Comprehensive Income

9 Months Ended

Sep. 30, 2022

Comprehensive IncomeThe components of other comprehensive income are as follows:


	For the Three Months Ended
	September 30, 2022						September 30, 2021
(in thousands)	Before Tax Amount		Tax Benefit (Expense)		Net of Tax Amount		Before Tax Amount		Tax Benefit (Expense)		Net of Tax Amount
Unrealized losses on available for sale securities arising during the period	$	(38,037)	$	10,065	$	(27,972)	$	(2,008)	$	504	$	(1,504)


Net gain on securities reclassified from available for sale to held to maturity	—		—		—		3,814		(1,030)		2,784
Amortization of gain on debt securities reclassified to held to maturity from available for sale	(187)		50		(137)		(158)		42		(116)
Unrealized gains on derivatives	—		—		—		8		(3)		5

Other comprehensive (loss) income, net	$	(38,224)	$	10,115	$	(28,109)	$	1,656	$	(487)	$	1,169


	For the Nine Months Ended
	September 30, 2022						September 30, 2021
(in thousands)	Before Tax Amount		Tax Benefit (Expense)		Net of Tax Amount		Before Tax Amount		Tax Benefit (Expense)		Net of Tax Amount
Unrealized losses on available for sale securities arising during the period:	$	(106,759)	$	28,134	$	(78,625)	$	(10,907)	$	3,387	$	(7,520)
Reclassification adjustment for securities gains arising during the period	—		—		—		(9)		3		(6)
Net unrealized losses	(106,759)		28,134		(78,625)		(10,916)		3,390		(7,526)
Net gain on securities reclassified from available for sale to held to maturity	—		—		—		3,814		(1,030)		2,784
Amortization of gain on debt securities reclassified to held to maturity from available for sale	(566)		146		(420)		(158)		42		(116)
Unrealized gains on derivatives	—		—		—		143		(168)		(25)

Other comprehensive loss, net	$	(107,325)	$	28,280	$	(79,045)	$	(7,117)	$	2,234	$	(4,883)

The following tables show the changes in the balances of each of the components of other comprehensive income (loss) for the periods presented, net of tax:


	For the Three Months Ended September 30, 2022
(in thousands)	Unrealized Gains (Losses) on Available for Sale Securities		Amortization of Gain on Debt Securities Reclassified to Held to Maturity		Total
Beginning balance	$	(49,908)	$	2,236	$	(47,672)

Net current period other comprehensive loss	(27,972)		(137)		(28,109)


Ending balance	$	(77,880)	$	2,099	$	(75,781)


	For the Three Months Ended September 30, 2021
(in thousands)	Unrealized Gains (Losses) on Available for Sale Securities		Amortization of Gain on Debt Securities Reclassified to Held to Maturity		Unrealized Gains (Losses) on Derivatives		Pension Items		Total
Beginning balance	$	5,380	$	—	$	(5)	$	(30)	$	5,345
Net unrealized gain on securities reclassified from available for sale to held to maturity	(2,784)		2,784		—		—		—
Net current period other comprehensive income (loss)	1,280		(116)		5		—		1,169


Ending balance	$	3,876	$	2,668	$	—	$	(30)	$	6,514


	For the Nine Months Ended September 30, 2022
(in thousands)	Unrealized Gains (Losses) on Available for Sale Securities		Amortization of Gain on Debt Securities Reclassified to Held to Maturity		Total
Beginning balance	$	745	$	2,519	$	3,264

Net current period other comprehensive loss	(78,625)		(420)		(79,045)


Ending balance	$	(77,880)	$	2,099	$	(75,781)


	Nine Months Ended September 30, 2021
(in thousands)	Unrealized Gains (Losses) on Available for Sale Securities		Amortization of Gain on Debt Securities Reclassified to Held to Maturity		Unrealized Gains (Losses) on Derivatives		Pension Items		Total
Beginning balance	$	11,402	$	—	$	25	$	(30)	$	11,397
Net unrealized gain on securities reclassified from available for sale to held to maturity	(2,784)		2,784		—		—		—
Net current period other comprehensive loss	(4,736)		(116)		(25)		—		(4,877)
Amounts reclassified from accumulated other comprehensive income	(6)		—		—		—		(6)
Net current period other comprehensive loss	(4,742)		(116)		(25)		—		(4,883)
Ending balance	$	3,876	$	2,668	$	—	$	(30)	$	6,514