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Accumulated Other Comprehensive Income (Loss) (Tables)
6 Months Ended
Jun. 30, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Schedule of accumulated other comprehensive income (loss) by component
The changes in accumulated other comprehensive income (loss) by component are as follows (in thousands):
Three Months Ended June 30, 2024
Unrealized Gains (Losses) on SecuritiesUnrealized Gains (Losses) on DerivativesRetirement PlansTotal
Beginning balance, net of tax$(110,538)$18,312 $(18,633)$(110,859)
Other comprehensive income (loss):
Other comprehensive income (loss) before reclassifications(1,800)4,683 — 2,883 
Reclassification adjustments included in net income2,631 (5,782)148 (3,003)
Income tax (expense) benefit(174)231 (32)25 
Net current-period other comprehensive income (loss), net of tax657 (868)116 (95)
Ending balance, net of tax$(109,881)$17,444 $(18,517)$(110,954)
Six Months Ended June 30, 2024
Unrealized Gains (Losses) on Securities
Unrealized Gains (Losses) on DerivativesRetirement Plans
Total
Beginning balance, net of tax$(107,499)$12,803 $(18,766)$(113,462)
Other comprehensive income (loss):
Other comprehensive (loss) income before reclassifications(7,687)18,299 — 10,612 
Reclassification adjustments included in net income4,672 (12,424)315 (7,437)
Income tax (expense) benefit633 (1,234)(66)(667)
Net current-period other comprehensive income (loss), net of tax(2,382)4,641 249 2,508 
Ending balance, net of tax$(109,881)$17,444 $(18,517)$(110,954)
Three Months Ended June 30, 2023
Unrealized Gains (Losses) on SecuritiesUnrealized Gains (Losses) on DerivativesRetirement PlansTotal
Beginning balance, net of tax$(135,627)$21,680 $(19,365)$(133,312)
Other comprehensive income (loss):
Other comprehensive income (loss) before reclassifications6,831 15,876 — 22,707 
Reclassification adjustments included in net income5,444 (6,054)205 (405)
Income tax (expense) benefit(2,577)(2,063)(43)(4,683)
Net current-period other comprehensive income (loss), net of tax9,698 7,759 162 17,619 
Ending balance, net of tax$(125,929)$29,439 $(19,203)$(115,693)
Six Months Ended June 30, 2023
Unrealized Gains (Losses) on SecuritiesUnrealized Gains (Losses) on DerivativesRetirement PlansTotal
Beginning balance, net of tax$(149,181)$31,227 $(19,502)$(137,456)
Other comprehensive income (loss):
Other comprehensive income (loss) before reclassifications19,850 8,900 — 28,750 
Reclassification adjustments included in net income9,582 (11,162)378 (1,202)
Income tax (expense) benefit (6,180)474 (79)(5,785)
Net current-period other comprehensive income (loss), net of tax23,252 (1,788)299 21,763 
Ending balance, net of tax$(125,929)$29,439 $(19,203)$(115,693)
Reclassifications out of accumulated other comprehensive income
The reclassification adjustments out of accumulated other comprehensive income (loss) included in net income are presented below (in thousands):
Three Months Ended
June 30,
Six Months Ended
June 30,
2024202320242023
Unrealized gains and losses on securities transferred:
Amortization of unrealized gains and losses (1)
$(2,068)$(1,989)$(4,091)$(3,981)
Tax benefit434 418 859 836 
Net of tax(1,634)(1,571)(3,232)(3,145)
Unrealized gains and losses on available for sale securities:
Realized net gain (loss) on sale of securities (2)
(563)(3,455)(581)(5,601)
Tax (expense) benefit118 725 122 1,176 
Net of tax(445)(2,730)(459)(4,425)
Derivatives:
Realized net gain (loss) on interest rate swap derivatives (3)
5,782 6,054 12,424 11,162 
Tax benefit(1,214)(1,272)(2,609)(2,344)
Net of tax4,568 4,782 9,815 8,818 
Amortization of pension plan:
Net actuarial loss (4)
(148)(205)(315)(378)
Tax benefit32 43 66 79 
Net of tax(116)(162)(249)(299)
Total reclassifications for the period, net of tax$2,373 $319 $5,875 $949 
(1)    Included in interest income on the consolidated statements of income.
(2)    Listed as net gain (loss) on sale of securities AFS on the consolidated statements of income.
(3)    Included in interest expense for FHLB borrowings, other borrowings and deposits on the consolidated statements of income.
(4)    These AOCI components are included in the computation of net periodic pension cost (income) presented in “Note 8 – Employee Benefit Plans.”