ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

9 Months Ended

Sep. 30, 2024

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

3. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

Activity in accumulated other comprehensive income (loss), net of tax, was as follows:

							Total
							Accumulated
			Defined				Other
			Benefit				Comprehensive
(In thousands)	Securities		Plans		Derivatives		Income (Loss)
Balance as of January 1, 2024	$	(90,242)	$	(6,430)	$	5,093	$	(91,579)
Other comprehensive income (loss) before reclassifications		21,940		1,057		(10,564)		12,433
Amounts reclassified from accumulated other comprehensive income (loss)		1,569		(649)		5,256		6,176
Net other comprehensive income (loss) during the period		23,509		408		(5,308)		18,609
Balance as of September 30, 2024	$	(66,733)	$	(6,022)	$	(215)	$	(72,970)
Balance as of January 1, 2023	$	(100,870)	$	(5,266)	$	11,757	$	(94,379)
Other comprehensive (loss) income before reclassifications		(15,338)		952		(229)		(14,615)
Amounts reclassified from accumulated other comprehensive income (loss)		2,666		(781)		196		2,081
Net other comprehensive loss (income) during the period		(12,672)		171		(33)		(12,534)
Balance as of September 30, 2023	$	(113,542)	$	(5,095)	$	11,724	$	(106,913)

The before and after tax amounts allocated to each component of other comprehensive income (loss) are presented in the table below for the periods indicated.

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(In thousands)	2024		2023		2024		2023
Change in unrealized gain (loss) on securities:
Change in net unrealized gain (loss) during the period	$	25,135	$	(4,374)	$	32,254	$	(17,967)
Reclassification adjustment for net losses included in net loss on sale of securities and other assets		—		—		—		1,447
Accretion of net unrealized loss on securities transferred to held-to-maturity		765		788		2,301		2,341
Net change		25,900		(3,586)		34,555		(14,179)
Tax expense (benefit)		8,200		(1,062)		11,046		(1,507)
Net change in unrealized gain (loss) on securities, net of reclassification adjustments and tax		17,700		(2,524)		23,509		(12,672)
Change in pension and other postretirement obligations:
Reclassification adjustment for expense included in other expense		(317)		(370)		(952)		(1,110)
Change in the net actuarial gain		520		518		1,560		1,553
Net change		203		148		608		443
Tax expense		65		185		200		272
Net change in pension and other postretirement obligations		138		(37)		408		171
Change in unrealized gain (loss) on derivatives:
Change in net unrealized loss during the period		(14,500)		(246)		(15,483)		(771)
Reclassification adjustment for expense included in interest expense		2,752		293		7,707		279
Net change		(11,748)		47		(7,776)		(492)
Tax (benefit) expense		(3,720)		14		(2,468)		(459)
Net change in unrealized (loss) gain on derivatives, net of reclassification adjustments and tax		(8,028)		33		(5,308)		(33)
Other comprehensive income (loss), net of tax	$	9,810	$	(2,528)	$	18,609	$	(12,534)