Other Comprehensive Income (Loss)

9 Months Ended

Sep. 30, 2022

Equity [Abstract]

Other Comprehensive Income (Loss)

Other Comprehensive Income (Loss)

(In Thousands)

Changes in the components of other comprehensive income, net of tax, were as follows for the periods presented:

	Pre-Tax		Tax Expense (Benefit)		Net of Tax
Three months ended September 30, 2022
Securities available for sale:
Unrealized holding losses on securities	$	(85,283)	$	(21,704)	$	(63,579)
Amortization of unrealized holding gains on securities transferred to the held to maturity category	1,619		412		1,207
Total securities available for sale	(83,664)		(21,292)		(62,372)
Derivative instruments:
Unrealized holding gains on derivative instruments	2,262		575		1,687
Total derivative instruments	2,262		575		1,687
Defined benefit pension and post-retirement benefit plans:
Amortization of net actuarial loss recognized in net periodic pension cost	42		11		31
Total defined benefit pension and post-retirement benefit plans	42		11		31
Total other comprehensive loss	$	(81,360)	$	(20,706)	$	(60,654)
Three months ended September 30, 2021
Securities available for sale:
Unrealized holding losses on securities	$	(12,408)	$	(3,158)	$	(9,250)
Reclassification adjustment for gains realized in net income	(764)		(194)		(570)
Total securities available for sale	(13,172)		(3,352)		(9,820)
Derivative instruments:
Unrealized holding gains on derivative instruments	1,629		414		1,215
Total derivative instruments	1,629		414		1,215
Defined benefit pension and post-retirement benefit plans:
Amortization of net actuarial loss recognized in net periodic pension cost	67		18		49
Total defined benefit pension and post-retirement benefit plans	67		18		49
Total other comprehensive loss	$	(11,476)	$	(2,920)	$	(8,556)

	Pre-Tax		Tax Expense (Benefit)		Net of Tax
Nine months ended September 30, 2022
Securities available for sale:
Unrealized holding losses on securities	$	(296,444)	$	(75,445)	$	(220,999)
Amortization of unrealized holding gains on securities transferred to the held to maturity category	1,300		331		969
Total securities available for sale	(295,144)		(75,114)		(220,030)
Derivative instruments:
Unrealized holding gains on derivative instruments	19,219		4,891		14,328
Total derivative instruments	19,219		4,891		14,328
Defined benefit pension and post-retirement benefit plans:
Amortization of net actuarial loss recognized in net periodic pension cost	125		32		93
Total defined benefit pension and post-retirement benefit plans	125		32		93
Total other comprehensive loss	$	(275,800)	$	(70,191)	$	(205,609)
Nine months ended September 30, 2021
Securities available for sale:
Unrealized holding losses on securities	$	(27,487)	$	(6,996)	$	(20,491)
Reclassification adjustment for gains realized in net income	(2,121)		(539)		(1,582)
Total securities available for sale	(29,608)		(7,535)		(22,073)
Derivative instruments:
Unrealized holding gains on derivative instruments	10,129		2,578		7,551
Total derivative instruments	10,129		2,578		7,551
Defined benefit pension and post-retirement benefit plans:
Amortization of net actuarial loss recognized in net periodic pension cost	197		49		148
Total defined benefit pension and post-retirement benefit plans	197		49		148
Total other comprehensive loss	$	(19,282)	$	(4,908)	$	(14,374)

The accumulated balances for each component of other comprehensive income, net of tax, were as follows as of the dates presented:

	September 30, 2022		December 31, 2021
Unrealized losses on securities	$	(229,146)	$	(9,116)
Unrealized gains on derivative instruments	18,290		3,963
Unrecognized losses on defined benefit pension and post-retirement benefit plans obligations	(5,196)		(5,290)
Total accumulated other comprehensive loss	$	(216,052)	$	(10,443)