Other Comprehensive Income (Loss) (Tables)

9 Months Ended

Sep. 30, 2022

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 September 30, 2022						Three Months Ended September 30, 2021
	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	$	(829,324)	$	(174,158)	$	(655,166)	$	(80,668)	$	(16,941)	$	(63,727)
Change in net unrealized gain on securities transferred to held to maturity	(174)		(36)		(138)		(237)		(49)		(188)
Reclassification adjustment for net (gains) losses included in net income	—		—		—		—		—		—
Total securities available for sale and transferred securities	(829,498)		(174,194)		(655,304)		(80,905)		(16,990)		(63,915)
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)	741		156		585		1,529		321		1,208
Total defined-benefit post-retirement benefit plans	741		156		585		1,529		321		1,208
Total other comprehensive income (loss)	$	(828,757)	$	(174,038)	$	(654,719)	$	(79,376)	$	(16,669)	$	(62,707)

	Nine Months Ended September 30, 2022						Nine Months Ended September 30, 2021
	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	$	(2,376,642)	$	(499,095)	$	(1,877,547)	$	(209,779)	$	(44,054)	$	(165,725)
Change in net unrealized gain on securities transferred to held to maturity	(572)		(120)		(452)		(741)		(155)		(586)
Reclassification adjustment for net (gains) losses included in net income	—		—		—		—		—		—
Total securities available for sale and transferred securities	(2,377,214)		(499,215)		(1,877,999)		(210,520)		(44,209)		(166,311)
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 expense (benefit)	2,223		467		1,756		4,587		963		3,624
Total defined-benefit post-retirement benefit plans	2,223		467		1,756		4,587		963		3,624
Total other comprehensive income (loss)	$	(2,374,991)	$	(498,748)	$	(1,876,243)	$	(205,933)	$	(43,246)	$	(162,687)

Schedule of Accumulated Other Comprehensive Income (Loss)

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, 2022	$	380,209	$	(32,891)	$	347,318
Other comprehensive income (loss) before reclassifications	(1,877,999)		—		(1,877,999)
Reclassification of amounts included in net income	—		1,756		1,756
Net other comprehensive income (loss) during period	(1,877,999)		1,756		(1,876,243)
Balance at September 30, 2022	$	(1,497,790)	$	(31,135)	$	(1,528,925)

Balance January 1, 2021	$	563,801	$	(50,831)	$	512,970
Other comprehensive income (loss) before reclassifications	(166,311)		—		(166,311)
Reclassification of amounts included in net income	—		3,624		3,624
Net other comprehensive income (loss) during period	(166,311)		3,624		(162,687)

Balance at September 30, 2021	$	397,490	$	(47,207)	$	350,283