Other Comprehensive Income (Loss)

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Other Comprehensive Income (Loss)

Other Comprehensive Income (Loss)

(In Thousands)

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

	Pre-Tax		Tax Expense (Benefit)		Net of Tax
Three months ended March 31, 2024
Securities available for sale:
Unrealized holding losses on securities	$	(6,192)	$	(1,558)	$	(4,634)
Amortization of unrealized holding losses on securities transferred to the held to maturity category	3,275		837		2,438
Total securities available for sale	(2,917)		(721)		(2,196)
Derivative instruments:
Unrealized holding losses on derivative instruments	(765)		(195)		(570)
Total derivative instruments	(765)		(195)		(570)
Defined benefit pension and post-retirement benefit plans:
Amortization of net actuarial loss recognized in net periodic pension cost	106		27		79
Total defined benefit pension and post-retirement benefit plans	106		27		79
Total other comprehensive loss	$	(3,576)	$	(889)	$	(2,687)
Three months ended March 31, 2023
Securities available for sale:
Unrealized holding gains on securities	$	20,714	$	5,183	$	15,531
Amortization of unrealized holding losses on securities transferred to the held to maturity category	3,128		800		2,328
Total securities available for sale	23,842		5,983		17,859
Derivative instruments:
Unrealized holding losses on derivative instruments	(1,656)		(424)		(1,232)
Total derivative instruments	(1,656)		(424)		(1,232)
Defined benefit pension and post-retirement benefit plans:
Amortization of net actuarial loss recognized in net periodic pension cost	116		30		86
Total defined benefit pension and post-retirement benefit plans	116		30		86
Total other comprehensive income	$	22,302	$	5,589	$	16,713

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

	March 31, 2024		December 31, 2023
Unrealized losses on securities	$	(165,680)	$	(163,484)
Unrealized gains on derivative instruments	16,481		17,051
Unrecognized losses on defined benefit pension and post-retirement benefit plans obligations	(7,744)		(7,823)
Total accumulated other comprehensive loss	$	(156,943)	$	(154,256)