Accumulated Other Comprehensive Loss

3 Months Ended

Mar. 31, 2024

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 three-month periods ended March 31, 2024 and 2023:

	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, 2024		(2,482)		(13,217)		(5,201)		569		(14,263)		(1,233)		(35,827)
Other comprehensive income/(loss) before reclassifications		155		(459)		—		54		1,096		—		846
Amounts reclassified from accumulated other comprehensive income		(37)		—		118		—		149		29		259
Balance - March 31, 2024	$	(2,364)	$	(13,676)	$	(5,083)	$	623	$	(13,018)	$	(1,204)	$	(34,722)
Balance - January 1, 2023	$	(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 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 for the three-month periods ended March 31, 2024 and 2023:

	Before		Tax
Components of Other Comprehensive Income	Tax		(Expense)
(in thousands)	Amount		Benefit		Net
For the three months ended March 31, 2024
Available for sale (AFS) securities with credit related impairment:
Unrealized holding gains	$	210	$	(55)	$	155
Less: accretable yield recognized in income		50		(13)		37
Net unrealized gains on investments with credit related impairment		160		(42)		118
Available for sale securities – all other:
Unrealized holding losses		(623)		164		(459)
Held to maturity securities:
Unrealized holding gains on securities transferred to held to maturity		—		—		—
Less: amortization recognized in income		(160)		42		(118)
Net unrealized gains on HTM securities		160		(42)		118
Cash flow hedges:
Unrealized holding gains		73		(19)		54
Pension Plan:
Unrealized net actuarial gain		1,489		(393)		1,096
Less: amortization of unrecognized loss		(203)		54		(149)
Net pension plan liability adjustment		1,692		(447)		1,245
SERP:
Unrealized net actuarial gain		—		—		—
Less: amortization of unrecognized loss		(39)		10		(29)
Net SERP liability adjustment		39		(10)		29
Other comprehensive income	$	1,501	$	(396)	$	1,105

	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 credit related impairment:
Unrealized holding losses	$	(1,606)	$	426	$	(1,180)
Less: accretable yield recognized in income		50		(13)		37
Net unrealized losses on investments with credit related impairment		(1,656)		439		(1,217)
Available for sale securities – all other:
Unrealized holding gains		1,340		(355)		985
Net unrealized gains on all other AFS securities		1,340		(355)		985
Held to maturity securities:
Unrealized holding gains 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 loss		(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 gain		—		—		—
Less: amortization of unrecognized gain		2		(1)		1
Net SERP liability adjustment		(2)		1		(1)
Other comprehensive income	$	93	$	(24)	$	69

The following table presents the details of amounts reclassified from accumulated other comprehensive income for the three-month periods ended March 31, 2024 and 2023:

Amounts Reclassified from	Three Months Ended
Accumulated Other Comprehensive Loss	March 31,				Affected Line Item in the Statement
(in thousands)	2024		2023		Where Net Income is Presented
Net unrealized gains on available for sale investment securities with credit related impairment:
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 losses on held to maturity securities:
Amortization	$	(160)	$	(181)	Interest income on taxable investment securities
Taxes		42		48	Provision for income tax expense
	$	(118)	$	(133)	Net of tax
Net pension plan liability adjustment:
Amortization of unrecognized loss	$	(203)	$	(250)	Other Expense
Taxes		54		66	Provision for income tax expense
	$	(149)	$	(184)	Net of tax
Net SERP liability adjustment:
Amortization of unrecognized (loss)/gain	$	(39)	$	2	Other Expense
Taxes		10		(1)	(Credit)/provision for income tax expense
	$	(29)	$	1	Net of tax
Total reclassifications for the period	$	(259)	$	(279)	Net of tax