Other Comprehensive Income (Tables)

3 Months Ended

Mar. 31, 2024

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, 2024 and 2023 (in thousands):


	Three months ended March 31,
	2024				2023
	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) gains arising during the period	$	(13,547)	3,590	(9,957)	28,588	(7,724)	20,864
Reclassification adjustment for gains included in net income	—		—	—	—	—	—
Total	(13,547)		3,590	(9,957)	28,588	(7,724)	20,864
Unrealized gains and losses on derivatives (cash flow hedges):
Net unrealized gains (losses) arising during the period	4,605		(1,220)	3,385	(845)	229	(616)
Reclassification adjustment for (gains) included in net income	(4,175)		1,106	(3,069)	(4,220)	1,140	(3,080)
Total	430		(114)	316	(5,065)	1,369	(3,696)
Amortization related to post-retirement obligations	(1,128)		299	(829)	(369)	100	(269)
Total other comprehensive (loss)	$	(14,245)	3,775	(10,470)	23,154	(6,255)	16,899

Components of Accumulated Other Comprehensive Income, Net of Tax

The following tables present the changes in the components of accumulated other comprehensive (loss), net of tax, for the three months ended March 31, 2024 and 2023 (in thousands):


	Changes in Accumulated Other Comprehensive (Loss) by Component, net of tax for the three months ended March 31,
	2024					2023
	Unrealized Losses on Available for Sale Debt Securities		Post- Retirement Obligations	Unrealized Gains on Derivatives (cash flow hedges)	Accumulated Other Comprehensive (Loss)	Unrealized Losses on Available for Sale Debt Securities	Post- Retirement Obligations	Unrealized Gains on Derivatives (cash flow hedges)	Accumulated Other Comprehensive (Loss)
Balance as of December 31,	$	(154,489)	3,937	9,437	(141,115)	(186,614)	1,572	19,997	(165,045)
Current - period other comprehensive (loss) income	(9,957)		(829)	316	(10,470)	20,864	(269)	(3,696)	16,899
Balance as of March 31,	$	(164,446)	3,108	9,753	(151,585)	(165,750)	1,303	16,301	(148,146)

Summary of Reclassifications Out of Accumulated Other Comprehensive Income

The following tables summarize the reclassifications from accumulated other comprehensive (loss) to the consolidated statements of income for the three months ended March 31, 2024 and 2023 (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
	2024		2023
Details of AOCI:
Available for sale debt securities:
Realized net gains on the sale of securities available for sale	$	—	—	Net gain on securities transactions
	—		—	Income tax expense
	$	—	—	Net of tax

Cash flow hedges:
Realized net gains on derivatives	$	(4,175)	(4,220)	Interest expense
	1,106		1,140	Income tax expense
	$	(3,069)	(3,080)

Post-retirement obligations:
Amortization of actuarial gains	$	(516)	(356)	Compensation and employee benefits (1)
	137		96	Income tax expense
Total reclassification	$	(379)	(260)	Net of tax




Total reclassifications	$	(3,448)	(3,340)	Net of tax

(1) This item is included in the computation of net periodic benefit cost. See Note 7. Components of Net Periodic Benefit Cost.