Other Comprehensive Income (Loss) (Tables)

3 Months Ended

Mar. 31, 2024

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 11 – Defined Benefit Plans).


	Three Months Ended March 31, 2024						Three Months Ended March 31, 2023
	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	$	(199,075)	$	(41,806)	$	(157,269)	$	260,269	$	54,656	$	205,613
Change in net unrealized gain on securities transferred to held to maturity	(159)		(34)		(125)		(160)		(33)		(127)
Reclassification adjustment for net (gains) losses included in net income	—		—		—		(21)		(4)		(17)
Total securities available for sale and transferred securities	(199,234)		(41,840)		(157,394)		260,088		54,619		205,469
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)	418		88		330		870		183		687
Total defined-benefit post-retirement benefit plans	418		88		330		870		183		687
Total other comprehensive income (loss)	$	(198,816)	$	(41,752)	$	(157,064)	$	260,958	$	54,802	$	206,156

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 at January 1, 2024	$	(1,094,794)	$	(24,425)	$	(1,119,219)
Other comprehensive income (loss) before reclassifications	(157,394)		—		(157,394)
Reclassification of amounts included in net income	—		330		330
Net other comprehensive income (loss) during period	(157,394)		330		(157,064)
Balance at March 31, 2024	$	(1,252,188)	$	(24,095)	$	(1,276,283)

Balance at January 1, 2023	$	(1,313,791)	$	(34,503)	$	(1,348,294)
Other comprehensive income (loss) before reclassifications	205,486		—		205,486
Reclassification of amounts included in net income	(17)		687		670
Net other comprehensive income (loss) during period	205,469		687		206,156

Balance at March 31, 2023	$	(1,108,322)	$	(33,816)	$	(1,142,138)