Other Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2023

The tax effects allocated to each component of other comprehensive income (loss) were as follows:


	Before Tax Amount		Tax Expense, (Benefit)		Net of Tax Amount
2023
Securities available for sale and transferred securities:
Change in net unrealized gain/loss during the period	$	277,926	$	58,364	$	219,562
Change in net unrealized gain on securities transferred to held to maturity	(649)		(136)		(513)
Reclassification adjustment for net (gains) losses included in net income	(66)		(14)		(52)
Total securities available for sale and transferred securities	277,211		58,214		218,997
Defined-benefit post-retirement benefit plans:
Change in the net actuarial gain/loss	9,278		1,948		7,330
Reclassification adjustment for net amortization of actuarial gain/loss included in net income as a component of net periodic cost (benefit)	3,479		731		2,748
Total defined-benefit post-retirement benefit plans	12,757		2,679		10,078
Total other comprehensive income (loss)	$	289,968	$	60,893	$	229,075


	Before Tax Amount		Tax Expense, (Benefit)		Net of Tax Amount
2022
Securities available for sale and transferred securities:
Change in net unrealized gain/loss during the period	$	(2,143,567)	$	(450,149)	$	(1,693,418)
Change in net unrealized gain on securities transferred to held to maturity	(737)		(155)		(582)

Total securities available for sale and transferred securities	(2,144,304)		(450,304)		(1,694,000)
Defined-benefit post-retirement benefit plans:
Change in the net actuarial gain/loss	(5,005)		(1,051)		(3,954)
Reclassification adjustment for net amortization of actuarial gain/loss included in net income as a component of net periodic cost (benefit)	2,964		622		2,342
Total defined-benefit post-retirement benefit plans	(2,041)		(429)		(1,612)
Total other comprehensive income (loss)	$	(2,146,345)	$	(450,733)	$	(1,695,612)

2021
Securities available for sale and transferred securities:
Change in net unrealized gain/loss during the period	$	(231,355)	$	(48,585)	$	(182,770)
Change in net unrealized gain on securities transferred to held to maturity	(971)		(204)		(767)
Reclassification adjustment for net (gains) losses included in net income	(69)		(14)		(55)
Total securities available for sale and transferred securities	(232,395)		(48,803)		(183,592)
Defined-benefit post-retirement benefit plans:
Change in the net actuarial gain/loss	16,593		3,485		13,108
Reclassification adjustment for net amortization of actuarial gain/loss included in net income as a component of net periodic cost (benefit)	6,116		1,284		4,832
Total defined-benefit post-retirement benefit plans	22,709		4,769		17,940
Total other comprehensive income (loss)	$	(209,686)	$	(44,034)	$	(165,652)

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


	Securities Available For Sale		Defined Benefit Plans		Accumulated Other Comprehensive Income
Balance January 1, 2023	$	(1,313,791)	$	(34,503)	$	(1,348,294)
Other comprehensive income (loss) before reclassification	219,049		7,330		226,379
Reclassification of amounts included in net income	(52)		2,748		2,696
Net other comprehensive income (loss) during period	218,997		10,078		229,075
Balance December 31, 2023	$	(1,094,794)	$	(24,425)	$	(1,119,219)

Balance January 1, 2022	$	380,209	$	(32,891)	$	347,318
Other comprehensive income (loss) before reclassification	(1,694,000)		(3,954)		(1,697,954)
Reclassification of amounts included in net income	—		2,342		2,342
Net other comprehensive income (loss) during period	(1,694,000)		(1,612)		(1,695,612)
Balance December 31, 2022	$	(1,313,791)	$	(34,503)	$	(1,348,294)

Balance January 1, 2021	$	563,801	$	(50,831)	$	512,970
Other comprehensive income (loss) before reclassification	(183,537)		13,108		(170,429)
Reclassification of amounts included in net income	(55)		4,832		4,777
Net other comprehensive income (loss) during period	(183,592)		17,940		(165,652)
Balance December 31, 2021	$	380,209	$	(32,891)	$	347,318