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Other Comprehensive Income (Loss) (Tables)
12 Months Ended
Dec. 31, 2023
Equity [Abstract]  
Components of Other Comprehensive Income (Loss)

The following table presents the components of other comprehensive income (loss), net of tax, as of December 31, 2023, 2022 and 2021:

 

 

 

Before Tax

 

 

Tax Effect

 

 

Net of Tax

 

Year Ended December 31, 2023

 

 

 

 

 

 

 

 

 

Net unrealized losses on investment securities:

 

 

 

 

 

 

 

 

 

Other comprehensive loss before reclassifications

 

$

12,330

 

 

$

2,583

 

 

$

9,747

 

Amounts reclassified from accumulated other comprehensive
   loss

 

 

 

 

 

 

 

 

 

Net unrealized losses on investment securities

 

 

12,330

 

 

 

2,583

 

 

 

9,747

 

 

 

 

 

 

 

 

 

 

 

Defined benefit plans:

 

 

 

 

 

 

 

 

 

Other comprehensive income before reclassifications

 

 

972

 

 

 

204

 

 

 

768

 

Amounts reclassified from accumulated other comprehensive
   income

 

 

 

 

 

 

 

 

 

Defined benefit plans, net

 

 

972

 

 

 

204

 

 

 

768

 

Other comprehensive loss

 

$

13,302

 

 

$

2,787

 

 

$

10,515

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 2022

 

 

 

 

 

 

 

 

 

Net unrealized losses on investment securities:

 

 

 

 

 

 

 

 

 

Other comprehensive loss before reclassifications

 

$

(85,517

)

 

$

(18,079

)

 

$

(67,438

)

Amounts reclassified from accumulated other comprehensive
   loss

 

 

(10

)

 

 

(2

)

 

 

(8

)

Net unrealized losses on investment securities

 

 

(85,527

)

 

 

(18,081

)

 

 

(67,446

)

 

 

 

 

 

 

 

 

 

 

Defined benefit plans:

 

 

 

 

 

 

 

 

 

Other comprehensive income before reclassifications

 

 

736

 

 

 

155

 

 

 

581

 

Amounts reclassified from accumulated other comprehensive
   income

 

 

 

 

 

 

 

 

 

Defined benefit plans, net

 

 

736

 

 

 

155

 

 

 

581

 

Other comprehensive loss

 

$

(84,791

)

 

$

(17,926

)

 

$

(66,865

)

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 2021

 

 

 

 

 

 

 

 

 

Net unrealized losses on investment securities:

 

 

 

 

 

 

 

 

 

Other comprehensive loss before reclassifications

 

$

(8,570

)

 

$

(1,799

)

 

$

(6,771

)

Amounts reclassified from accumulated other comprehensive
    loss

 

 

(1

)

 

 

 

 

 

(1

)

Net unrealized losses on investment securities

 

 

(8,571

)

 

 

(1,799

)

 

 

(6,772

)

 

 

 

 

 

 

 

 

 

 

Defined benefit plans:

 

 

 

 

 

 

 

 

 

Other comprehensive income before reclassifications

 

 

992

 

 

 

209

 

 

 

783

 

Amounts reclassified from accumulated other comprehensive
   income

 

 

240

 

 

 

50

 

 

 

190

 

Defined benefit plans, net

 

 

1,232

 

 

 

259

 

 

 

973

 

Other comprehensive loss

 

$

(7,339

)

 

$

(1,540

)

 

$

(5,799

)

 

 

 

 

 

 

 

 

 

 

The following table presents the changes in each component of accumulated other comprehensive income (loss), net of tax, as of December 31, 2023, 2022 and 2021.

 

 

 

For the Year Ended
December 31, 2023

 

 

For the Year Ended
December 31, 2022

 

 

For the Year Ended
December 31, 2021

 

 

 

Unrealized
Gains and
Losses on
Available
for Sale
Securities

 

 

Defined
Benefit
Pension
Items

 

 

Total

 

 

Unrealized
Gains and
Losses on
Available
for Sale
Securities

 

 

Defined
Benefit
Pension
Items

 

 

Total

 

 

Unrealized
Gains and
Losses on
Available
for Sale
Securities

 

 

Defined
Benefit
Pension
Items

 

 

Total

 

Beginning balance

 

$

(52,771

)

 

$

(5,274

)

 

$

(58,045

)

 

$

14,675

 

 

$

(5,855

)

 

$

8,820

 

 

$

21,447

 

 

$

(6,828

)

 

$

14,619

 

Other
   comprehensive
   income (loss)
   before
   classifications

 

 

9,747

 

 

 

768

 

 

 

10,515

 

 

 

(67,438

)

 

 

581

 

 

 

(66,857

)

 

 

(6,771

)

 

 

783

 

 

 

(5,988

)

Amounts
   reclassified
   from
   accumulated
   other
   comprehensive
   income (loss)

 

 

0

 

 

 

 

 

 

0

 

 

 

(8

)

 

 

 

 

 

(8

)

 

 

(1

)

 

 

190

 

 

 

189

 

Net current-period
   other
   comprehensive
   income(loss)

 

 

9,747

 

 

 

768

 

 

 

10,515

 

 

 

(67,446

)

 

 

581

 

 

 

(66,865

)

 

 

(6,772

)

 

 

973

 

 

 

(5,799

)

Ending balance

 

$

(43,024

)

 

$

(4,506

)

 

$

(47,530

)

 

$

(52,771

)

 

$

(5,274

)

 

$

(58,045

)

 

$

14,675

 

 

$

(5,855

)

 

$

8,820

 

Amounts Reclassified Out of Each Component of Accumulated Other Comprehensive Loss

The following table presents the amounts reclassified out of each component of accumulated other comprehensive loss as of December 31, 2023, 2022 and 2021.

 

 

 

Amount Reclassified from
Accumulated Other
Comprehensive Loss (a)

 

 

 

 

 

 

For the year ended December 31,

 

 

 

 

Details about Accumulated Other
Comprehensive Income
(Loss) Components

 

2023

 

 

 

2022

 

 

 

2021

 

 

 

Affected Line Item in the
Statement Where Net Income is
Presented

Unrealized gains (losses) on available for sale
   securities

 

$

0

 

 

 

$

10

 

 

 

$

1

 

 

 

Net gain on sale of securities

Tax effect

 

 

 

 

 

 

(2

)

 

 

 

 

 

 

Income taxes

 

 

 

0

 

 

 

 

8

 

 

 

 

1

 

 

 

 

Amortization of defined benefit pension items

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Actuarial losses

 

 

 

(b)

 

 

 

(b)

 

 

(240

)

(b)

 

Other operating expenses

Tax effect

 

 

 

 

 

 

 

 

 

 

50

 

 

 

Income taxes

 

 

 

 

 

 

 

 

 

 

 

(190

)

 

 

 

Total reclassifications for the period

 

$

 

 

 

$

8

 

 

 

$

(189

)

 

 

 

 

(a)
Amounts in parentheses indicate expenses and other amounts indicate income.
(b)
These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension cost.