Other Comprehensive Income (Loss) (Tables)

3 Months Ended

Mar. 31, 2022

Components of Other Comprehensive Income (Loss)

The following table presents the components of other comprehensive loss, both gross and net of tax, for the three months ended March 31, 2022 and 2021 (in thousands):


	Three months ended March 31,
	2022				2021
	Before Tax		Tax Effect	After Tax	Before Tax	Tax Effect	After Tax
Components of Other Comprehensive Income:
Unrealized gains and losses on available for sale debt securities:
Net unrealized losses arising during the period	$	(116,081)	31,110	(84,971)	(12,152)	3,133	(9,019)
Reclassification adjustment for gains included in net income	—		—	—	(230)	59	(171)
Total	(116,081)		31,110	(84,971)	(12,382)	3,192	(9,190)
Unrealized gains on derivatives (cash flow hedges)	14,260		(3,822)	10,438	6,226	(1,605)	4,621
Amortization related to post-retirement obligations	(378)		102	(276)	(150)	41	(109)
Total other comprehensive (loss) income	$	(102,199)	27,390	(74,809)	(6,306)	1,628	(4,678)

Components of Accumulated Other Comprehensive Income, Net of Tax

The following tables present the changes in the components of accumulated other comprehensive (loss) income, net of tax, for the three months ended March 31, 2022 and 2021 (in thousands):


	Changes in Accumulated Other Comprehensive (Loss) Income by Component, net of tax for the three months ended March 31,
	2022					2021
	Unrealized Losses on Available for Sale Debt Securities		Post- Retirement Obligations	Unrealized Gains on Derivatives (cash flow hedges)	Accumulated Other Comprehensive Income (Loss)	Unrealized Gains (Losses) on Available for Sale Debt Securities	Post- Retirement Obligations	Unrealized Gains (Losses) on Derivatives (cash flow hedges)	Accumulated Other Comprehensive Income (Loss)
Balance at December 31,	$	(211)	2,981	4,093	6,863	23,690	(1,081)	(4,954)	17,655
Current - period other comprehensive (loss)	(84,971)		(276)	10,438	(74,809)	(9,190)	(109)	4,621	(4,678)
Balance at March 31,	$	(85,182)	2,705	14,531	(67,946)	14,500	(1,190)	(333)	12,977

Summary of Reclassifications Out of Accumulated Other Comprehensive Income

The following tables summarize the reclassifications from accumulated other comprehensive income (loss) to the consolidated statements of income for the three and three months ended March 31, 2022 and 2021 (in thousands):


	Reclassifications From Accumulated Other Comprehensive Income ("AOCI")
	Amount reclassified from AOCI for the three months ended March 31,			Affected line item in the Consolidated Statement of Income
	2022		2021
Details of AOCI:
Available for sale debt securities:
Realized net gains on the sale of securities available for sale	$	—	(230)	Net gain on securities transactions
	—		59	Income tax expense
	—		(171)	Net of tax

Cash flow hedges:
Unrealized losses on derivatives	666		879	Interest expense
	(178)		(227)	Income tax expense
	488		652

Post-retirement obligations:
Amortization of actuarial gains	$	(326)	(150)	Compensation and employee benefits (1)
	87		41	Income tax expense
	$	(239)	(109)	Net of tax




Total reclassifications	$	249	372	Net of tax

(1) This item is included in the computation of net periodic benefit cost. See Note 6. Components of Net Periodic Benefit Cost.