Comprehensive Income/(Loss)

6 Months Ended

Jun. 30, 2022

NOTE 9. COMPREHENSIVE INCOME/(LOSS)

The activity in accumulated other comprehensive income for the six months ended June 30, 2022 and 2021 is as follows:


	Accumulated Other Comprehensive Income/(Loss) (1)
(unaudited, in thousands)	Defined Benefit Plans			Unrealized Gains (Losses) on Debt Securities Available-for-Sale			Total
Balance at December 31, 2021	$	(398	)	$	(4,722	)	$	(5,120	)
Other comprehensive loss before reclassifications		—			(171,058	)		(171,058	)
Amounts reclassified from accumulated other comprehensive loss		109			8			117
Period change		109			(171,050	)		(170,941	)
Balance at June 30, 2022	$	(289	)	$	(175,772	)	$	(176,061	)

Balance at December 31, 2020	$	(15,502	)	$	46,861		$	31,359
Other comprehensive loss before reclassifications		—			(19,696	)		(19,696	)
Amounts reclassified from accumulated other comprehensive loss		949			(26	)		923
Period change		949			(19,722	)		(18,773	)
Balance at June 30, 2021	$	(14,553	)	$	27,139		$	12,586

(1)

All amounts are net of tax. Related income tax expense or benefit is calculated using a combined Federal and State income tax rate approximating 24% in both periods presented.

The following table provides details about amounts reclassified from accumulated other comprehensive income for the three and six months ended June 30, 2022 and 2021:


Details about Accumulated Other Comprehensive Income/(Loss) Components	For the Three Months Ended June 30,						For the Six Months Ended June 30,						Affected Line Item in the Statement of Comprehensive Income
(unaudited, in thousands)	2022			2021			2022			2021
Debt securities available-for-sale (1):
Net securities gains reclassified into earnings	$	9		$	(31	)	$	10		$	(34	)	Net securities gains (Non-interest income)
Related income tax expense ⁽²⁾		(2	)		7			(2	)		8		Provision for income taxes
Net effect on accumulated other comprehensive income for the period		7			(24	)		8			(26	)

Defined benefit plans (3):
Amortization of net loss and prior service costs		73			628			144			1,250		Employee benefits (Non-interest expense)
Related income tax benefit ⁽²⁾		(18	)		(151	)		(35	)		(301	)	Provision for income taxes
Net effect on accumulated other comprehensive income for the period		55			477			109			949
Total reclassifications for the period	$	62		$	453		$	117		$	923

(1)

For additional detail related to unrealized gains on securities and related amounts reclassified from accumulated other comprehensive income, see Note 3, “Securities.”

(2)

Income tax expense or benefit is calculated using a combined Federal and State income tax rate approximating 24% in both periods presented.

(3)

Included in the computation of net periodic pension cost. See Note 6, “Benefit Plans” for additional detail.