Other Comprehensive Income

12 Months Ended

Dec. 31, 2023

OTHER COMPREHENSIVE INCOME (Note 19)

The following table presents the tax effects allocated to each component of other comprehensive income (loss) for the years ended December 31, 2023, 2022 and 2021. Components of other comprehensive income (loss) include changes in net unrealized gains and losses on debt securities AFS; unrealized gains and losses on derivatives used in cash flow hedging relationships; and the defined benefit pension and postretirement benefit plan adjustments for the unfunded portion of various employee, officer and director benefit plans.


	2023						2022						2021
	Before Tax		Tax Effect		After Tax		Before Tax		Tax Effect		After Tax		Before Tax		Tax Effect		After Tax
	(in thousands)
Unrealized gains and losses on available for sale debt securities
Net gains (losses) arising during the period	$	19,514	$	(6,564)	$	12,950	$	(189,201)	$	52,220	$	(136,981)	$	(32,586)	$	8,973	$	(23,613)
Less reclassification adjustment for net (gains) losses included in net income (1)	(863)		229		(634)		(31)		8		(23)		(663)		172		(491)
Net change	18,651		(6,335)		12,316		(189,232)		52,228		(137,004)		(33,249)		9,145		(24,104)




Unrealized gains and losses on derivatives (cash flow hedges)
Net (losses) gains arising during the period	(1,093)		336		(757)		4,683		(1,321)		3,362		138		(11)		127
Less reclassification adjustment for net losses (gains) included in net income (2)	891		(253)		638		274		(71)		203		3,436		(989)		2,447
Net change	(202)		83		(119)		4,957		(1,392)		3,565		3,574		(1,000)		2,574
Defined benefit pension and postretirement benefit plans
Net gains (losses) arising during the period	8,027		(2,591)		5,436		(18,531)		5,356		(13,175)		14,381		(4,075)		10,306
Amortization of prior service (cost) credit (3)	(135)		45		(90)		(135)		35		(100)		(135)		39		(96)
Amortization of net loss (3)	4		(1)		3		905		(261)		644		1,538		(432)		1,106
Net change	7,896		(2,547)		5,349		(17,761)		5,130		(12,631)		15,784		(4,468)		11,316
Total other comprehensive income (loss)	$	26,345	$	(8,799)	$	17,546	$	(202,036)	$	55,966	$	(146,070)	$	(13,891)	$	3,677	$	(10,214)

(1) Included in gains (losses) on securities transactions, net.

(2) Included in interest expense.

(3) Included in the computation of net periodic pension cost. See Note 12 for details.

The following table presents the after-tax changes in the balances of each component of accumulated other comprehensive (loss) income for the years ended December 31, 2023, 2022 and 2021:


	Components of Accumulated Other Comprehensive Loss				Total Accumulated Other Comprehensive Loss
	Unrealized Gains and Losses on AFS Securities		Unrealized Gains and Losses on Derivatives				Defined benefit pension and postretirement benefit plans
	(in thousands)
Balance-December 31, 2020	$	33,290	$	(3,906)	$	(37,102)		$	(7,718)
Other comprehensive income (loss) before reclassifications	(23,613)		127		10,306			(13,180)
Amounts reclassified from other comprehensive (loss) income	(491)		2,447		1,010			2,966
Other comprehensive income (loss), net	(24,104)		2,574		11,316			(10,214)
Balance-December 31, 2021	9,186		(1,332)		(25,786)			(17,932)
Other comprehensive (loss) income before reclassifications	(136,981)		3,362		(13,175)			(146,794)
Amounts reclassified from other comprehensive (loss) income	(23)		203		544			724
Other comprehensive (loss) income, net	(137,004)		3,565		(12,631)			(146,070)
Balance-December 31, 2022	(127,818)		2,233		(38,417)			(164,002)
Other comprehensive income (loss) before reclassifications	12,950		(757)		5,436			17,629
Amounts reclassified from other comprehensive income (loss)	(634)		638		(87)			(83)
Other comprehensive income (loss), net	12,316		(119)		5,349			17,546
Balance-December 31, 2023	$	(115,502)	$	2,114	$	(33,068)		$	(146,456)