Other Comprehensive Income (Loss)

3 Months Ended

Mar. 31, 2023

The following tables present the components of other comprehensive income (loss), both gross and net of tax, for the three months ended March 31, 2023 and 2022:


	For the Three Months Ended March 31,
	2023						2022
	Before Tax		Tax Effect		After Tax		Before Tax		Tax Effect		After Tax
	(In thousands)
Components of other comprehensive income (loss):
Unrealized gain (loss) on debt securities available for sale:	$	17,541	$	(4,472)	$	13,069	$	(80,181)	$	22,366	$	(57,815)
Accretion of unrealized (loss) on debt securities reclassified as held to maturity	(11)		4		(7)		(4)		1		(3)
Reclassification adjustment for (loss) included in net income	(1,295)		366		(929)		—		—		—
	16,235		(4,102)		12,133		(80,185)		22,367		(57,818)
Derivatives:
Unrealized (loss)gain on swap contracts accounted for as cash flow hedges	(1,203)		338		(865)		4,382		(1,225)		3,157
	(1,203)		338		(865)		4,382		(1,225)		3,157

Employee benefit plans:
Amortization of prior service cost included in net income	(14)		4		(10)		(14)		3		(11)
Reclassification adjustment of actuarial net gain (loss) included in net income	1		—		1		(339)		95		(244)
Change in funded status of retirement obligations	26		153		179		706		(226)		480
	13		157		170		353		(128)		225
Total other comprehensive income (loss)	$	15,045	$	(3,607)	$	11,438	$	(75,450)	$	21,014	$	(54,436)

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 months ended March 31, 2023 and 2022:


	For the Three Months Ended March 31,
	2023								2022
	Unrealized Gains (Losses) on Debt Securities Available for Sale		Unrealized Gains (Losses) on Swaps		Employee Benefit Plans		Accumulated Other Comprehensive (Loss)		Unrealized Gains (Losses) on Debt Securities Available for Sale		UnrealizedGains (Losses) on Swaps		Employee Benefit Plans		Accumulated Other Comprehensive (Loss)
	(In thousands)

Balance at beginning of period	$	(135,482)	$	504	$	(44,318)	$	(179,296)	$	1,644	$	(4,917)	$	(42,646)	$	(45,919)
Current period changes in other comprehensive income (loss)	12,133		(865)		170		11,438		(57,818)		3,157		225		(54,436)
Total other comprehensive income (loss)	$	(123,349)	$	(361)	$	(44,148)	$	(167,858)	$	(56,174)	$	(1,760)	$	(42,421)	$	(100,355)

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 months ended March 31, 2023 and 2022:


	Accumulated Other Comprehensive Income (Loss) Components
	For the Three Months Ended March 31,				Affected Line Items in the Consolidated Statements of Income
	2023		2022
	(In thousands)

Reclassification adjustment for (loss) included in net income	$	(1,295)	$	—	Loss on securities transactions
Reclassification adjustment of actuarial net gain (loss) included in net income	1		(339)		Other non-interest expense
Total before tax	(1,294)		(339)
Income tax benefit	366		95
Net of tax	$	(928)	$	(244)