ACCUMULATED OTHER COMPREHENSIVE INCOME

3 Months Ended

Mar. 31, 2022

Accumulated other comprehensive income represents the net unrealized holding gains on securities available-for-sale, derivatives and the funded status of the Company’s benefit plans, as of the consolidated balance sheet dates, net of the related tax effect.

The following table presents the components of other comprehensive (loss) income both gross and net of tax, inclusive of a deferred tax valuation allowance, for the periods indicated.


	Three Months Ended March 31,
	2022						2021
	Before Tax		Tax Effect		After Tax		Before Tax		Tax Effect		After Tax

	(In thousands)
Components of Other Comprehensive Loss:
Unrealized loss on securities available for sale:
Unrealized loss arising during the period	$	(15,788)	$	49	$	(15,739)	$	(3,641)	$	887	$	(2,754)


Unrealized gain on cash flow hedge:
Unrealized gain arising during the period	5,237		—		5,237		4,272		(1,201)		3,071
Reclassification adjustment for losses included in net income	322		—		322		338		(95)		243
Total	5,559		—		5,559		4,610		(1,296)		3,314
Defined benefit plans:

Reclassification adjustment for amortization of:

Net actuarial loss	48		—		48		52		(15)		37

Total other comprehensive loss:	$	(10,181)	$	49	$	(10,132)	$	1,021	$	(424)	$	597

The following is a summary of the changes in accumulated other comprehensive income by component, net of tax, inclusive of a deferred tax valuation allowance, for the periods indicated:


	Unrealized Gains and (Losses) on Cash Flow Hedges		Unrealized Gains and (Losses) on Available-for-sale Securities		Defined Benefit Pension Items		Total

	(In thousands)
Balance at December 31, 2021	$	(246)	$	1,091	$	(1,217)	$	(372)
Other comprehensive income (loss) before reclassification	5,237		(15,739)		—		(10,502)
Amounts reclassified from accumulated other comprehensive income	322		—		48		370
Net current period other comprehensive gain (loss)	5,559		(15,739)		48		(10,132)
Balance at March 31, 2022	$	5,313	$	(14,648)	$	(1,169)	$	(10,504)





Balance at December 31, 2020	$	(3,986)	$	4,208	$	(1,253)	$	(1,031)
Other comprehensive income (loss) before reclassification	3,071		(2,754)		—		317
Amounts reclassified from accumulated other comprehensive income	243		—		37		280
Net current period other comprehensive (loss) gain	3,314		(2,754)		37		597
Balance at March 31, 2021	$	(672)	$	1,454	$	(1,216)	$	(434)

The following is significant amounts reclassified out of each component of accumulated other comprehensive income (loss):


Details about Accumulated Other Comprehensive Income Components	Three Months Ended March 31,				Affected Line Item in the Statement Where Net Income is Presented
	2022		2021

	(In thousands)

Losses on cash flow hedges:
Interest rate contracts	$	(322)	$	(338)	Interest (expense) income

Amortization of benefit plan items:
Net actuarial loss	(48)		(52)		Compensation and employee benefits
Total tax effect	—		110		Income tax expense
Total reclassification for the period, net of tax	$	(370)	$	(280)