ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

9 Months Ended

Sep. 30, 2022

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

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

14. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

The following tables present the components of other comprehensive loss for the three and nine months ended September 30, 2022 and 2021, by component:

(dollars in thousands)	Before Tax		Tax Effect		Net of Tax
Three Months Ended September 30, 2022
Net change in fair value of investment securities:
Net unrealized losses on AFS investment securities arising during the period	$	(37,854)	$	(10,122)	$	(27,732)
Less: Amortization of unrealized losses on investment securities transferred to HTM	2,319		620		1,699
Net change in fair value of investment securities	(35,535)		(9,502)		(26,033)
Net change in fair value of derivatives:
Net unrealized gains arising during the period	4,360		1,166		3,194
Net change in fair value of derivatives	4,360		1,166		3,194
SERPs:
Amortization of net actuarial loss	20		5		15
Amortization of net transition obligation	5		2		3
SERPs	25		7		18
Other comprehensive loss	$	(31,150)	$	(8,329)	$	(22,821)

(dollars in thousands)	Before Tax		Tax Effect		Net of Tax
Three Months Ended September 30, 2021
Net change in fair value of investment securities:
Net unrealized losses on AFS investment securities arising during the period	$	(9,254)	$	(2,475)	$	(6,779)
Less: Reclassification adjustments from AOCI realized in net income	(100)		(27)		(73)
Net change in fair value of investment securities	(9,354)		(2,502)		(6,852)
Defined benefit retirement plan and SERPs:
Amortization of net actuarial loss	259		70		189
Amortization of net transition obligation	5		1		4
Defined benefit retirement plan and SERPs	264		71		193
Other comprehensive loss	$	(9,090)	$	(2,431)	$	(6,659)

(dollars in thousands)	Before Tax		Tax Effect		Net of Tax
Nine Months Ended September 30, 2022
Net change in fair value of investment securities:
Net unrealized losses on AFS investment securities arising during the period	$	(207,930)	$	(55,598)	$	(152,332)
Less: Amortization of unrealized losses on investment securities transferred to HTM	4,295		1,148		3,147
Net change in fair value of investment securities	(203,635)		(54,450)		(149,185)
Net change in fair value of derivatives:
Net unrealized gains arising during the period	7,240		1,936		5,304
Net change in fair value of derivatives	7,240		1,936		5,304
Defined benefit retirement plan and SERPs:
Net actuarial losses arising during the period	(952)		(255)		(697)
Amortization of net actuarial loss	284		76		208
Amortization of net transition obligation	14		4		10
Settlement	4,884		1,817		3,067
Defined benefit retirement plan and SERPs	4,230		1,642		2,588
Other comprehensive loss	$	(192,165)	$	(50,872)	$	(141,293)

(dollars in thousands)	Before Tax		Tax Effect		Net of Tax
Nine Months Ended September 30, 2021
Net change in fair value of investment securities:
Net unrealized losses on AFS investment securities arising during the period	$	(30,466)	$	(8,150)	$	(22,316)
Less: Reclassification adjustments from AOCI realized in net income	(150)		(40)		(110)
Net change in fair value of investment securities	(30,616)		(8,190)		(22,426)
Defined benefit retirement plan and SERPs:
Amortization of net actuarial loss	777		222		555
Amortization of net transition obligation	14		4		10
Defined benefit retirement plan and SERPs	791		226		565
Other comprehensive loss	$	(29,825)	$	(7,964)	$	(21,861)

The following tables present the changes in each component of AOCI, net of tax, for the three and nine months ended September 30, 2022 and 2021:

(dollars in thousands)	Investment Securities		Derivatives		SERPs [1]		AOCI
Three Months Ended September 30, 2022
Balance at beginning of period	$	(126,818)	$	2,110	$	(1,724)	$	(126,432)
Other comprehensive (loss) income before reclassifications	(27,732)		3,194		—		(24,538)
Reclassification adjustments from AOCI	1,699		—		18		1,717
Total other comprehensive (loss) income	(26,033)		3,194		18		(22,821)
Balance at end of period	$	(152,851)	$	5,304	$	(1,706)	$	(149,253)

