Other Comprehensive Income (Tables)

12 Months Ended

Dec. 31, 2024

Components of Other Comprehensive Income (Loss)

The following table presents the tax effects allocated to each component of other comprehensive income (loss) for the years ended December 31, 2024, 2023 and 2022. 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.


	2024						2023						2022
	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 (losses) gains arising during the period	$	(24,687)	$	6,290	$	(18,397)	$	19,514	$	(6,564)	$	12,950	$	(189,201)	$	52,220	$	(136,981)
Amounts reclassified to earnings (1)	1		—		1		(863)		229		(634)		(31)		8		(23)
Net change	(24,686)		6,290		(18,396)		18,651		(6,335)		12,316		(189,232)		52,228		(137,004)




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
Amounts reclassified to earnings (2)	(1,204)		335		(869)		891		(253)		638		274		(71)		203
Net change	(1,204)		335		(869)		(202)		83		(119)		4,957		(1,392)		3,565
Defined benefit pension and postretirement benefit plans
Net gains (losses) arising during the period	14,725		(4,116)		10,609		8,035		(2,593)		5,442		(18,531)		5,356		(13,175)
Amortization of prior service (cost) credit (3)	(135)		38		(97)		(135)		45		(90)		(135)		35		(100)
Amortization of net loss (3)	(174)		49		(125)		(4)		1		(3)		905		(261)		644
Net change	14,416		(4,029)		10,387		7,896		(2,547)		5,349		(17,761)		5,130		(12,631)
Total other comprehensive (loss) income	$	(11,474)	$	2,596	$	(8,878)	$	26,345	$	(8,799)	$	17,546	$	(202,036)	$	55,966	$	(146,070)

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

(2) Included in interest expense or interest income depending on hedged item.

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

Schedule of Accumulated Other Comprehensive Loss

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, 2024, 2023 and 2022:


	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, 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 to earnings	(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)		5,442			17,635
Amounts reclassified to earnings	(634)		638		(93)			(89)
Other comprehensive income (loss), net	12,316		(119)		5,349			17,546
Balance-December 31, 2023	(115,502)		2,114		(33,068)			(146,456)
Other comprehensive (loss) income before reclassifications	(18,397)		—		10,609			(7,788)
Amounts reclassified to earnings	1		(869)		(222)			(1,090)
Other comprehensive (loss) income, net	(18,396)		(869)		10,387			(8,878)
Balance-December 31, 2024	$	(133,898)	$	1,245	$	(22,681)		$	(155,334)