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Change in Accumulated Other Comprehensive Income (Loss)
 3 Months Ended
Mar. 31, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Change in Accumulated Other Comprehensive Income (Loss)

NOTE 10. Change in Accumulated Other Comprehensive Income (Loss)

Accumulated other comprehensive income (loss) includes unrealized gains and losses on available for sale securities and changes in benefit obligations and plan assets for the post retirement benefit plan. Changes to accumulated other comprehensive income (loss) are presented net of their tax effect as a component of equity. Reclassifications out of accumulated other comprehensive income (loss) are recorded in the Consolidated Statements of Income either as a gain or loss.

Changes to accumulated other comprehensive income (loss) by component are shown in the following table for the periods indicated:

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2024

 

 

2023

 

 

 

Unrealized
Gains and
Losses on
Available
for Sale
Securities

 

 

Change in
Benefit
Obligations
and Plan
Assets for
the Post
Retirement
Benefit
Plan

 

 

Total

 

 

Unrealized
Gains and
Losses on
Available
for Sale
Securities

 

 

Change in
Benefit
Obligations
and Plan
Assets for
the Post
Retirement
Benefit
Plan

 

 

Total

 

 

 

(dollars in thousands)

 

 

(dollars in thousands)

 

January 1

 

$

(18,020

)

 

$

14

 

 

$

(18,006

)

 

$

(20,465

)

 

$

19

 

 

$

(20,446

)

Other comprehensive (loss) income before reclassifications

 

 

(2,287

)

 

 

(4

)

 

 

(2,291

)

 

 

3,772

 

 

 

(8

)

 

 

3,764

 

Reclassifications

 

 

—

 

 

 

(1

)

 

 

(1

)

 

 

—

 

 

 

—

 

 

 

—

 

Tax effect of current period changes

 

 

480

 

 

 

1

 

 

 

481

 

 

 

(792

)

 

 

3

 

 

 

(789

)

Current period changes net of taxes

 

 

(1,807

)

 

 

(4

)

 

 

(1,811

)

 

 

2,980

 

 

 

(5

)

 

 

2,975

 

March 31

 

$

(19,827

)

 

$

10

 

 

$

(19,817

)

 

$

(17,485

)

 

$

14

 

 

$

(17,471

)

 

For the three months ended March 31, 2024 reclassifications out of accumulated other comprehensive income (loss) totaled $1 thousand and were recognized as a component of post retirement benefit cost in noninterest expenses of the Consolidated Statements of Income. Tax related to the reclassification was $1 thousand.