Other Comprehensive Income (Loss)

9 Months Ended

Sep. 30, 2023

Stockholders' Equity Note [Abstract]

Other Comprehensive Income (Loss)

Other Comprehensive Income (Loss)

The following tables present reclassifications out of accumulated other comprehensive income (loss) for the three and nine month periods ended September 30, 2023 and 2022:

	Three Months Ended September 30, 2023
(In thousands)	Before-Tax Amount		Tax (Expense) Benefit		Net of Tax
Available-for-sale debt securities:
Change in net unrealized gain (loss) during the period	$	(37,449)	$	9,176	$	(28,273)
Reclassification adjustment for net realized loss on sale of available-for-sale debt securities included in net income (loss)	62,932		(15,419)		47,513
Net unrealized gains/losses	25,483		(6,243)		19,240
Employee benefit plans:
Amortization of net retirement plan actuarial gain	279		(68)		211
Amortization of net retirement plan prior service cost	53		(13)		40
Employee benefit plans	332		(81)		251
Other comprehensive (loss) income	$	25,815	$	(6,324)	$	19,491

	Three Months Ended September 30, 2022
(In thousands)	Before-Tax Amount		Tax (Expense) Benefit		Net of Tax
Available-for-sale debt securities:
Change in net unrealized (loss) gain during the period	$	(85,912)	$	21,039	$	(64,873)
Reclassification adjustment for net realized loss on sale of available-for-sale debt securities included in net income	49		(12)		37
Net unrealized gains/losses	(85,863)		21,027		(64,836)
Employee benefit plans:
Amortization of net retirement plan actuarial gain	565		(138)		427
Amortization of net retirement plan prior service cost	54		(13)		41
Employee benefit plans	619		(151)		468
Other comprehensive (loss) income	$	(85,244)	$	20,876	$	(64,368)

	Nine Months Ended September 30, 2023
(In thousands)	Before-Tax Amount		Tax (Expense) Benefit		Net of Tax
Available-for-sale debt securities:
Change in net unrealized gain (loss) during the period	$	(27,725)	$	6,793	$	(20,932)
Reclassification adjustment for net realized loss on sale of available-for-sale debt securities included in net income (loss)	69,984		(17,146)		52,838
Net unrealized gains/losses	42,259		(10,353)		31,906
Employee benefit plans:
Amortization of net retirement plan actuarial loss	837		(205)		632
Amortization of net retirement plan prior service cost	162		(40)		122
Employee benefit plans	999		(245)		754
Other comprehensive (loss) income	$	43,258	$	(10,598)	$	32,660

	Nine Months Ended September 30, 2022
(In thousands)	Before-Tax Amount		Tax (Expense) Benefit		Net of Tax
Available-for-sale debt securities:
Change in net unrealized (loss) gain during the period	$	(249,937)	$	61,210	$	(188,727)
Reclassification adjustment for net realized gain on sale of available-for-sale debt securities included in net income	49		(12)		37
Net unrealized gains/losses	(249,888)		61,198		(188,690)
Employee benefit plans:
Amortization of net retirement plan actuarial loss	1,695		(415)		1,280
Amortization of net retirement plan prior service cost	162		(39)		123
Employee benefit plans	1,857		(454)		1,403
Other comprehensive (loss) income	$	(248,031)	$	60,744	$	(187,287)

The following table presents the activity in our accumulated other comprehensive (loss) income for the periods indicated:

(In thousands)	Available-for- Sale Debt Securities		Employee Benefit Plans		Accumulated Other Comprehensive (Loss) Income
Balance at June 30, 2023	$	(166,137)	$	(29,383)	$	(195,520)
Other comprehensive loss before reclassifications	(28,273)		0		(28,273)
Amounts reclassified from accumulated other comprehensive (loss) income	47,513		251		47,764
Net current-period other comprehensive income (loss)	19,240		251		19,491
Balance at September 30, 2023	$	(146,897)	$	(29,132)	$	(176,029)
Balance at January 1, 2023	$	(178,803)	$	(29,886)	$	(208,689)
Other comprehensive loss before reclassifications	(20,932)		0		(20,932)
Amounts reclassified from accumulated other comprehensive (loss) income	52,838		754		53,592
Net current-period other comprehensive (loss) income	31,906		754		32,660
Balance at September 30, 2023	$	(146,897)	$	(29,132)	$	(176,029)

