Other Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2023

The following tables present the components of other comprehensive income (loss), both gross and net of tax, for the years ended December 31, 2023, 2022, and 2021:


	For the Years Ended December 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:	$	41,181	$	(11,544)	$	29,637	$	(190,682)	$	53,427	$	(137,255)
Accretion of unrealized (loss) on debt securities reclassified as held to maturity	(14)		4		(10)		(31)		9		(22)
Reclassification adjustment for (loss) gain included in net income	(10,847)		3,053		(7,794)		210		(59)		151
	30,320		(8,487)		21,833		(190,503)		53,377		(137,126)

Derivatives:
Unrealized (loss) gain on swap contracts accounted for as cash flow hedges	(1,274)		356		(918)		7,524		(2,103)		5,421

Employee benefit plans:
Amortization of prior service cost included in net income	(56)		16		(40)		(56)		15		(41)
Reclassification adjustment of actuarial net (loss) included in net income	(776)		218		(558)		(2,677)		749		(1,928)
Change in funded status of retirement obligations	340		(96)		244		345		(48)		297

	(492)		138		(354)		(2,388)		716		(1,672)
Total other comprehensive income (loss)	$	28,554	$	(7,993)	$	20,561	$	(185,367)	$	51,990	$	(133,377)

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


	For the Year Ended December 31,
	2021
	Before Tax		Tax Effect		After Tax
	(In thousands)
Components of other comprehensive income (loss):
Unrealized (loss) on debt securities available for sale:	$	(39,000)	$	8,021	$	(30,979)
Accretion of unrealized (loss) on debt securities reclassified as held to maturity	(28)		25		(3)
Reclassification adjustment for gain included in net income	2,025		(427)		1,598
	(37,003)		7,619		(29,384)

Derivatives:
Unrealized gain on swap contracts accounted for as cash flow hedges	14,514		(2,575)		11,939

Employee benefit plans:
Amortization of prior service cost included in net income	(55)		16		(39)
Reclassification adjustment of actuarial net (loss) included in net income	(4,044)		1,129		(2,915)
Change in funded status of retirement obligations	50,999		(6,894)		44,105

	46,900		(5,749)		41,151
Total other comprehensive income (loss)	$	24,411	$	(705)	$	23,706

(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, 2023, 2022, and 2021:


	For the Years Ended December 31,
	2023								2022
	Unrealized (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		Unrealized Gains (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)	21,833		(918)		(354)		20,561		(137,126)		5,421		(1,672)		(133,377)
Total other comprehensive income (loss)	$	(113,649)	$	(414)	$	(44,672)	$	(158,735)	$	(135,482)	$	504	$	(44,318)	$	(179,296)


	For the Year Ended December 31,
	2021
	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)


Current period changes in other comprehensive income (loss)	(29,384)		11,939		41,151		23,706
Total other comprehensive income (loss)	$	1,644	$	(4,917)	$	(42,646)	$	(45,919)

(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, 2023, 2022, and 2021:


	Accumulated Other Comprehensive Income (Loss) Components
	For the Years Ended December 31,						Affected Line Items in the Consolidated Statements of Income
	2023		2022		2021
	(In thousands)

Reclassification adjustment for (loss) gain included in net income	$	(10,847)	$	210	$	2,025	(Loss)gain on securities transactions
Reclassification adjustment of actuarial net (loss) included in net income	(776)		(2,677)		(4,044)		Other non-interest expense
Total before tax	(11,623)		(2,467)		(2,019)
Income tax benefit	3,271		690		702
Net of tax	$	(8,352)	$	(1,777)	$	(1,317)