Other Comprehensive Income (Loss) (Tables)

9 Months Ended

Sep. 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 September 30, 2024						Three Months Ended September 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	$	498,371	$	104,658	$	393,713	$	(600,441)	$	(126,092)	$	(474,349)
Change in net unrealized gain on securities transferred to held to maturity	(150)		(31)		(119)		(164)		(35)		(129)
Reclassification adjustment for net (gains) losses included in net income	(16)		(3)		(13)		(12)		(3)		(9)
Total securities available for sale and transferred securities	498,205		104,624		393,581		(600,617)		(126,130)		(474,487)
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		869		182		687
Total defined-benefit post-retirement benefit plans	418		88		330		869		182		687
Total other comprehensive income (loss)	$	498,623	$	104,712	$	393,911	$	(599,748)	$	(125,948)	$	(473,800)

	Nine Months Ended September 30, 2024						Nine Months Ended September 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	$	257,185	$	54,009	$	203,176	$	(547,035)	$	(114,877)	$	(432,158)
Change in net unrealized gain on securities transferred to held to maturity	(466)		(98)		(368)		(486)		(102)		(384)
Reclassification adjustment for net (gains) losses included in net income	(16)		(3)		(13)		(66)		(14)		(52)
Total securities available for sale and transferred securities	256,703		53,908		202,795		(547,587)		(114,993)		(432,594)
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)	1,255		264		991		2,609		548		2,061
Total defined-benefit post-retirement benefit plans	1,255		264		991		2,609		548		2,061
Total other comprehensive income (loss)	$	257,958	$	54,172	$	203,786	$	(544,978)	$	(114,445)	$	(430,533)

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	202,808		—		202,808
Reclassification of amounts included in net income	(13)		991		978
Net other comprehensive income (loss) during period	202,795		991		203,786
Balance at September 30, 2024	$	(891,999)	$	(23,434)	$	(915,433)

Balance at January 1, 2023	$	(1,313,791)	$	(34,503)	$	(1,348,294)
Other comprehensive income (loss) before reclassifications	(432,542)		—		(432,542)
Reclassification of amounts included in net income	(52)		2,061		2,009
Net other comprehensive income (loss) during period	(432,594)		2,061		(430,533)

Balance at September 30, 2023	$	(1,746,385)	$	(32,442)	$	(1,778,827)