Other Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2021

The following tables present the components of other comprehensive income (loss), both gross and net of tax, for the years ended December 31, 2021, 2020, and 2019:


	For the Years Ended December 31,
	2021						2020
	Before Tax		Tax Effect		After Tax		Before Tax		Tax Effect		After Tax
	(In thousands)
Components of other comprehensive income (loss):
Unrealized (loss) gain on debt securities available for sale:	$	(39,000)	$	8,021	$	(30,979)	$	26,876	$	(5,640)	$	21,236
Accretion of unrealized gain on debt securities reclassified as held to maturity	(28)		25		(3)		160		(34)		126
Reclassification adjustment for gain included in net income	2,025		(427)		1,598		370		(81)		289
	(37,003)		7,619		(29,384)		27,406		(5,755)		21,651

Derivatives:
Unrealized gain (loss) on swap contracts accounted for as cash flow hedges	14,514		(2,575)		11,939		(10,605)		2,223		(8,382)

Employee benefit plans:
Amortization of prior service cost included in net income	(55)		16		(39)		(56)		12		(44)
Reclassification adjustment of actuarial net (loss) included in net income	(4,044)		1,129		(2,915)		(4,284)		900		(3,384)
Change in funded status of retirement obligations	50,999		(6,894)		44,105		(13,583)		2,852		(10,731)

	46,900		(5,749)		41,151		(17,923)		3,764		(14,159)
Total other comprehensive income (loss)	$	24,411	$	(705)	$	23,706	$	(1,122)	$	232	$	(890)

(20) Other Comprehensive Income (Loss) (continued)


	For the Year Ended December 31,
	2019
	Before Tax		Tax Effect		After Tax
	(In thousands)
Components of other comprehensive income (loss):
Unrealized gain on debt securities available for sale:	$	26,601	$	(5,534)	$	21,067
Accretion of unrealized gain on debt securities reclassified as held to maturity	11		(2)		9
Reclassification adjustment for gain included in net income	2,612		(601)		2,011
	29,224		(6,137)		23,087

Derivatives:
Unrealized (loss) on swap contracts accounted for as cash flow hedges	(8,193)		1,725		(6,468)

Employee benefit plans:
Amortization of prior service cost included in net income	(56)		12		(44)
Reclassification adjustment of actuarial net (loss) included in net income	(3,709)		779		(2,930)
Change in funded status of retirement obligations	(12,576)		2,641		(9,935)

	(16,341)		3,432		(12,909)
Total other comprehensive income	$	4,690	$	(980)	$	3,710

(20) Other Comprehensive Income (Loss) (continued)

The following tables present the changes in the components of accumulated other comprehensive income (loss), net of tax, for the years ended December 31, 2021, 2020, and 2019:


	For the Years Ended December 31,
	2021								2020
	Unrealized Gains on Debt Securities Available for Sale		Unrealized (Losses) on Swaps		Employee Benefit Plans		Accumulated Other Comprehensive (Loss)		Unrealized Gains on Debt Securities Available for Sale		Unrealized (Losses) on Swaps		Employee Benefit Plans		Accumulated Other Comprehensive (Loss)
	(In thousands)

Balance at beginning of period	$	31,028	$	(16,856)	$	(83,797)	$	(69,625)	$	9,377	$	(8,474)	$	(69,638)	$	(68,735)


Current period changes in other comprehensive income (loss)	(29,384)		11,939		41,151		23,706		21,651		(8,382)		(14,159)		(890)
Total other comprehensive income (loss)	$	1,644	$	(4,917)	$	(42,646)	$	(45,919)	$	31,028	$	(16,856)	$	(83,797)	$	(69,625)


	For the Year Ended December 31,
	2019
	Unrealized (Losses) Gains on Debt Securities Available for Sale		Unrealized (Losses) on Swaps		Employee Benefit Plans		Accumulated Other Comprehensive (Loss)
	(In thousands)

Balance at beginning of period	$	(13,162)	$	(2,006)	$	(56,729)	$	(71,897)
Effect of the adoption of ASU 2016-01	(548)		—		—		(548)
Balance at January 1,	$	(13,710)	$	(2,006)	$	(56,729)	$	(72,445)
Current period changes in other comprehensive income (loss)	23,087		(6,468)		(12,909)		3,710
Total other comprehensive (loss)	$	9,377	$	(8,474)	$	(69,638)	$	(68,735)

(20) Other Comprehensive Income (Loss) (continued)

The following tables reflect amounts reclassified from accumulated other comprehensive income (loss) in the Consolidated Statements of Income and the affected line item in the statement where net income is presented for the years ended December 31, 2021, 2020, and 2019:


	Accumulated Other Comprehensive Income (Loss) Components
	For the Years Ended December 31,						Affected Line Items in the Consolidated Statements of Income
	2021		2020		2019
	(In thousands)

Reclassification adjustment for gain included in net income	$	2,025	$	370	$	2,612	Gain on securities transactions
Reclassification adjustment of actuarial net (loss) included in net income	(4,044)		(4,284)		(3,709)		Other non-interest expense
Total before tax	(2,019)		(3,914)		(1,097)
Income tax benefit	702		819		178
Net of tax	$	(1,317)	$	(3,095)	$	(919)