Other Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2023

The following tables present the activity in other comprehensive income (loss):


(Dollars in thousands)
Year ended December 31, 2023	Pre-tax Amounts	Income Tax Benefit (Expense)	Net of Tax
Available for Sale Debt Securities:
Changes in fair value of available for sale debt securities	$20,163	($5,721)	$14,442



Cash Flow Hedges:
Changes in fair value of cash flow hedges	1,647	(346)	1,301
Net cash flow hedge losses reclassified into earnings (1)	7,563	(1,838)	5,725
Net change in the fair value of cash flow hedges	9,210	(2,184)	7,026
Defined Benefit Plan Obligations:
Defined benefit plan obligation adjustment	(6,712)	1,712	(5,000)
Amortization of net actuarial losses (2)	237	(58)	179

Net change in defined benefit plan obligations	(6,475)	1,654	(4,821)
Total other comprehensive income	$22,898	($6,251)	$16,647

(1)The pre-tax amounts reclassified into earnings in the Consolidated Statements of Income include a $9.2 million reduction in interest and fees on loans and a $1.7 million reduction in FHLB interest expense.

(2)The pre-tax amount presented above is included in other expenses in the Consolidated Statements of Income.


(Dollars in thousands)
Year ended December 31, 2022	Pre-tax Amounts	Income Tax Benefit (Expense)	Net of Tax
Available for Sale Debt Securities:
Changes in fair value of available for sale debt securities	($163,471)	$39,233	($124,238)



Cash Flow Hedges:
Changes in fair value of cash flow hedges	(27,344)	6,563	(20,781)
Net cash flow hedge losses reclassified into earnings (1)	2,828	(679)	2,149
Net change in the fair value of cash flow hedges	(24,516)	5,884	(18,632)
Defined Benefit Plan Obligations:
Defined benefit plan obligation adjustment	4,934	(1,184)	3,750
Amortization of net actuarial losses (2)	1,712	(411)	1,301

Net change in defined benefit plan obligations	6,646	(1,595)	5,051
Total other comprehensive loss	($181,341)	$43,522	($137,819)

(1)The pre-tax amounts reclassified into earnings in the Consolidated Statements of Income include a $2.8 million reduction in interest and fees on loans and a $70 thousand increase in FHLB interest expense.

(2)The pre-tax amount presented above is included in other expenses in the Consolidated Statements of Income.


(Dollars in thousands)
Year ended December 31, 2021	Pre-tax Amounts	Income Tax (Expense)Benefit	Net of Tax
Available for Sale Debt Securities:
Changes in fair value of available for sale debt securities	($21,942)	$5,266	($16,676)



Cash Flow Hedges:
Changes in fair value of cash flow hedges	(3,067)	736	(2,331)
Net cash flow hedge gains reclassified into earnings (1)	(310)	75	(235)
Net change in the fair value of cash flow hedges	(3,377)	811	(2,566)
Defined Benefit Plan Obligations:
Defined benefit plan obligation adjustment	5,908	(1,417)	4,491
Amortization of net actuarial losses (2)	2,844	(683)	2,161

Net change in defined benefit plan obligations	8,752	(2,100)	6,652
Total other comprehensive loss	($16,567)	$3,977	($12,590)

(1)The pre-tax amounts reclassified into earnings in the Consolidated Statements of Income include a $1.5 million increase in interest and fees on loans and a $1.1 million increase in FHLB interest expense.

(2)The pre-tax amount presented above is included in other expenses in the Consolidated Statements of Income.

The following tables present the changes in AOCI (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
Balance at December 31, 2022	($131,033)	($22,645)	($4,122)	($157,800)
Other comprehensive income (loss) before reclassifications	14,442	1,301	(5,000)	10,743
Amounts reclassified from accumulated other comprehensive income (loss)	—	5,725	179	5,904
Net other comprehensive income (loss)	14,442	7,026	(4,821)	16,647

Balance at December 31, 2023	($116,591)	($15,619)	($8,943)	($141,153)


(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
Balance at December 31, 2021	($6,795)	($4,013)	($9,173)	($19,981)
Other comprehensive (loss) income before reclassifications	(124,238)	(20,781)	3,750	(141,269)
Amounts reclassified from accumulated other comprehensive (loss) income	—	2,149	1,301	3,450
Net other comprehensive (loss) income	(124,238)	(18,632)	5,051	(137,819)

Balance at December 31, 2022	($131,033)	($22,645)	($4,122)	($157,800)


(Dollars in thousands)	Net Unrealized Gains (Losses)on Available for Sale Debt Securities	Net Unrealized Losses on Cash Flow Hedges	Net Unrealized Losses on Defined Benefit Plan Obligations	Total
Balance at December 31, 2020	$9,881	($1,447)	($15,825)	($7,391)
Other comprehensive (loss) income before reclassifications	(16,676)	(2,331)	4,491	(14,516)
Amounts reclassified from accumulated other comprehensive (loss) income	—	(235)	2,161	1,926
Net other comprehensive (loss) income	(16,676)	(2,566)	6,652	(12,590)

Balance at December 31, 2021	($6,795)	($4,013)	($9,173)	($19,981)