Other Comprehensive Income (Loss)

3 Months Ended

Mar. 31, 2024

The following tables present the components of other comprehensive income (loss), both gross and net of tax, for the three months ended March 31, 2024 and 2023:


	For the Three Months Ended March 31,
	2024						2023
	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:	$	(6,948)	$	1,956	$	(4,992)	$	17,541	$	(4,472)	$	13,069
Accretion of unrealized gain (loss) on debt securities reclassified as held to maturity	5		(1)		4		(11)		4		(7)
Reclassification adjustment for (loss) gain included in net income	(1,256)		353		(903)		(1,295)		366		(929)
	(8,199)		2,308		(5,891)		16,235		(4,102)		12,133
Derivatives:
Unrealized gain (loss) on swap contracts accounted for as cash flow hedges	5,233		(1,473)		3,760		(1,203)		338		(865)
	5,233		(1,473)		3,760		(1,203)		338		(865)

Employee benefit plans:
Amortization of prior service cost included in net income	(14)		4		(10)		(14)		4		(10)
Reclassification adjustment of actuarial net (loss) gain included in net income	(534)		150		(384)		1		—		1
Change in funded status of retirement obligations	589		(166)		423		26		153		179
	41		(12)		29		13		157		170
Total other comprehensive income (loss)	$	(2,925)	$	823	$	(2,102)	$	15,045	$	(3,607)	$	11,438

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, 2024 and 2023:


	For the Three Months Ended March 31,
	2024								2023
	Unrealized (Losses) on Debt Securities Available for Sale		Unrealized Gains (Losses) on Swaps		Employee Benefit Plans		Accumulated Other Comprehensive (Loss)		Unrealized (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	$	(113,649)	$	(414)	$	(44,672)	$	(158,735)	$	(135,482)	$	504	$	(44,318)	$	(179,296)
Current period changes in other comprehensive income (loss)	(5,891)		3,760		29		(2,102)		12,133		(865)		170		11,438
Total other comprehensive income (loss)	$	(119,540)	$	3,346	$	(44,643)	$	(160,837)	$	(123,349)	$	(361)	$	(44,148)	$	(167,858)

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, 2024 and 2023:


	Accumulated Other Comprehensive Income (Loss) Components
	For the Three Months Ended March 31,				Affected Line Items in the Consolidated Statements of Income
	2024		2023
	(In thousands)

Reclassification adjustment for loss included in net income	$	(1,256)	$	(1,295)	Loss on securities transactions
Reclassification adjustment of actuarial net (loss) gain included in net income	$	(534)	$	1	Other non-interest expense
Total before tax	(1,790)		(1,294)
Income tax benefit	503		366
Net of tax	$	(1,287)	$	(928)