Accumulated Other Comprehensive Income (Loss) (Tables)

3 Months Ended

Mar. 31, 2023

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Components of Other Comprehensive Income (Loss)

The following table presents the components of other comprehensive income (loss) for the three months ended March 31, 2023 and 2022 (in thousands):

	Pre-tax Amount			Tax Effect			Net-of-tax Amount
March 31, 2023
Securities available for sale and transferred securities:
Change in unrealized gain during the period	$	14,278		$	3,658		$	10,620
Reclassification adjustment for net gains included in net income (1)		19			5			14
Total securities available for sale and transferred securities		14,297			3,663			10,634
Hedging derivative instruments:
Change in unrealized loss during the period		(891	)		(228	)		(663	)
Pension obligations:
Amortization of prior service credit included in income		(122	)		(31	)		(91	)
Amortization of net actuarial loss included in income		316			81			235
Total pension obligations		194			50			144
Other comprehensive income	$	13,600		$	3,485		$	10,115

	Pre-tax Amount			Tax Effect			Net-of-tax Amount
March 31, 2022
Securities available for sale and transferred securities:
Change in unrealized loss during the period	$	(75,017	)	$	(19,221	)	$	(55,796	)
Reclassification adjustment for net gains included in net income (1)		31			8			23
Total securities available for sale and transferred securities		(74,986	)		(19,213	)		(55,773	)
Hedging derivative instruments:
Change in unrealized gain during the period		2,471			633			1,838
Pension and post-retirement obligations:
Amortization of prior service credit included in income		—			—			—
Amortization of net actuarial loss included in income		64			16			48
Total pension and post-retirement obligations		64			16			48
Other comprehensive loss	$	(72,451	)	$	(18,564	)	$	(53,887	)

(1) Includes amounts related to the amortization/accretion of unrealized net gains and losses related to the Company’s reclassification of available for sale investment securities to the held to maturity category. The unrealized net gains/losses will be amortized/accreted over the remaining life of the investment securities as an adjustment of yield.

Components of Accumulated Other Comprehensive Income (Loss)

Activity in accumulated other comprehensive income (loss), net of tax, for the three months ended March 31, 2023 and 2022 was as follows (in thousands):

	Hedging Derivative Instruments			Securities Available for Sale and Transferred Securities			Pension and Post- retirement Obligations			Accumulated Other Comprehensive Income (Loss)
March 31, 2023
Balance at beginning of period	$	4,735		$	(128,634	)	$	(13,588	)	$	(137,487	)
Other comprehensive (loss) income before reclassifications		(663	)		10,620			—			9,957
Amounts reclassified from accumulated other comprehensive income		—			14			144			158
Net current period other comprehensive (loss) income		(663	)		10,634			144			10,115
Balance at end of period	$	4,072		$	(118,000	)	$	(13,444	)	$	(127,372	)
March 31, 2022
Balance at beginning of period	$	1,160		$	(4,971	)	$	(9,396	)	$	(13,207	)
Other comprehensive income (loss) before reclassifications		1,838			(55,796	)		—			(53,958	)
Amounts reclassified from accumulated other comprehensive income		—			23			48			71
Net current period other comprehensive income (loss)		1,838			(55,773	)		48			(53,887	)
Balance at end of period	$	2,998		$	(60,744	)	$	(9,348	)	$	(67,094	)

Amounts Reclassified Out of Each Component of Accumulated Other Comprehensive Income (Loss)

The following table presents the amounts reclassified out of each component of accumulated other comprehensive (loss) income for the three months ended March 31, 2023 and 2022 (in thousands):

Details About Accumulated Other Comprehensive Income (Loss) Components	Amount Reclassified from Accumulated Other Comprehensive Income (Loss)						Affected Line Item in the Consolidated Statement of Income
	Three months ended March 31,
	2023			2022
Realized loss on sale of investment securities	$	—		$	—		Net (loss) gain on investment securities
Amortization of unrealized holding gain on investment securities transferred from available for sale to held to maturity		(19	)		(31	)	Interest income
		(19	)		(31	)	Total before tax
		5			8		Income tax expense
		(14	)		(23	)	Net of tax
Amortization of pension and post-retirement items:
Prior service credit (1)		122			—		Salaries and employee benefits
Net actuarial losses (1)		(316	)		(64	)	Salaries and employee benefits
		(194	)		(64	)	Total before tax
		50			16		Income tax benefit
		(144	)		(48	)	Net of tax
Total reclassified for the period	$	(158	)	$	(71	)

(1) These items are included in the computation of net periodic pension expense. See Note 13. Employee Benefit Plans, for additional information.