Other Comprehensive Income (Loss) (Tables)

3 Months Ended

Mar. 31, 2023

Activity in Other Comprehensive Income (Loss)

The following table presents the activity in other comprehensive income (loss):


Three months ended March 31,	2023			2022
(Dollars in thousands)	Pre-tax Amounts	Income Tax Benefit (Expense)	Net of Tax	Pre-tax Amounts	Income Tax Benefit (Expense)	Net of Tax
Available for Sale Debt Securities:
Change in fair value of available for sale debt securities	$17,365	($4,167)	$13,198	($65,078)	$15,618	($49,460)



Cash Flow Hedges:
Change in fair value of cash flow hedges	1,046	(251)	795	(13,201)	3,168	(10,033)
Net cash flow hedge losses (gains) reclassified into earnings (1)	2,636	(634)	2,002	(399)	97	(302)
Net change in fair value of cash flow hedges	3,682	(885)	2,797	(13,600)	3,265	(10,335)
Defined Benefit Plan Obligations:

Amortization of net actuarial losses (2)	59	(14)	45	428	(103)	325


Total other comprehensive income (loss)	$21,106	($5,066)	$16,040	($78,250)	$18,780	($59,470)

(1)For the three months ended March 31, 2023 and 2022, the pre-tax amounts reclassified into earnings in the Unaudited Consolidated Statements of Income include a reduction of $2.8 million and an increase of $493 thousand, respectively, in interest and fees on loans, as well as a reduction of $127 thousand and an increase of $94 thousand, respectively, in FHLB interest expense.

(2)The pre-tax amounts are included in other expenses in the Unaudited Consolidated Statements of Income.

Changes in Components of Accumulated Other Comprehensive Income (Loss)

The following tables present the changes in AOCL by component, net of tax:


(Dollars in thousands)	Net Unrealized Losses on Available For Sale Debt Securities	Net Unrealized Losses on Cash Flow Hedges	Net Unrealized Losses on Defined Benefit Plan Obligations	Total
For the three months ended March 31, 2023
Balance at December 31, 2022	($131,033)	($22,645)	($4,122)	($157,800)
Other comprehensive income before reclassifications	13,198	795	—	13,993
Amounts reclassified from accumulated other comprehensive loss	—	2,002	45	2,047
Net other comprehensive income	13,198	2,797	45	16,040
Balance at March 31, 2023	($117,835)	($19,848)	($4,077)	($141,760)


(Dollars in thousands)	Net Unrealized Losses on Available For Sale Debt Securities	Net Unrealized Losses on Cash Flow Hedges	Net Unrealized Losses on Defined Benefit Plan Obligations	Total
For the three months ended March 31, 2022
Balance at December 31, 2021	($6,795)	($4,013)	($9,173)	($19,981)
Other comprehensive loss before reclassifications	(49,460)	(10,033)	—	(59,493)
Amounts reclassified from accumulated other comprehensive loss	—	(302)	325	23
Net other comprehensive (loss) income	(49,460)	(10,335)	325	(59,470)
Balance at March 31, 2022	($56,255)	($14,348)	($8,848)	($79,451)