| Accumulated Other Comprehensive Income (Loss) |
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 |
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