Accumulated Other Comprehensive Income (Loss)

9 Months Ended

Sep. 30, 2022

The changes in accumulated other comprehensive income (loss) by component are as follows (in thousands):


	Three Months Ended September 30, 2022

	Unrealized Gains (Losses) on Securities		Unrealized Gains (Losses) on Derivatives		Retirement Plans		Total
Beginning balance, net of tax	$	(137,792)	$	21,857	$	(23,400)	$	(139,335)
Other comprehensive income (loss):
Other comprehensive income (loss) before reclassifications	(67,721)		15,226		—		(52,495)
Reclassification adjustments included in net income	1,495		(1,572)		224		147
Income tax (expense) benefit	13,908		(2,868)		(47)		10,993
Net current-period other comprehensive income (loss), net of tax	(52,318)		10,786		177		(41,355)
Ending balance, net of tax	$	(190,110)	$	32,643	$	(23,223)	$	(180,690)

	Nine Months Ended September 30, 2022

	Unrealized Gains (Losses) on Securities		Unrealized Gains (Losses) on Derivatives		Retirement Plans		Total
Beginning balance, net of tax	$	84,716	$	(1,257)	$	(23,754)	$	59,705
Other comprehensive income (loss):
Other comprehensive (loss) income before reclassifications	(354,649)		42,819		—		(311,830)
Reclassification adjustments included in net income	6,768		94		671		7,533

Income tax (expense) benefit	73,055		(9,013)		(140)		63,902
Net current-period other comprehensive income (loss), net of tax	(274,826)		33,900		531		(240,395)

Ending balance, net of tax	$	(190,110)	$	32,643	$	(23,223)	$	(180,690)


	Three Months Ended September 30, 2021

	Unrealized Gains (Losses) on Securities		Unrealized Gains (Losses) on Derivatives		Retirement Plans		Total
Beginning balance, net of tax	$	102,628	$	(8,334)	$	(29,407)	$	64,887
Other comprehensive income (loss):
Other comprehensive income (loss) before reclassifications	(27,714)		377		—		(27,337)
Reclassification adjustments included in net income	(1,069)		1,617		316		864
Income tax (expense) benefit	6,045		(418)		(67)		5,560
Net current-period other comprehensive income (loss), net of tax	(22,738)		1,576		249		(20,913)
Ending balance, net of tax	$	79,890	$	(6,758)	$	(29,158)	$	43,974

	Nine Months Ended September 30, 2021

	Unrealized Gains (Losses) on Securities		Unrealized Gains (Losses) on Derivatives		Retirement Plans		Total
Beginning balance, net of tax	$	116,078	$	(17,091)	$	(29,907)	$	69,080


Other comprehensive income (loss):
Other comprehensive income (loss) before reclassifications	(43,527)		8,296		—		(35,231)
Reclassification adjustments included in net income	(2,281)		4,784		948		3,451
Income tax (expense) benefit	9,620		(2,747)		(199)		6,674
Net current-period other comprehensive income (loss), net of tax	(36,188)		10,333		749		(25,106)
Ending balance, net of tax	$	79,890	$	(6,758)	$	(29,158)	$	43,974

The reclassification adjustments out of accumulated other comprehensive income (loss) included in net income are presented below (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021






Unrealized gains and losses on securities transferred:
Amortization of unrealized gains and losses (1)	$	(1,396)	$	(312)	$	(2,949)	$	(1,118)
Tax benefit	293		66		619		235
Net of tax	(1,103)		(246)		(2,330)		(883)

Unrealized gains and losses on available for sale securities:
Realized net gain (loss) on sale of securities (2)	(99)		1,381		(3,819)		3,399


Tax (expense) benefit	21		(290)		802		(714)
Net of tax	(78)		1,091		(3,017)		2,685

Derivatives:
Realized net gain (loss) on interest rate swap derivatives (3)	1,572		(1,617)		(94)		(4,784)
Tax benefit	(330)		340		20		1,005
Net of tax	1,242		(1,277)		(74)		(3,779)





Amortization of pension plan:
Net actuarial loss (4)	(224)		(316)		(671)		(948)


Tax benefit	47		67		140		199
Net of tax	(177)		(249)		(531)		(749)
Total reclassifications for the period, net of tax	$	(116)	$	(681)	$	(5,952)	$	(2,726)

(1) Included in interest income on the consolidated statements of income.

(2) Listed as net gain (loss) on sale of securities AFS on the consolidated statements of income.

(3) Included in interest expense for FHLB borrowings and deposits on the consolidated statements of income.

(4) These AOCI components are included in the computation of net periodic pension cost (income) presented in “Note 8 – Employee Benefit Plans.”