Accumulated Other Comprehensive Income (Loss) (Tables)

6 Months Ended

Jun. 30, 2023

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


	Three Months Ended June 30, 2023

	Unrealized Gains (Losses) on Securities		Unrealized Gains (Losses) on Derivatives			Retirement Plans		Total
Beginning balance, net of tax	$	(135,627)	$	21,680		$	(19,365)	$	(133,312)
Other comprehensive income (loss):
Other comprehensive income (loss) before reclassifications	6,831		15,876			—		22,707
Reclassification adjustments included in net income	5,444		(6,054)			205		(405)
Income tax (expense) benefit	(2,577)		(2,063)			(43)		(4,683)
Net current-period other comprehensive income (loss), net of tax	9,698		7,759			162		17,619
Ending balance, net of tax	$	(125,929)	$	29,439		$	(19,203)	$	(115,693)

	Six Months Ended June 30, 2023
					Retirement Plans
	Unrealized Gains (Losses) on Securities		Unrealized Gains (Losses) on Derivatives			Retirement Plans		Total
Beginning balance, net of tax	$	(149,181)	$	31,227		$	(19,502)	$	(137,456)
Other comprehensive income (loss):
Other comprehensive (loss) income before reclassifications	19,850		8,900			—		28,750
Reclassification adjustments included in net income	9,582		(11,162)			378		(1,202)

Income tax (expense) benefit	(6,180)		474			(79)		(5,785)
Net current-period other comprehensive income (loss), net of tax	23,252		(1,788)			299		21,763

Ending balance, net of tax	$	(125,929)	$	29,439		$	(19,203)	$	(115,693)


	Three Months Ended June 30, 2022

	Unrealized Gains (Losses) on Securities		Unrealized Gains (Losses) on Derivatives		Retirement Plans		Total
Beginning balance, net of tax	$	(72,699)	$	16,018	$	(23,590)	$	(80,271)
Other comprehensive income (loss):
Other comprehensive income (loss) before reclassifications	(85,883)		7,047		—		(78,836)
Reclassification adjustments included in net income	3,487		344		241		4,072
Income tax (expense) benefit	17,303		(1,552)		(51)		15,700
Net current-period other comprehensive income (loss), net of tax	(65,093)		5,839		190		(59,064)
Ending balance, net of tax	$	(137,792)	$	21,857	$	(23,400)	$	(139,335)

	Six Months Ended June 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 income (loss) before reclassifications	(286,928)		27,593		—		(259,335)
Reclassification adjustments included in net income	5,273		1,666		447		7,386
Income tax (expense) benefit	59,147		(6,145)		(93)		52,909
Net current-period other comprehensive income (loss), net of tax	(222,508)		23,114		354		(199,040)
Ending balance, net of tax	$	(137,792)	$	21,857	$	(23,400)	$	(139,335)

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022






Unrealized gains and losses on securities transferred:
Amortization of unrealized gains and losses (1)	$	(1,989)	$	(1,310)	$	(3,981)	$	(1,553)
Tax benefit	418		275		836		326
Net of tax	(1,571)		(1,035)		(3,145)		(1,227)

Unrealized gains and losses on available for sale securities:
Realized net gain (loss) on sale of securities (2)	(3,455)		(2,177)		(5,601)		(3,720)


Tax (expense) benefit	725		457		1,176		781
Net of tax	(2,730)		(1,720)		(4,425)		(2,939)

Derivatives:
Realized net gain (loss) on interest rate swap derivatives (3)	6,054		(344)		11,162		(1,666)
Tax benefit	(1,272)		72		(2,344)		350
Net of tax	4,782		(272)		8,818		(1,316)





Amortization of pension plan:
Net actuarial loss (4)	(205)		(241)		(378)		(447)


Tax benefit	43		51		79		93
Net of tax	(162)		(190)		(299)		(354)
Total reclassifications for the period, net of tax	$	319	$	(3,217)	$	949	$	(5,836)

(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, other 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.”