(In thousands)	Available-for- Sale Debit Securities		Employee Benefit Plans		Accumulated Other Comprehensive (Loss) Income
Balance at June 30, 2022	$	(138,414)	$	(40,455)	$	(178,869)
Other comprehensive loss before reclassifications	(64,873)		0		(64,873)
Amounts reclassified from accumulated other comprehensive (loss) income	37		468		505
Net current-period other comprehensive income (loss)	(64,836)		468		(64,368)
Balance at September 30, 2022	$	(203,250)	$	(39,987)	$	(243,237)
Balance at January 1, 2022	$	(14,560)	$	(41,390)	$	(55,950)
Other comprehensive loss before reclassifications	(188,727)		0		(188,727)
Amounts reclassified from accumulated other comprehensive (loss) income	37		1,403		1,440
Net current-period other comprehensive (loss) income	(188,690)		1,403		(187,287)
Balance at September 30, 2022	$	(203,250)	$	(39,987)	$	(243,237)

The following tables present the amounts reclassified out of each component of accumulated other comprehensive (loss) income for the three and nine months ended September 30, 2023 and 2022:

Three Months Ended September 30, 2023
Details about Accumulated other Comprehensive Income (Loss) Components (In thousands)	Amount Reclassified from Accumulated Other Comprehensive (Loss) Income1		Affected Line Item in the Statement Where Net Income is Presented
Available-for-sale debt securities:
Unrealized gains and losses on available-for-sale debt securities	$	(62,932)	Net loss on securities transactions
	15,419		Tax expense
	(47,513)		Net of tax
Employee benefit plans:
Amortization of the following 2
Net retirement plan actuarial loss	(279)		Other operating expense
Net retirement plan prior service cost	(53)		Other operating expense
	(332)		Total before tax
	81		Tax benefit
	$	(251)	Net of tax

Three Months Ended September 30, 2022
Details about Accumulated other Comprehensive Income (Loss) Components (In thousands)	Amount Reclassified from Accumulated Other Comprehensive (Loss) Income1		Affected Line Item in the Statement Where Net Income is Presented
Available-for-sale debt securities:
Unrealized gains and losses on available-for-sale debt securities	$	(49)	Net loss on securities transactions
	12		Tax expense
	(37)		Net of tax
Employee benefit plans:
Amortization of the following2
Net retirement plan actuarial loss	(565)		Other operating expense
Net retirement plan prior service cost	(54)		Other operating expense
	(619)		Total before tax
	151		Tax benefit
	$	(468)	Net of tax

Nine Months Ended September 30, 2023
Details about Accumulated other Comprehensive Income (Loss) Components (In thousands)	Amount Reclassified from Accumulated Other Comprehensive (Loss) Income1		Affected Line Item in the Statement Where Net Income is Presented
Available-for-sale debt securities:
Unrealized gains and losses on available-for-sale debt securities	$	(69,984)	Net loss on securities transactions
	17,146		Tax expense
	(52,838)		Net of tax
Employee benefit plans:
Amortization of the following2
Net retirement plan actuarial loss	(837)		Other operating expense
Net retirement plan prior service cost	(162)		Other operating expense
	(999)		Total before tax
	245		Tax benefit
	$	(754)	Net of tax

Nine Months Ended September 30, 2022
Details about Accumulated other Comprehensive Income (Loss) Components (In thousands)	Amount Reclassified from Accumulated Other Comprehensive (Loss) Income1		Affected Line Item in the Statement Where Net Income is Presented
Available-for-sale debt securities:
Unrealized gains and losses on available-for-sale debt securities	$	(49)	Net loss on securities transactions
	12		Tax expense
	(37)		Net of tax
Employee benefit plans:
Amortization of the following2
Net retirement plan actuarial loss	(1,695)		Other operating expense
Net retirement plan prior service cost	(162)		Other operating expense
	(1,857)		Total before tax
	454		Tax benefit
	$	(1,403)	Net of tax

1 Amounts in parentheses indicated debits in income statement.

2 The accumulated other comprehensive (loss) income components are included in the computation of net periodic benefit cost (See Note 8 - "Employee Benefit Plan").