,924)
Held to maturity securities:
Unrealized holding gains		—		—		—
Less: gains recognized in income		—		—		—
Less: amortization recognized in income		(230)		62		(168)
Net unrealized gains on HTM securities		230		(62)		168
Cash flow hedges:
Unrealized holding gains		249		(67)		182
Pension Plan:
Unrealized net actuarial loss		(6,922)		1,853		(5,069)
Less: amortization of unrecognized loss		(279)		75		(204)
Less: amortization of prior service costs		—		—		—
Net pension plan liability adjustment		(6,643)		1,778		(4,865)
SERP:
Unrealized net actuarial loss		—		—		—
Less: amortization of unrecognized loss		(67)		18		(49)
Less: amortization of prior service costs		—		—		—
Net SERP liability adjustment		67		(18)		49
Other comprehensive loss	$	(12,302)	$	3,293	$	(9,009)

Reclassification out of Accumulated Other Comprehensive Income

The following table presents the details of amounts reclassified from accumulated other comprehensive loss for the six and three month periods ended June 30, 2023 and 2022:

Amounts Reclassified from	Six Months Ended
Accumulated Other Comprehensive Loss	June 30,				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	$	101	$	101	Interest income on taxable investment securities
Taxes		(24)		(27)	Credit for income tax expense
	$	77	$	74	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	$	(345)	$	(324)	Interest income on taxable investment securities
Taxes		83		87	Provision for income tax expense
	$	(262)	$	(237)	Net of tax
Net pension plan liability adjustment:
Amortization of unrecognized loss	$	(499)	$	(558)	Other Expense
Taxes		120		150	Provision for income tax expense
	$	(379)	$	(408)	Net of tax
Net SERP liability adjustment:
Amortization of unrecognized gain/(loss)	$	4	$	(135)	Other Expense
Taxes		(1)		36	(Credit)/provision for income tax expense
	$	3	$	(99)	Net of tax
Total reclassifications for the period	$	(561)	$	(668)	Net of tax

Amounts Reclassified from	Three Months Ended
Accumulated Other Comprehensive Loss	June 30,				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	$	51	$	51	Interest income on taxable investment securities
Taxes		(11)		(14)	Provision for income tax expense
	$	40	$	37	Net of tax
Net unrealized losses on held to maturity securities:
Amortization	$	(164)	$	(230)	Interest income on taxable investment securities
Taxes		35		62	Provision for income tax expense
	$	(129)	$	(168)	Net of tax
Net pension plan liability adjustment:
Amortization of unrecognized loss	$	(249)	$	(279)	Other expense
Taxes		54		75	Provision for income tax expense
	$	(195)	$	(204)	Net of tax
Net SERP liability adjustment:
Amortization of unrecognized loss	$	2	$	(67)	Other expense
Taxes		—		18	Provision for income tax expense
	$	2	$	(49)	Net of tax
Total reclassifications for the period	$	(282)	$	(384)	Net of tax