Comprehensive Income/Loss (Tables)

9 Months Ended

Sep. 30, 2024

The following tables present a reconciliation of the changes in the components of other comprehensive income (loss) for the periods indicated, including the amount of income tax (expense) benefit allocated to each component of other comprehensive income (loss):


	Three Months Ended September 30, 2024						Nine Months Ended September 30, 2024
	Pre-Tax Amount		Tax (Expense) Benefit		After Tax Amount		Pre-Tax Amount		Tax (Expense) Benefit		After Tax Amount
	(Dollars in thousands)
Change in fair value of securities available for sale	$	36,678	$	(8,392)	$	28,286	$	38,084	$	(9,414)	$	28,670
Less: net security losses reclassified into other noninterest expense	—		—		—		—		—		—
Net change in fair value of securities available for sale	36,678		(8,392)		28,286		38,084		(9,414)		28,670

Change in fair value of cash flow hedges	7,144		(1,953)		5,191		(3,402)		930		(2,472)
Less: net cash flow hedge losses reclassified into interest income or interest expense	(4,902)		1,340		(3,562)		(15,788)		4,316		(11,472)

Net change in fair value of cash flow hedges	12,046		(3,293)		8,753		12,386		(3,386)		9,000



Amortization of net actuarial gains	(24)		6		(18)		(74)		20		(54)
Amortization of net prior service costs	4		(2)		2		13		(4)		9

Net change in other comprehensive income for defined benefit postretirement plans (1)	(20)		4		(16)		(61)		16		(45)
Total other comprehensive income (loss)	$	48,704	$	(11,681)	$	37,023	$	50,409	$	(12,784)	$	37,625


	Three Months Ended September 30, 2023						Nine Months Ended September 30, 2023
	Pre-Tax Amount		Tax (Expense) Benefit		After Tax Amount		Pre-Tax Amount		Tax (Expense) Benefit		After Tax Amount
	(Dollars in thousands)
Change in fair value of securities available for sale	$	(10,378)	$	2,457	$	(7,921)	$	(3,186)	$	882	$	(2,304)
Less: net security losses reclassified into other noninterest expense	—		—		—		—		—		—
Net change in fair value of securities available for sale	(10,378)		2,457		(7,921)		(3,186)		882		(2,304)

Change in fair value of cash flow hedges	(7,266)		2,043		(5,223)		(13,966)		3,927		(10,039)
Less: net cash flow hedge losses reclassified into interest income or interest expense	(7,547)		2,122		(5,425)		(20,806)		5,850		(14,956)

Net change in fair value of cash flow hedges	281		(79)		202		6,840		(1,923)		4,917



Amortization of net actuarial gains	(137)		38		(99)		(411)		115		(296)
Amortization of net prior service costs	10		(3)		7		29		(8)		21

Net change in other comprehensive income for defined benefit postretirement plans (1)	(127)		35		(92)		(382)		107		(275)
Total other comprehensive (loss) income	$	(10,224)	$	2,413	$	(7,811)	$	3,272	$	(934)	$	2,338

(1)The amortization of prior service costs is included in the computation of net periodic pension cost as disclosed in Note 12 - Employee Benefit Plans within the Notes to the Consolidated Financial Statements included in Item 8 of the Company’s 2023 Form 10-K.

Company's accumulated other comprehensive loss, net of tax

Information on the Company’s accumulated other comprehensive income (loss), net of tax, is comprised of the following components as of the dates indicated:


	Unrealized Gain (Loss) on Securities		Unrealized Gain (Loss) on Cash Flow Hedge		Defined Benefit Postretirement Plans		Accumulated Other Comprehensive Income (Loss)
	(Dollars in thousands)
	2024
Beginning balance: January 1, 2024	$	(96,231)	$	(20,575)	$	1,979	$	(114,827)
Net change in other comprehensive income (loss)	28,670		9,000		(45)		37,625
Ending balance: September 30, 2024	$	(67,561)	$	(11,575)	$	1,934	$	(77,202)
	2023
Beginning balance: January 1, 2023	$	(128,657)	$	(36,630)	$	2,203	$	(163,084)


Net change in other comprehensive (loss) income	(2,304)		4,917		(275)		2,338
Ending balance: September 30, 2023	$	(130,961)	$	(31,713)	$	1,928	$	(160,746)