ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

Shareholders’ equity is affected by transactions and valuations of asset and liability positions that require adjustments to accumulated other comprehensive income (loss).  The following table summarizes the changes within each classification of AOCI:

	Three months ended March 31, 2024
	Total other comprehensive income (loss)										Total accumulated other comprehensive income (loss)
(Dollars in thousands)	Prior to reclass		Reclass from		Pre-tax		Tax effect		Net of tax		Beginning balance		Net activity		Ending balance
Unrealized gain (loss) on debt securities	$	(16,734)	$	(7,518)	$	(9,216)	$	2,030	$	(7,186)	$	(281,958)	$	(7,186)	$	(289,144)
Unrealized gain (loss) on derivatives	(5,521)		(199)		(5,322)		1,231		(4,091)		3,755		(4,091)		(336)
Retirement obligation	0		(375)		375		(87)		288		(31,117)		288		(30,829)
Foreign currency translation	(301)		0		(301)		0		(301)		(499)		(301)		(800)
Total	$	(22,556)	$	(8,092)	$	(14,464)	$	3,174	$	(11,290)	$	(309,819)	$	(11,290)	$	(321,109)

	Three months ended March 31, 2023
	Total other comprehensive income (loss)										Total accumulated other comprehensive income (loss)
(Dollars in thousands)	Prior to reclass		Reclass from		Pre-tax		Tax effect		Net of tax		Beginning balance		Net activity		Ending balance
Unrealized gain (loss) on debt securities	$	39,079	$	(19)	$	39,098	$	(8,613)	$	30,485	$	(325,925)	$	30,485	$	(295,440)
Unrealized gain (loss) on derivatives	0		0		0		0		0		0		0		0
Retirement obligation	0		(150)		150		(35)		115		(32,023)		115		(31,908)
Foreign currency translation	4		0		4		0		4		(715)		4		(711)
Total	$	39,083	$	(169)	$	39,252	$	(8,648)	$	30,604	$	(358,663)	$	30,604	$	(328,059)

The following table presents the activity reclassified from accumulated other comprehensive income into income during the three month periods ended March 31, 2024 and 2023, respectively:

	Amount reclassified from accumulated other comprehensive income (loss)
	Three months ended
	March 31,
(Dollars in thousands)	2024		2023		Affected Line Item in the Consolidated Statements of Income
Gains and losses on cash flow hedges
Interest rate contracts	$	(199)	$	0	Interest income - Loans and leases, including fees
Realized gain (loss) on securities available-for-sale	(7,518)		(19)		Net gain (loss) on sales of investments securities
Defined benefit pension plan
Amortization of prior service cost (1)	0		0		Other noninterest expense
Recognized net actuarial loss (1)	(375)		(150)		Other noninterest expense
Defined benefit pension plan total	(375)		(150)
Total reclassifications for the period, before tax	$	(8,092)	$	(169)

(1) Included in the computation of net periodic pension cost (see Note 14 - Employee Benefit Plans for additional details).