Other Comprehensive Income (Loss) (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2024						Three Months Ended June 30, 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	$	(42,111)	$	(8,843)	$	(33,268)	$	(206,863)	$	(43,441)	$	(163,422)
Change in net unrealized gain on securities transferred to held to maturity	(157)		(33)		(124)		(162)		(34)		(128)
Reclassification adjustment for net (gains) losses included in net income	—		—		—		(33)		(7)		(26)
Total securities available for sale and transferred securities	(42,268)		(8,876)		(33,392)		(207,058)		(43,482)		(163,576)
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)	419		88		331		870		183		687
Total defined-benefit post-retirement benefit plans	419		88		331		870		183		687
Total other comprehensive income (loss)	$	(41,849)	$	(8,788)	$	(33,061)	$	(206,188)	$	(43,299)	$	(162,889)

	Six Months Ended June 30, 2024						Six Months Ended June 30, 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	$	(241,186)	$	(50,649)	$	(190,537)	$	53,406	$	11,215	$	42,191
Change in net unrealized gain on securities transferred to held to maturity	(316)		(67)		(249)		(322)		(67)		(255)
Reclassification adjustment for net (gains) losses included in net income	—		—		—		(54)		(11)		(43)
Total securities available for sale and transferred securities	(241,502)		(50,716)		(190,786)		53,030		11,137		41,893
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)	837		176		661		1,740		366		1,374
Total defined-benefit post-retirement benefit plans	837		176		661		1,740		366		1,374
Total other comprehensive income (loss)	$	(240,665)	$	(50,540)	$	(190,125)	$	54,770	$	11,503	$	43,267

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	(190,786)		—		(190,786)
Reclassification of amounts included in net income	—		661		661
Net other comprehensive income (loss) during period	(190,786)		661		(190,125)
Balance at June 30, 2024	$	(1,285,580)	$	(23,764)	$	(1,309,344)

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)