Accumulated Other Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2023

Accumulated Other Comprehensive Income (Loss)

The following table presents changes in accumulated other comprehensive income (loss) by component, net of tax, for the years ending December 31, 2023, December 31, 2022, and December 31, 2021 (in thousands):


	December 31, 2023
	Gains and Losses on Cash Flow Hedges		Unrealized Gains and Losses on Available-for-Sale Securities		Defined Benefit Pension Items		Accumulated Other Comprehensive Income
Beginning Balance	$	(1,589)	$	(130,875)	$	(7,031)	$	(139,495)
Net unrealized gains (losses)	(283)		32,718		—		32,435
Less: net realized (gains) losses reclassified to earnings	1,382		898		—		2,280
Net change in pension plan benefits	—		—		1,286		1,286
Ending Balance	$	(490)	$	(97,259)	$	(5,745)	$	(103,494)

	December 31, 2022
	Gains and Losses on Cash Flow Hedges		Unrealized Gains and Losses on Available-for-Sale Securities		Defined Benefit Pension Items		Accumulated Other Comprehensive Income
Beginning Balance	$	—	$	12,975	$	(6,020)	$	6,955
Net unrealized gains (losses)	(1,721)		(144,209)		—		(145,930)
Less: net realized (gains) losses reclassified to earnings	132		359		—		491
Net change in pension plan benefits	—		—		(1,011)		(1,011)
Ending Balance	$	(1,589)	$	(130,875)	$	(7,031)	$	(139,495)

	December 31, 2021
	Gains and Losses on Cash Flow Hedges		Unrealized Gains and Losses on Available-for-Sale Securities		Defined Benefit Pension Items		Accumulated Other Comprehensive Income
Beginning Balance	$	—	$	28,905	$	(6,325)	$	22,580
Net unrealized gains (losses)	—		(15,933)		—		(15,933)
Less: net realized (gains) losses reclassified to earnings	—		3		—		3
Net change in pension plan benefits	—		—		305		305
Ending Balance	$	—	$	12,975	$	(6,020)	$	6,955

The following table presents amounts reclassified out of each component of accumulated other comprehensive income (loss) for the years ending December 31, 2023, December 31, 2022, and December 31, 2021 (in thousands).


Details about Accumulated Other Comprehensive Income Components	Amount Reclassified From Accumulated Other Comprehensive Income						Affected Line Item in the Statements of Income
	2023		2022		2021
Cash flow hedges:
Interest rate contracts	$	(1,749)	$	(167)	$	—	Interest income
Tax effect	367		35		—		Income tax expense (benefit)
Net of Tax	$	(1,382)	$	(132)	$	—

Available-for-sale securities:
Realized gains (losses) on securities	$	(112)	$	(454)	$	(4)	Net gains/(losses) on securities
Realized gains (losses) on basis adjustment for fair value hedges	(1,025)		—		—		Interest income
Tax effect	239		95		1		Income tax expense (benefit)
Net of Tax	$	(898)	$	(359)	$	(3)

Defined benefit pension plan:
Amortization of actuarial gain / (loss)	$	(1,628)	$	1,280	$	(386)	Pension and other employee benefits
Tax effect	342		(269)		81		Income tax expense (benefit)
Net of Tax	$	(1,286)	$	1,011	$	(305)

Total reclassifications, net of tax	$	(3,566)	$	520	$	(308)	Net income

Note: The Defined benefit pension plan items are included in the computation of net periodic pension cost. See Note 9 — Defined Benefit Pension Plan, for additional information.