Accumulated Other Comprehensive Loss

6 Months Ended

Jun. 30, 2024

The following tables present the after-tax changes in the balances of each component of accumulated other comprehensive loss for the three and six months ended June 30, 2024 and 2023:


	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)
March 31, 2024	$	(125,707)	$	1,892	$	(33,033)	$	(156,848)
Other comprehensive loss before reclassification	(5,600)		—		—		(5,600)
Amounts reclassified from other comprehensive loss	8		(210)		37		(165)
Other comprehensive (loss) income, net	(5,592)		(210)		37		(5,765)
June 30, 2024	$	(131,299)	$	1,682	$	(32,996)	$	(162,613)

March 31, 2023	$	(110,648)	$	5,410	$	(38,409)	$	(143,647)
Other comprehensive loss before reclassification	(18,051)		(3,573)		—		(21,624)
Amounts reclassified from other comprehensive loss	—		516		8		524
Other comprehensive (loss) income, net	(18,051)		(3,057)		8		(21,100)
June 30, 2023	$	(128,699)	$	2,353	$	(38,401)	$	(164,747)


	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)
December 31, 2023	$	(115,502)	$	2,114	$	(33,068)	$	(146,456)
Other comprehensive loss before reclassification	(15,805)		—		—		(15,805)
Amounts reclassified from other comprehensive loss	8		(432)		72		(352)
Other comprehensive (loss) income, net	(15,797)		(432)		72		(16,157)
June 30, 2024	$	(131,299)	$	1,682	$	(32,996)	$	(162,613)

December 31, 2022	$	(127,818)	$	2,233	$	(38,417)	$	(164,002)
Other comprehensive loss before reclassification	(881)		(775)		—		(1,656)
Amounts reclassified from other comprehensive loss	—		895		16		911
Other comprehensive (loss) income, net	(881)		120		16		(745)
June 30, 2023	$	(128,699)	$	2,353	$	(38,401)	$	(164,747)

The following table presents amounts reclassified from each component of accumulated other comprehensive loss on a gross and net of tax basis for the three and six months ended June 30, 2024 and 2023:


	Amounts Reclassified from Accumulated Other Comprehensive Loss
	Three Months Ended June 30,				Six Months Ended June 30,
Components of Accumulated Other Comprehensive Loss	2024		2023		2024		2023		Income Statement Line Item
	(in thousands)
Unrealized losses on AFS securities before tax	$	(11)	$	—	$	(11)	$	—	Gains on securities transactions, net
Tax effect	3		—		3		—
Total net of tax	(8)		—		(8)		—




Unrealized gains (losses) on derivatives (cash flow hedges) before tax	299		(725)		597		(1,256)		Interest income
Tax effect	(89)		209		(165)		361
Total net of tax	210		(516)		432		(895)
Defined benefit pension and postretirement benefit plans:
Amortization of actuarial net loss	(50)		(11)		(99)		(22)		*

Tax effect	13		3		27		6
Total net of tax	(37)		(8)		(72)		(16)
Total reclassifications, net of tax	$	165	$	(524)	$	352	$	(911)


*			Amortization of actuarial net loss is included in the computation of net periodic pension cost recognized within other non-interest expense.