ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)

12 Months Ended

Dec. 31, 2024

The following table presents the components of other comprehensive income (loss) for the years ended December 31, 2024, 2023 and 2022, by component:


(Dollars in thousands)	Before Tax		Tax Effect		Net of Tax
Year ended December 31, 2024
Net change in fair value of investment securities:
Net unrealized losses on investment securities arising during the period	$	(8,310)	$	(2,170)	$	(6,140)
Less: Reclassification adjustment for losses realized in net income	9,934		2,620		7,314
Less: Amortization of unrealized losses on investment securities transferred to HTM	7,159		1,902		5,257
Net change in fair value of investment securities	8,783		2,352		6,431

Net change in fair value of derivative:
Net unrealized gains arising during the period	1,988		523		1,465
Net change in fair value of derivative	1,988		523		1,465

SERPs:
Net actuarial gains arising during the period	379		99		280
Amortization of net actuarial gains	(2)		—		(2)



SERPs	377		99		278
Other comprehensive income	$	11,148	$	2,974	$	8,174


(Dollars in thousands)	Before Tax		Tax Effect		Net of Tax
Year ended December 31, 2023
Net change in fair value of investment securities:
Net unrealized gains on investment securities arising during the period	$	19,762	$	5,437	$	14,325
Less: Reclassification adjustment for losses realized in net income	2,074		547		1,527
Less: Amortization of unrealized losses on investment securities transferred to HTM	7,440		2,105		5,335
Net change in fair value of investment securities	29,276		8,089		21,187

Net change in fair value of derivative:
Net unrealized gains arising during the period	491		107		384
Net change in fair value of derivative	491		107		384

SERPs:
Net actuarial losses arising during the period	(182)		(48)		(134)
Amortization of net actuarial losses	(74)		(20)		(54)
Amortization of net transition obligation	7		2		5


SERPs	(249)		(66)		(183)
Other comprehensive income	$	29,518	$	8,130	$	21,388


(Dollars in thousands)	Before Tax		Tax Effect		Net of Tax
Year ended December 31, 2022
Net change in fair value of investment securities:
Net unrealized losses on investment securities arising during the period	$	(204,250)	$	(54,109)	$	(150,141)

Less: Amortization of unrealized losses on investment securities transferred to HTM	6,218		1,520		4,698
Net change in fair value of investment securities	(198,032)		(52,589)		(145,443)

Net change in fair value of derivative:
Net unrealized gains arising during the period	6,326		1,681		4,645
Net change in fair value of derivative	6,326		1,681		4,645

Defined benefit retirement plan and SERPs:
Net actuarial gains arising during the period	2,007		537		1,470
Amortization of net actuarial losses	304		81		223
Amortization of net transition obligation	18		4		14

Settlement	4,884		1,817		3,067
Defined benefit retirement plan and SERPs	7,213		2,439		4,774
Other comprehensive loss	$	(184,493)	$	(48,469)	$	(136,024)

The following table presents the changes in each component of AOCI, net of tax, for the years ended December 31, 2024, 2023 and 2022:


(Dollars in thousands)	Investment Securities		Derivatives		Defined Benefit Plans		AOCI
Year ended December 31, 2024
Balance at beginning of period	$	(127,922)	$	5,029	$	297	$	(122,596)





Other comprehensive (loss) income before reclassifications	(6,140)		1,465		280		(4,395)
Amounts reclassified from AOCI	12,571		—		(2)		12,569
Net other comprehensive income	6,431		1,465		278		8,174
Balance at end of period	$	(121,491)	$	6,494	$	575	$	(114,422)


(Dollars in thousands)	Investment Securities		Derivatives		Defined Benefit Plans		AOCI
Year ended December 31, 2023
Balance at beginning of period	$	(149,109)	$	4,645	$	480	$	(143,984)





Other comprehensive income (loss) before reclassifications	14,325		384		(134)		14,575
Amounts reclassified from AOCI	6,862		—		(49)		6,813
Net other comprehensive income (loss)	21,187		384		(183)		21,388
Balance at end of period	$	(127,922)	$	5,029	$	297	$	(122,596)


(Dollars in thousands)	Investment Securities		Derivatives		Defined Benefit Plans		AOCI
Year ended December 31, 2022
Balance at beginning of period	$	(3,666)	$	—	$	(4,294)	$	(7,960)





Other comprehensive (loss) income before reclassifications	(150,141)		4,645		1,470		(144,026)
Amounts reclassified from AOCI	4,698		—		3,304		8,002
Net other comprehensive (loss) income	(145,443)		4,645		4,774		(136,024)
Balance at end of period	$	(149,109)	$	4,645	$	480	$	(143,984)

The following table presents the amounts reclassified out of each component of AOCI for the years ended December 31, 2024, 2023 and 2022:


	Amount Reclassified from AOCI						Affected Line Item in the
	Year ended December 31,						Statement Where Net
Details about AOCI Components	2024		2023		2022		Income is Presented
	(Dollars in thousands)
Sale of available-for-sale investment securities:
Realized loss on sale of available-for-sale investment securities	$	9,934	$	2,074	$	—	Net loss on sales of investment securities
Tax effect	(2,620)		(547)		—		Income tax benefit
Net of tax	$	7,314	$	1,527	$	—

Amortization of unrealized losses on investment securities transferred to HTM	$	7,159	$	7,440	$	6,218	Interest and dividends on investment securities
Tax effect	(1,902)		(2,105)		(1,520)		Income tax benefit
Net of tax	$	5,257	$	5,335	$	4,698

Defined benefit plan items:
Amortization of net actuarial (gains) losses	$	(2)	$	(74)	$	304	Other operating expense - other (1)
Amortization of net transition obligation	—		7		18		Other operating expense - other (1)

Settlement	—		—		4,884		Other operating expense - other (1)
Total before tax	(2)		(67)		5,206
Tax effect	1		18		(1,902)		Income tax expense (benefit)
Net of tax	$	(1)	$	(49)	$	3,304

Total reclassifications, net of tax	$	12,570	$	6,813	$	8,002