Other Comprehensive Income (Loss)

6 Months Ended

Jun. 30, 2022

The following tables present the components of other comprehensive income (loss), both gross and net of tax, for the three and six months ended June 30, 2022 and 2021:


	For the Three Months Ended June 30,
	2022						2021
	Before Tax		Tax Effect		After Tax		Before Tax		Tax Effect		After Tax
	(In thousands)
Components of other comprehensive income (loss):
Unrealized (loss) on debt securities available for sale:	$	(52,246)	$	14,570	$	(37,676)	$	6,645	$	(1,857)	$	4,788
Accretion of unrealized (loss) on debt securities reclassified as held to maturity	(4)		1		(3)		(17)		5		(12)
Reclassification adjustment for gain (loss) included in net income	210		(58)		152		(281)		79		(202)
	(52,040)		14,513		(37,527)		6,347		(1,773)		4,574
Derivatives:
Unrealized gain on swap contracts accounted for as cash flow hedges	1,149		(321)		828		1,315		(367)		948
	1,149		(321)		828		1,315		(367)		948

Employee benefit plans:
Amortization of prior service cost included in net income	(14)		3		(11)		(14)		3		(11)
Reclassification adjustment of actuarial net (loss) included in net income	(339)		95		(244)		(1,511)		422		(1,089)
Change in funded status of retirement obligations	(25,704)		7,168		(18,536)		34,441		(9,623)		24,818
	(26,057)		7,266		(18,791)		32,916		(9,198)		23,718
Total other comprehensive (loss)	$	(76,948)	$	21,458	$	(55,490)	$	40,578	$	(11,338)	$	29,240

15. Other Comprehensive Income (Loss) (continued)


	For the Six Months Ended June 30,
	2022						2021
	Before Tax		Tax Effect		After Tax		Before Tax		Tax Effect		After Tax
	(In thousands)
Components of other comprehensive income (loss):
Unrealized (loss) on debt securities available for sale:	$	(132,429)	$	36,938	$	(95,491)	$	(13,196)	$	950	$	(12,246)
Accretion of unrealized (loss) on debt securities reclassified as held to maturity	(8)		2		(6)		(21)		23		2
Reclassification adjustment for gain (loss) included in net income	210		(58)		152		(281)		79		(202)
	(132,227)		36,882		(95,345)		(13,498)		1,052		(12,446)
Derivatives:
Unrealized gain on swap contracts accounted for as cash flow hedges	5,532		(1,547)		3,985		7,147		(516)		6,631
	5,532		(1,547)		3,985		7,147		(516)		6,631

Employee benefit plans:
Amortization of prior service cost included in net income	(28)		6		(22)		(28)		8		(20)
Reclassification adjustment of actuarial net (loss) included in net income	(678)		190		(488)		(3,022)		844		(2,178)
Change in funded status of retirement obligations	(24,997)		6,941		(18,056)		37,491		(3,120)		34,371
	(25,703)		7,137		(18,566)		34,441		(2,268)		32,173
Total other comprehensive (loss)	$	(152,398)	$	42,472	$	(109,926)	$	28,090	$	(1,732)	$	26,358

15. 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 three and six months ended June 30, 2022 and 2021:


	For the Three Months Ended June 30,
	2022								2021
	Unrealized (Losses) 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	$	(56,174)	$	(1,760)	$	(42,421)	$	(100,355)	$	14,008	$	(11,173)	$	(75,342)	$	(72,507)
Current period changes in other comprehensive (loss) income	(37,527)		828		(18,791)		(55,490)		4,574		948		23,718		29,240
Total other comprehensive (loss) income	$	(93,701)	$	(932)	$	(61,212)	$	(155,845)	$	18,582	$	(10,225)	$	(51,624)	$	(43,267)


	For the Six Months Ended June 30,
	2022								2021
	Unrealized Gains (Losses) on Debt Securities Available for Sale		Unrealized (Losses) on Swaps		Employee Benefit Plans		Accumulated Other Comprehensive (Loss)		Unrealized Gains (Losses) on Debt Securities Available for Sale		Unrealized (Losses) on Swaps		Employee Benefit Plans		Accumulated Other Comprehensive (Loss)
	(In thousands)

Balance at beginning of period	$	1,644	$	(4,917)	$	(42,646)	$	(45,919)	$	31,028	$	(16,856)	$	(83,797)	$	(69,625)
Current period changes in other comprehensive (loss) income	(95,345)		3,985		(18,566)		(109,926)		(12,446)		6,631		32,173		26,358
Total other comprehensive (loss) income	$	(93,701)	$	(932)	$	(61,212)	$	(155,845)	$	18,582	$	(10,225)	$	(51,624)	$	(43,267)

15. Other Comprehensive Income (Loss) (continued)

The following tables reflect amounts reclassified from accumulated other comprehensive income (loss) to the Consolidated Statements of Income and the affected line item in the statement where net income is presented for the three and six months ended June 30, 2022 and 2021:


	Accumulated Other Comprehensive Income (Loss) Components
	For the Three Months Ended June 30,				Affected Line Items in the Consolidated Statements of Income
	2022		2021
	(In thousands)

Reclassification adjustment for gain (loss) included in net income	$	210	$	(281)	Gain (loss) on securities transactions
Reclassification adjustment of actuarial net (loss) included in net income	(339)		(1,511)		Other non-interest expense
Total before tax	(129)		(1,792)
Income tax benefit	37		501
Net of tax	$	(92)	$	(1,291)


	Accumulated Other Comprehensive Income (Loss) Components
	For the Six Months Ended June 30,				Affected Line Items in the Consolidated Statements of Income
	2022		2021
	(In thousands)

Reclassification adjustment for gain included in net income	$	210	$	(281)	Gain (loss) on securities transactions
Reclassification adjustment of actuarial net (loss) included in net income	(678)		(3,022)		Other non-interest expense
Total before tax	(468)		(3,303)
Income tax benefit	132		923
Net of tax	$	(336)	$	(2,380)