Accumulated Other Comprehensive Loss

12 Months Ended

Dec. 31, 2023

Accumulated Other Comprehensive Loss [Abstract]

Accumulated Other Comprehensive Loss

12. Accumulated Other Comprehensive Loss (“AOCL”)

The following table presents the changes in each component of accumulated other comprehensive loss for the years ended December 31, 2023 and 2022:

(in thousands)	Investment securities- with credit related impairment AFS		Investment securities- all other AFS		Investment securities- HTM		Cash Flow Hedge		Pension 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 (loss)/income before reclassifications		(622)		61		—		(228)		1,605		(1,802)		(986)
Amounts reclassified from accumulated   other comprehensive loss		(149)		3,102		502		—		735		(5)		4,185
Balance - December 31, 2023	$	(2,482)	$	(13,217)	$	(5,201)	$	569	$	(14,263)	$	(1,233)	$	(35,827)

The following tables present the components of other comprehensive (loss)/income for the years ended December 31, 2023 and 2022:

Components of Other Comprehensive Income (in thousands)	Before Tax Amount		Tax (Expense) Benefit		Net
For the year ended December 31, 2023
Available for sale (AFS) securities with credit-related impairment
Unrealized holding losses	$	(845)	$	223	$	(622)
Less: accretable yield recognized in income		202		(53)		149
Net unrealized losses on investments with credit-related impairment		(1,047)		276		(771)
Available for sale securities – all other:
Unrealized holding gains		83		(22)		61
Less: losses recognized in income		(4,214)		1,112		(3,102)
Net unrealized gains on all other AFS securities		4,297		(1,134)		3,163
Held to maturity securities:
Unrealized holding losses on securities transferred to held to maturity		—		—		—
Less: amortization recognized in income		(682)		180		(502)
Net unrealized gains on HTM securities		682		(180)		502
Cash flow hedges:
Unrealized holding losses		(310)		82		(228)
Net unrealized losses on cash flow hedges		(310)		82		(228)
Pension Plan:
Unrealized net actuarial gain		2,180		(575)		1,605
Less: amortization of unrecognized loss		(998)		263		(735)
Net pension plan liability adjustment		3,178		(838)		2,340
SERP:
Unrealized net actuarial loss		(2,448)		646		(1,802)
Less: amortization of unrecognized loss		7		(2)		5
Net SERP liability adjustment		(2,455)		648		(1,807)
Other comprehensive income	$	4,345	$	(1,146)	$	3,199

Components of Other Comprehensive Loss (in thousands)	Before Tax Amount		Tax (Expense) Benefit		Net
For the year ended December 31, 2022
Available for sale (AFS) securities with credit related impairment:
Unrealized holding losses	$	(835)	$	221	$	(614)
Less: accretable yield recognized in income		202		(54)		148
Net unrealized losses on investments with credit related impairment		(1,037)		275		(762)
Available for sale securities – all other:
Unrealized holding losses		(22,792)		6,043		(16,749)
Unrealized holding losses on securities transferred from available for sale to held to maturity		8,328		(2,208)		6,120
Less: gains recognized in income		3		(1)		2
Net unrealized losses on all other AFS securities		(14,467)		3,836		(10,631)
Held to maturity securities:
Unrealized holding losses on securities transferred to held to maturity		(8,328)		2,208		(6,120)
Less: gains recognized in income		91		(24)		67
Less: amortization recognized in income		(841)		223		(618)
Net unrealized losses on HTM securities		(7,578)		2,009		(5,569)
Cash flow hedges:
Unrealized holding gains		1,521		(405)		1,116
Net unrealized gains on cash flow hedges		1,521		(405)		1,116
Pension Plan:
Unrealized net actuarial gain		931		(247)		684
Less: amortization of unrecognized loss		(1,117)		296		(821)
Net pension plan liability adjustment		2,048		(543)		1,505
SERP:
Unrealized net actuarial gain		3,307		(877)		2,430
Less: amortization of unrecognized loss		(271)		72		(199)
Net SERP liability adjustment		3,578		(949)		2,629
Other comprehensive loss	$	(15,935)	$	4,223	$	(11,712)

The following tables present the details of accumulated other comprehensive loss components for the years ended December 31, 2023 and 2022:

Details of Accumulated Other Comprehensive Income Components	Amount Reclassified from Accumulated Other Comprehensive Loss		Affected Line Item in the Statement
(in thousands)	2023		Where Net Income is Presented
Net unrealized losses on investment securities with credit related impairment:
Accretable Yield	$	202	Interest income on taxable investment securities
Taxes		(53)	Provision for income tax expense
	$	149	Net of tax
Net unrealized losses on available for sale   investment securities - all other:
Loss on sales	$	(4,214)	Net gains
Taxes		1,112	Provision for income tax expense
	$	(3,102)	Net of tax
Net unrealized gains on held to maturity   investment securities:
Amortization	$	(682)	Interest income on taxable investment securities
Taxes		180	Provision for income tax expense
	$	(502)	Net of tax
Net pension plan liability adjustment:
Amortization of unrecognized loss	$	(998)	Other expense
Taxes		263	Provision for income tax expense
	$	(735)	Net of tax
Net SERP liability adjustment:
Amortization of unrecognized loss	$	7	Other expense
Taxes		(2)	Provision for income tax expense
	$	5	Net of tax
Total reclassifications for the period	$	(4,185)	Net of tax

Details of Accumulated Other Comprehensive Loss Components	Amount Reclassified from Accumulated Other Comprehensive Loss		Affected Line Item in the Statement
(in thousands)	2022		Where Net Income is Presented
Net unrealized losses on investment securities with credit related impairment:
Accretable Yield	$	202	Interest income on taxable investment securities
Taxes		(54)	Provision for income tax expense
	$	148	Net of tax
Net unrealized gains on available for sale   investment securities - all other:
Gains on sales	$	3	Net gains
Taxes		(1)	Provision for income tax expense
	$	2	Net of tax
Net unrealized gains on held to maturity   investment securities:
Amortization	$	(841)	Interest income on taxable investment securities
Gains recognized		91	Provision for income tax expense
Taxes		199	Net of tax
	$	(551)
Net pension plan liability adjustment:			Other expense
Amortization of unrecognized loss	$	(1,117)	Other expense
Taxes		296	Net of tax
	$	(821)
Net SERP liability adjustment:			Other expense
Amortization of unrecognized loss	$	(271)	Other expense
Taxes		72	Net of tax
	$	(199)	Net of tax
Total reclassifications for the period	$	(1,421)