Comprehensive Income (Loss) (Tables)

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Components of Other Comprehensive Income (Loss) and Related Tax Effects

The components of other comprehensive income (loss) and related tax effects are as follows:

	Three months ended March 31,
(in thousands)	2024		2023
Unrealized holding gains (losses) on available for sale securities before reclassifications	$	(15,899)	$	34,540
Amounts reclassified out of AOCI:
Realized loss on debt securities	—		164
Unrealized holding gains (losses) on available for sale securities after reclassifications	(15,899)		34,704
Tax effect	4,701		(10,260)
Unrealized holding gains (losses) on available for sale securities, net of tax	(11,198)		24,444
Change in unfunded status of the supplemental retirement plans before reclassifications	459		114
Amounts reclassified out of AOCI:
Amortization of prior service cost	—		—
Amortization of actuarial losses	(459)		(114)
Total amounts reclassified out of accumulated other comprehensive loss	(459)		(114)
Change in unfunded status of the supplemental retirement plans after reclassifications	—		—
Tax effect	—		—
Change in unfunded status of the supplemental retirement plans, net of tax	—		—
Change in joint beneficiary agreement liability before reclassifications	—		—
Tax effect	—		—
Change in joint beneficiary agreement liability before reclassifications, net of tax	—		—
Total other comprehensive income (loss)	$	(11,198)	$	24,444

Components of Accumulated Other Comprehensive Loss

The components of accumulated other comprehensive loss, included in shareholders’ equity, are as follows:

(in thousands)	March 31, 2024		December 31, 2023
Net unrealized loss on available for sale securities	$	(247,720)	$	(231,821)
Tax effect	73,235		68,534
Unrealized holding loss on available for sale securities, net of tax	(174,485)		(163,287)
Unfunded status of the supplemental retirement plans	13,527		13,527
Tax effect	(3,999)		(3,999)
Unfunded status of the supplemental retirement plans, net of tax	9,528		9,528
Joint beneficiary agreement liability	590		590
Tax effect	—		—
Joint beneficiary agreement liability, net of tax	590		590
Accumulated other comprehensive loss	$	(164,367)	$	(153,169)