| ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) |
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Shareholders’ equity is affected by transactions and valuations of asset and liability positions that require adjustments to accumulated other comprehensive income (loss). The following table summarizes the changes within each classification of AOCI: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended June 30, 2025 | | | | Total other comprehensive income (loss) | | Total accumulated other
comprehensive income (loss) | | (Dollars in thousands) | | Prior to
reclass | | Reclass
from | | Pre-tax | | Tax effect | | Net of tax | | Beginning balance | | Net activity | | Ending balance | | Unrealized gain (loss) on debt securities | | $ | 7,583 | | | $ | 2 | | | $ | 7,581 | | | $ | (1,670) | | | $ | 5,911 | | | $ | (222,644) | | | $ | 5,911 | | | $ | (216,733) | | | Unrealized gain (loss) on derivatives | | 371 | | | (199) | | | 570 | | | (132) | | | 438 | | | 380 | | | 438 | | | 818 | | | Retirement obligation | | 0 | | | (625) | | | 625 | | | (145) | | | 480 | | | (30,000) | | | 480 | | | (29,520) | | | Foreign currency translation | | 675 | | | 0 | | | 675 | | | 0 | | | 675 | | | (1,624) | | | 675 | | | (949) | | | Total | | $ | 8,629 | | | $ | (822) | | | $ | 9,451 | | | $ | (1,947) | | | $ | 7,504 | | | $ | (253,888) | | | $ | 7,504 | | | $ | (246,384) | | | | | | | | | | | | | | | | | | | | | | Three months ended June 30, 2024 | | | | Total other comprehensive income (loss) | | Total accumulated other
comprehensive income (loss) | | (Dollars in thousands) | | Prior to
reclass | | Reclass
from | | Pre-tax | | Tax effect | | Net of tax | | Beginning balance | | Net activity | | Ending balance | | Unrealized gain (loss) on debt securities | | $ | (2,562) | | | $ | 0 | | | $ | (2,562) | | | $ | 563 | | | $ | (1,999) | | | $ | (289,144) | | | $ | (1,999) | | | $ | (291,143) | | | Unrealized gain (loss) on derivatives | | (795) | | | (199) | | | (596) | | | 138 | | | (458) | | | (336) | | | (458) | | | (794) | | | Retirement obligation | | 0 | | | (375) | | | 375 | | | (86) | | | 289 | | | (30,829) | | | 289 | | | (30,540) | | | Foreign currency translation | | (132) | | | 0 | | | (132) | | | 0 | | (132) | | | (800) | | | (132) | | | (932) | | | Total | | $ | (3,489) | | | $ | (574) | | | $ | (2,915) | | | $ | 615 | | | $ | (2,300) | | | $ | (321,109) | | | $ | (2,300) | | | $ | (323,409) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Six months ended June 30, 2025 | | | | Total other comprehensive income (loss) | | Total accumulated
other comprehensive income (loss) | | (Dollars in thousands) | | Prior to
reclass | | Reclass
from | | Pre-tax | | Tax effect | | Net of tax | | Beginning balance | | Net activity | | Ending balance | | Unrealized gain (loss) on debt securities | | $ | 41,108 | | | $ | (9,911) | | | $ | 51,019 | | | $ | (11,238) | | | $ | 39,781 | | | $ | (256,514) | | | $ | 39,781 | | | $ | (216,733) | | | Unrealized gain (loss) on derivatives | | 2,196 | | | (398) | | | 2,594 | | | (600) | | | 1,994 | | | (1,176) | | | 1,994 | | | 818 | | | Retirement obligation | | 0 | | | (1,250) | | | 1,250 | | | (290) | | | 960 | | | (30,480) | | | 960 | | | (29,520) | | | Foreign currency translation | | 680 | | | 0 | | | 680 | | | 0 | | | 680 | | | (1,629) | | | 680 | | | (949) | | | Total | | $ | 43,984 | | | $ | (11,559) | | | $ | 55,543 | | | $ | (12,128) | | | $ | 43,415 | | | $ | (289,799) | | | $ | 43,415 | | | $ | (246,384) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Six months ended June 30, 2024 | | | | Total other comprehensive income (loss) | | Total accumulated
other comprehensive income (loss) | | (Dollars in thousands) | | Prior to
reclass | | Reclass
from | | Pre-tax | | Tax effect | | Net of tax | | Beginning balance | | Net activity | | Ending balance | | Unrealized gain (loss) on debt securities | | $ | (19,297) | | | $ | (7,518) | | | $ | (11,779) | | | $ | 2,594 | | | $ | (9,185) | | | $ | (281,958) | | | $ | (9,185) | | | $ | (291,143) | | | Unrealized gain (loss) on derivatives | | (6,316) | | | (398) | | | (5,918) | | | 1,369 | | | (4,549) | | | 3,755 | | | (4,549) | | | (794) | | | Retirement obligation | | 0 | | | (750) | | | 750 | | | (173) | | | 577 | | | (31,117) | | | 577 | | | (30,540) | | | Foreign currency translation | | (433) | | | 0 | | | (433) | | | 0 | | | (433) | | | (499) | | | (433) | | | (932) | | | Total | | $ | (26,046) | | | $ | (8,666) | | | $ | (17,380) | | | $ | 3,790 | | | $ | (13,590) | | | $ | (309,819) | | | $ | (13,590) | | | $ | (323,409) | |
The following table presents the activity reclassified from accumulated other comprehensive income into income during the three and six month periods ended June 30, 2025 and 2024, respectively: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Amount reclassified from
accumulated other comprehensive income (loss) | | Amount reclassified from
accumulated other comprehensive income (loss) | | | | | Three months ended | | Six months ended | | | | | June 30, | | June 30, | | | | (Dollars in thousands) | | 2025 | | 2024 | | 2025 | | 2024 | | Affected Line Item in the Consolidated Statements of Income | | Gains and losses on cash flow hedges | | | | | | | | | | | | Interest rate contracts | | $ | (199) | | | $ | (199) | | | $ | (398) | | | $ | (398) | | | Interest income - Loans and leases, including fees | | Realized gain (loss) on securities available-for-sale | | 2 | | | 0 | | | (9,911) | | | (7,518) | | | Net gain (loss) on investments securities | | Defined benefit pension plan | | | | | | | | | Amortization of prior service cost (1) | | 0 | | | 0 | | | 0 | | | 0 | | | Other noninterest expense | Recognized net actuarial loss (1) | | (625) | | | (375) | | | (1,250) | | | (750) | | | Other noninterest expense | | Defined benefit pension plan total | | (625) | | | (375) | | | (1,250) | | | (750) | | | | | Total reclassifications for the period, before tax | | $ | (822) | | | $ | (574) | | | $ | (11,559) | | | $ | (8,666) | | | |
(1) Included in the computation of net periodic pension cost (see Note 13 - Employee Benefit Plans for additional details).
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