Accumulated Other Comprehensive Loss (Tables)

9 Months Ended

Sep. 30, 2023

Accumulated Other Comprehensive Loss [Abstract]

Schedule of Accumulated Other Comprehensive Loss

	Investment
	securities-
	with credit		Investment
	related		securities-		Investment
	impairment		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)
Other comprehensive   income/(loss) before   reclassifications		475		(3,201)		—		11		(1,033)		—		(3,748)
Amounts reclassified from   accumulated other   comprehensive loss		(38)		—		130		—		194		(1)		285
Balance - September 30, 2023	$	(2,420)	$	(20,250)	$	(5,311)	$	820	$	(16,982)	$	570	$	(43,573)

Components of Comprehensive Income

	Before		Tax
Components of Other Comprehensive Loss	Tax		(Expense)
(in thousands)	Amount		Benefit		Net
For the nine months ended September 30, 2023
Available for sale (AFS) securities with credit related impairment:
Unrealized holding losses	$	(777)	$	183	$	(594)
Less: accretable yield recognized in income		152		(37)		115
Net unrealized losses on investments with credit related impairment		(929)		220		(709)
Available for sale securities – all other:
Unrealized holding losses		(5,065)		1,195		(3,870)
Held to maturity securities:
Unrealized holding losses on securities transferred to held to maturity		—		—		—
Less: amortization recognized in income		(513)		121		(392)
Net unrealized gains on HTM securities		513		(121)		392
Cash flow hedges:
Unrealized holding gains		30		(7)		23
Pension Plan:
Unrealized net actuarial gain		(1,250)		298		(952)
Less: amortization of unrecognized loss		(750)		177		(573)
Net pension plan liability adjustment		(500)		121		(379)
SERP:
Unrealized net actuarial loss		—		—		—
Less: amortization of unrecognized loss		6		(2)		4
Net SERP liability adjustment		(6)		2		(4)
Other comprehensive loss	$	(5,957)	$	1,410	$	(4,547)

	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 credit related impairment:
Unrealized holding gains	$	(853)	$	228	$	(625)
Less: accretable yield recognized in income		152		(41)		111
Net unrealized losses on investments with credit related impairment		(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)
Less: amortization of prior service costs		—		—		—
Net SERP liability adjustment		203		(54)		149
Other comprehensive loss	$	(34,845)	$	9,325	$	(25,520)

Components of Other Comprehensive Loss (in thousands)	Before Tax Amount		Tax (Expense) Benefit		Net
For the three months ended September 30, 2023
Available for sale (AFS) securities with credit related impairment:
Unrealized holding gains	$	633	$	(158)	$	475
Less: accretable yield recognized in income		51		(13)		38
Net unrealized gains on investments with credit related impairment		582		(145)		437
Available for sale securities – all other:
Net unrealized losses on all other AFS securities		(4,183)		982		(3,201)
Held to maturity securities:
Unrealized holding gains		—		—		—
Less: amortization recognized in income		(167)		37		(130)
Net unrealized gains on HTM securities		167		(37)		130
Cash flow hedges:
Unrealized holding gains		14		(3)		11
Pension Plan:
Unrealized net actuarial loss		(1,352)		319		(1,033)
Less: amortization of unrecognized loss		(251)		57		(194)
Net pension plan liability adjustment		(1,101)		262		(839)
SERP:
Unrealized net actuarial loss		—		—		—
Less: amortization of unrecognized loss		2		(1)		1
Net SERP liability adjustment		(2)		1		(1)
Other comprehensive loss	$	(4,523)	$	1,060	$	(3,463)

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 credit related impairment:
Unrealized holding gains	$	(199)	$	53	$	(146)
Less: accretable yield recognized in income		51		(14)		37
Net unrealized losses on investments with credit related impairment		(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)
Less: amortization of prior service costs		—		—		—
Net pension plan liability adjustment		(3,258)		871		(2,387)
SERP:
Unrealized net actuarial loss		—		—		—
Less: amortization of unrecognized loss		(68)		18		(50)
Less: amortization of prior service costs		—		—		—
Net SERP liability adjustment		68		(18)		50
Other comprehensive loss	$	(9,447)	$	2,529	$	(6,918)

Reclassification out of Accumulated Other Comprehensive Income

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

Amounts Reclassified from	Nine Months Ended
Accumulated Other Comprehensive Loss	September 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	$	152	$	152	Interest income on taxable investment securities
Taxes		(37)		(41)	Credit for income tax expense
	$	115	$	111	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	$	(513)	$	(644)	Interest income on taxable investment securities
Gains/(losses) recognized		—		93	Net gains/(losses)
Taxes		121		147	Provision for income tax expense
	$	(392)	$	(404)	Net of tax
Net pension plan liability adjustment:
Amortization of unrecognized loss	$	(750)	$	(837)	Other Expense
Taxes		177		224	Provision for income tax expense
	$	(573)	$	(613)	Net of tax
Net SERP liability adjustment:
Amortization of unrecognized gain/(loss)	$	6	$	(203)	Other Expense
Taxes		(2)		54	(Credit)/provision for income tax expense
	$	4	$	(149)	Net of tax
Total reclassifications for the period	$	(846)	$	(1,053)	Net of tax

Amounts Reclassified from	Three Months Ended
Accumulated Other Comprehensive Loss	September 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		(12)		(14)	Provision for income tax expense
	$	39	$	37	Net of tax
Net unrealized losses on held to maturity securities:
Amortization	$	(167)	$	(320)	Interest income on taxable investment securities
Gains/(losses) recognized		—		93	Net gains/(losses)
Taxes		38		60	Provision for income tax expense
	$	(129)	$	(167)	Net of tax
Net pension plan liability adjustment:
Amortization of unrecognized loss	$	(251)	$	(279)	Other expense
Taxes		57		74	Provision for income tax expense
	$	(194)	$	(205)	Net of tax
Net SERP liability adjustment:
Amortization of unrecognized loss	$	2	$	(68)	Other expense
Taxes		(1)		18	Provision for income tax expense
	$	1	$	(50)	Net of tax
Total reclassifications for the period	$	(283)	$	(385)	Net of tax