Other Comprehensive Income (Loss)

9 Months Ended

Sep. 30, 2022

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


	For the Three Months Ended September 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:	$	(65,744)	$	18,589	$	(47,155)	$	(13,609)	$	3,666	$	(9,943)
Accretion of unrealized (loss) on debt securities reclassified as held to maturity	(19)		6		(13)		(3)		1		(2)
Reclassification adjustment for gain included in net income	—		—		—		2,296		(505)		1,791
	(65,763)		18,595		(47,168)		(11,316)		3,162		(8,154)
Derivatives:
Unrealized gain on swap contracts accounted for as cash flow hedges	1,639		(457)		1,182		2,035		(568)		1,467
	1,639		(457)		1,182		2,035		(568)		1,467

Employee benefit plans:
Amortization of prior service cost included in net income	(14)		3		(11)		(14)		4		(10)
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	1,148		(211)		937		3,050		(852)		2,198
	795		(113)		682		1,525		(426)		1,099
Total other comprehensive (loss)	$	(63,329)	$	18,025	$	(45,304)	$	(7,756)	$	2,168	$	(5,588)

15. Other Comprehensive Income (Loss) (continued)


	For the Nine Months Ended September 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:	$	(198,171)	$	55,528	$	(142,643)	$	(26,804)	$	4,615	$	(22,189)
Accretion of unrealized (loss) on debt securities reclassified as held to maturity	(28)		7		(21)		(24)		24		—
Reclassification adjustment for gain included in net income	210		(59)		151		2,015		(426)		1,589
	(197,989)		55,476		(142,513)		(24,813)		4,213		(20,600)
Derivatives:
Unrealized gain on swap contracts accounted for as cash flow hedges	7,171		(2,004)		5,167		9,182		(1,084)		8,098
	7,171		(2,004)		5,167		9,182		(1,084)		8,098

Employee benefit plans:
Amortization of prior service cost included in net income	(42)		11		(31)		(42)		11		(31)
Reclassification adjustment of actuarial net (loss) included in net income	(1,017)		285		(732)		(4,533)		1,266		(3,267)
Change in funded status of retirement obligations	(23,851)		6,730		(17,121)		40,541		(3,971)		36,570
	(24,910)		7,026		(17,884)		35,966		(2,694)		33,272
Total other comprehensive (loss) income	$	(215,728)	$	60,498	$	(155,230)	$	20,335	$	435	$	20,770

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 nine months ended September 30, 2022 and 2021:


	For the Three Months Ended September 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	$	(93,701)	$	(932)	$	(61,212)	$	(155,845)	$	18,582	$	(10,225)	$	(51,624)	$	(43,267)
Current period changes in other comprehensive (loss) income	(47,168)		1,182		682		(45,304)		(8,154)		1,467		1,099		(5,588)
Total other comprehensive (loss) income	$	(140,869)	$	250	$	(60,530)	$	(201,149)	$	10,428	$	(8,758)	$	(50,525)	$	(48,855)


	For the Nine Months Ended September 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	$	1,644	$	(4,917)	$	(42,646)	$	(45,919)	$	31,028	$	(16,856)	$	(83,797)	$	(69,625)
Current period changes in other comprehensive (loss) income	(142,513)		5,167		(17,884)		(155,230)		(20,600)		8,098		33,272		20,770
Total other comprehensive (loss) income	$	(140,869)	$	250	$	(60,530)	$	(201,149)	$	10,428	$	(8,758)	$	(50,525)	$	(48,855)

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 nine months ended September 30, 2022 and 2021:


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

Reclassification adjustment for gain included in net income	$	—	$	2,296	Gain on securities transactions
Reclassification adjustment of actuarial net (loss) included in net income	(339)		(1,511)		Other non-interest expense
Total before tax	(339)		785
Income tax benefit	95		(83)
Net of tax	$	(244)	$	702


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

Reclassification adjustment for gain included in net income	$	210	$	2,015	Gain on securities transactions
Reclassification adjustment of actuarial net (loss) included in net income	(1,017)		(4,533)		Other non-interest expense
Total before tax	(807)		(2,518)
Income tax benefit	226		840
Net of tax	$	(581)	$	(1,678)