Other Comprehensive Income (Loss)

6 Months Ended

Jun. 30, 2021

Other Comprehensive Income (Loss)

The before and after tax amounts allocated to each component of other comprehensive income (loss) are presented in the following table. Reclassification adjustments related to securities available for sale are included in net gain (loss) on securities transactions in the accompanying consolidated statements of income. Reclassification adjustments related to defined-benefit post-retirement benefit plans are included in the computation of net periodic pension expense (see Note 12 – Defined Benefit Plans).


	Three Months Ended June 30, 2021						Three Months Ended June 30, 2020
	Before Tax Amount		Tax Expense, (Benefit)		Net of Tax Amount		Before Tax Amount		Tax Expense, (Benefit)		Net of Tax Amount
Securities available for sale and transferred securities:
Change in net unrealized gain/loss during the period	$	30,668	$	6,441	$	24,227	$	156,509	$	32,868	$	123,641
Change in net unrealized gain on securities transferred to held to maturity	(245)		(52)		(193)		(308)		(65)		(243)

Total securities available for sale and transferred securities	30,423		6,389		24,034		156,201		32,803		123,398
Defined-benefit post-retirement benefit plans:

Reclassification adjustment for net amortization of actuarial gain/loss included in net income as a component of net periodic cost (benefit)	1,529		321		1,208		1,329		278		1,051
Total defined-benefit post-retirement benefit plans	1,529		321		1,208		1,329		278		1,051
Total other comprehensive income (loss)	$	31,952	$	6,710	$	25,242	$	157,530	$	33,081	$	124,449


	Six Months Ended June 30, 2021						Six Months Ended June 30, 2020
	Before Tax Amount		Tax Expense, (Benefit)		Net of Tax Amount		Before Tax Amount		Tax Expense, (Benefit)		Net of Tax Amount
Securities available for sale and transferred securities:
Change in net unrealized gain/loss during the period	$	(129,111)	$	(27,113)	$	(101,998)	$	386,627	$	81,193	$	305,434
Change in net unrealized gain on securities transferred to held to maturity	(504)		(106)		(398)		(685)		(144)		(541)
Reclassification adjustment for net (gains) losses included in net income	—		—		—		(108,989)		(22,888)		(86,101)
Total securities available for sale and transferred securities	(129,615)		(27,219)		(102,396)		276,953		58,161		218,792
Defined-benefit post-retirement benefit plans:

Reclassification adjustment for net amortization of actuarial gain/loss included in net income as a component of net periodic cost (benefit)	3,058		642		2,416		2,659		557		2,102
Total defined-benefit post-retirement benefit plans	3,058		642		2,416		2,659		557		2,102
Total other comprehensive income (loss)	$	(126,557)	$	(26,577)	$	(99,980)	$	279,612	$	58,718	$	220,894

Activity in accumulated other comprehensive income (loss), net of tax, was as follows:


	Securities Available For Sale		Defined Benefit Plans		Accumulated Other Comprehensive Income
Balance January 1, 2021	$	563,801	$	(50,831)	$	512,970
Other comprehensive income (loss) before reclassifications	(102,396)		—		(102,396)
Reclassification of amounts included in net income	—		2,416		2,416
Net other comprehensive income (loss) during period	(102,396)		2,416		(99,980)
Balance at June 30, 2021	$	461,405	$	(48,415)	$	412,990

Balance January 1, 2020	$	313,304	$	(45,934)	$	267,370
Other comprehensive income (loss) before reclassifications	304,893		—		304,893
Reclassification of amounts included in net income	(86,101)		2,102		(83,999)
Net other comprehensive income (loss) during period	218,792		2,102		220,894

Balance at June 30, 2020	$	532,096	$	(43,832)	$	488,264