Other Comprehensive Income (Loss)

9 Months Ended

Sep. 30, 2024

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, 2024 and 2023:


	For the Three Months Ended September 30,
	2024						2023
	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:	$	43,145	$	(12,143)	$	31,002	$	(28,188)	$	7,971	$	(20,217)
Accretion of unrealized (loss) on debt securities reclassified as held to maturity	(2)		1		(1)		(1)		—		(1)

	43,143		(12,142)		31,001		(28,189)		7,971		(20,218)
Derivatives:
Unrealized (loss) gain on swap contracts accounted for as cash flow hedges	(9,094)		2,560		(6,534)		2,573		(728)		1,845
	(9,094)		2,560		(6,534)		2,573		(728)		1,845

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	(548)		154		(394)		1		—		1
Change in funded status of retirement obligations	603		(170)		433		21		(6)		15
	41		(12)		29		8		(2)		6
Total other comprehensive income (loss)	$	34,090	$	(9,594)	$	24,496	$	(25,608)	$	7,241	$	(18,367)

15. Other Comprehensive Income (Loss) (continued)


	For the Nine Months Ended September 30,
	2024						2023
	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:	$	35,570	$	(10,009)	$	25,561	$	(6,235)	$	2,251	$	(3,984)
Accretion of unrealized gain (loss) on debt securities reclassified as held to maturity	6		(2)		4		(14)		5		(9)
Reclassification adjustment for (loss) included in net income	(1,256)		353		(903)		(10,847)		3,068		(7,779)
	34,320		(9,658)		24,662		(17,096)		5,324		(11,772)
Derivatives:
Unrealized (loss) gain on swap contracts accounted for as cash flow hedges	(3,447)		971		(2,476)		5,390		(1,527)		3,863
	(3,447)		971		(2,476)		5,390		(1,527)		3,863

Employee benefit plans:
Amortization of prior service cost included in net income	(42)		12		(30)		(42)		12		(30)
Reclassification adjustment of actuarial net (loss) gain included in net income	(1,629)		459		(1,170)		3		(1)		2
Change in funded status of retirement obligations	9,416		(2,653)		6,763		3,534		(839)		2,695
	7,745		(2,182)		5,563		3,495		(828)		2,667
Total other comprehensive income (loss)	$	38,618	$	(10,869)	$	27,749	$	(8,211)	$	2,969	$	(5,242)

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, 2024 and 2023:


	For the Three Months Ended September 30,
	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	$	(119,988)	$	3,644	$	(39,138)	$	(155,482)	$	(127,036)	$	2,522	$	(41,657)	$	(166,171)
Current period changes in other comprehensive income (loss)	31,001		(6,534)		29		24,496		(20,218)		1,845		6		(18,367)
Total other comprehensive income (loss)	$	(88,987)	$	(2,890)	$	(39,109)	$	(130,986)	$	(147,254)	$	4,367	$	(41,651)	$	(184,538)


	For the Nine Months Ended September 30,
	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)	24,662		(2,476)		5,563		27,749		(11,772)		3,863		2,667		(5,242)
Total other comprehensive income (loss)	$	(88,987)	$	(2,890)	$	(39,109)	$	(130,986)	$	(147,254)	$	4,367	$	(41,651)	$	(184,538)

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, 2024 and 2023:


	Accumulated Other Comprehensive Income (Loss) Components
	For the Three Months Ended September 30,				Affected Line Items in the Consolidated Statements of Income
	2024		2023
	(In thousands)


Reclassification adjustment of actuarial net (loss) gain included in net income	$	(548)	$	1	Other non-interest expense
Total before tax	(548)		1
Income tax benefit	154		—
Net of tax	$	(394)	$	1


	Accumulated Other Comprehensive Income (Loss) Components
	For the Nine Months Ended September 30,				Affected Line Items in the Consolidated Statements of Income
	2024		2023
	(In thousands)

Reclassification adjustment for loss included in net income	$	(1,256)	$	(10,847)	Loss on securities transactions
Reclassification adjustment of actuarial net (loss) gain included in net income	(1,629)		3		Other non-interest expense
Total before tax	(2,885)		(10,844)
Income tax benefit	812		3,067
Net of tax	$	(2,073)	$	(7,777)