(dollars in thousands)	Investment Securities		Derivatives		Defined Benefit Retirement Plan and SERPs [1]		AOCI
Three Months Ended September 30, 2021
Balance at beginning of period	$	11,077	$	—	$	(6,151)	$	4,926
Other comprehensive loss before reclassifications	(6,779)		—		—		(6,779)
Reclassification adjustments from AOCI	(73)		—		193		120
Total other comprehensive (loss) income	(6,852)		—		193		(6,659)
Balance at end of period	$	4,225	$	—	$	(5,958)	$	(1,733)

(dollars in thousands)	Investment Securities		Derivatives		Defined Benefit Retirement Plan and SERPs [1]		AOCI
Nine Months Ended September 30, 2022
Balance at beginning of period	$	(3,666)	$	—	$	(4,294)	$	(7,960)
Other comprehensive (loss) income before reclassifications	(152,332)		5,304		(697)		(147,725)
Reclassification adjustments from AOCI	3,147		—		3,285		6,432
Total other comprehensive (loss) income	(149,185)		5,304		2,588		(141,293)
Balance at end of period	$	(152,851)	$	5,304	$	(1,706)	$	(149,253)

(dollars in thousands)	Investment Securities		Derivatives		Defined Benefit Retirement Plan and SERPs [1]		AOCI
Nine Months Ended September 30, 2021
Balance at beginning of period	$	26,651	$	—	$	(6,523)	$	20,128
Other comprehensive loss before reclassifications	(22,316)				—		(22,316)
Reclassification adjustments from AOCI	(110)				565		455
Total other comprehensive (loss) income	(22,426)		—		565		(21,861)
Balance at end of period	$	4,225	$	—	$	(5,958)	$	(1,733)
[1] During the second quarter of 2022, the Company settled all obligations related to its defined benefit retirement plan. As a result, the AOCI balance in the defined benefit retirement plan and SERPs column as of September 30, 2022 relates entirely to the SERPs.

The following table presents the amounts reclassified out of each component of AOCI for the three and nine months ended September 30, 2022 and 2021:

	Amount Reclassified from AOCI				Affected Line Item in the Statement Where Net Income is Presented
Details about AOCI Components	Three months ended September 30,
(dollars in thousands)	2022		2021
Sale of available-for-sale investment securities:
Realized gain on sales of available-for-sale investment securities	$	—	$	100	Net gain on sales of investment securities
Tax effect	—		(27)		Income tax benefit (expense)
Net of tax	$	—	$	73
Amortization of unrealized losses on investment securities transferred to held-to-maturity:
Amortization	$	(2,319)	$	—
Tax effect	620		—
Net of tax	$	(1,699)	$	—
Defined benefit retirement and supplemental executive retirement plan items:
Amortization of net actuarial loss	$	(20)	$	(259)	Other operating expense - other
Amortization of net transition obligation	(5)		(5)		Other operating expense - other
Total before tax	(25)		(264)
Tax effect	7		71		Income tax benefit (expense)
Net of tax	$	(18)	$	(193)
Total reclassification adjustments from AOCI for the period, net of tax	$	(1,717)	$	(120)

	Amount Reclassified from AOCI				Affected Line Item in the Statement Where Net Income is Presented
Details about AOCI Components	Nine months ended September 30,
(dollars in thousands)	2022		2021
Sale of available-for-sale investment securities:
Realized gain on sales of available-for-sale investment securities	$	—	$	150	Net gain on sales of investment securities
Tax effect	—		(40)		Income tax benefit (expense)
Net of tax	$	—	$	110
Amortization of unrealized losses on investment securities transferred to held-to-maturity:
Amortization	$	(4,295)	$	—
Tax effect	1,148		—
Net of tax	$	(3,147)	$	—
Defined benefit retirement and supplemental executive retirement plan items:
Amortization of net actuarial loss	$	(284)	$	(777)	Other operating expense - other
Amortization of net transition obligation	(14)		(14)		Other operating expense - other
Settlement	(4,884)		—		Other operating expense - other
Total before tax	(5,182)		(791)
Tax effect	1,897		226		Income tax benefit (expense)
Net of tax	$	(3,285)	$	(565)
Total reclassification adjustments from AOCI for the period, net of tax	$	(6,432)	$	(455)