Other Comprehensive Income (Loss)

6 Months Ended

Jun. 30, 2023

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, 2023						Three Months Ended June 30, 2022
	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	$	(206,863)	$	(43,441)	$	(163,422)	$	(636,523)	$	(133,670)	$	(502,853)
Change in net unrealized gain on securities transferred to held to maturity	(162)		(34)		(128)		(189)		(40)		(149)
Reclassification adjustment for net (gains) losses included in net income	(33)		(7)		(26)		—		—		—
Total securities available for sale and transferred securities	(207,058)		(43,482)		(163,576)		(636,712)		(133,710)		(503,002)
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)	870		183		687		741		155		586
Total defined-benefit post-retirement benefit plans	870		183		687		741		155		586
Total other comprehensive income (loss)	$	(206,188)	$	(43,299)	$	(162,889)	$	(635,971)	$	(133,555)	$	(502,416)

	Six Months Ended June 30, 2023						Six Months Ended June 30, 2022
	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	$	53,406	$	11,215	$	42,191	$	(1,547,318)	$	(324,937)	$	(1,222,381)
Change in net unrealized gain on securities transferred to held to maturity	(322)		(67)		(255)		(398)		(84)		(314)
Reclassification adjustment for net (gains) losses included in net income	(54)		(11)		(43)		—		—		—
Total securities available for sale and transferred securities	53,030		11,137		41,893		(1,547,716)		(325,021)		(1,222,695)
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)	1,740		366		1,374		1,482		311		1,171
Total defined-benefit post-retirement benefit plans	1,740		366		1,374		1,482		311		1,171
Total other comprehensive income (loss)	$	54,770	$	11,503	$	43,267	$	(1,546,234)	$	(324,710)	$	(1,221,524)

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 at January 1, 2023	$	(1,313,791)	$	(34,503)	$	(1,348,294)
Other comprehensive income (loss) before reclassifications	41,936		—		41,936
Reclassification of amounts included in net income	(43)		1,374		1,331
Net other comprehensive income (loss) during period	41,893		1,374		43,267
Balance at June 30, 2023	$	(1,271,898)	$	(33,129)	$	(1,305,027)

Balance at January 1, 2022	$	380,209	$	(32,891)	$	347,318
Other comprehensive income (loss) before reclassifications	(1,222,695)		—		(1,222,695)
Reclassification of amounts included in net income	—		1,171		1,171
Net other comprehensive income (loss) during period	(1,222,695)		1,171		(1,221,524)

Balance at June 30, 2022	$	(842,486)	$	(31,720)	$	(874,206)