Schedule of components of comprehensive (loss) income gross and net of tax |
The following table presents the components of other comprehensive (loss) income both gross and net of tax, inclusive of a deferred tax valuation allowance, for the periods indicated.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | | 2022 | | 2021 | | | Before Tax | | Tax Effect (1) | | After Tax | | Before Tax | | Tax Effect | | After Tax | | | | | | | | | | | | | | | | (In thousands) | Components of Other Comprehensive (Loss) Income: | | | | | | | | | | | | | Unrealized loss on securities available for sale: | | | | | | | | | | | | | Unrealized loss arising during the period | | $ | (13,091) | | | $ | 123 | | | $ | (12,968) | | | $ | (1,501) | | | $ | 448 | | | $ | (1,053) | | | | | | | | | | | | | | | | | | | | | | | | | | | | Unrealized gain on cash flow hedge: | | | | | | | | | | | | | Unrealized gain arising during the period | | 4,294 | | | — | | | 4,294 | | | 292 | | | (82) | | | 210 | | Reclassification adjustment for (gain) loss included in net income | | (198) | | | — | | | (198) | | | 368 | | | (104) | | | 264 | | Total | | 4,096 | | | — | | | 4,096 | | | 660 | | | (186) | | | 474 | | Post-Retirement plans: | | | | | | | | | | | | | | | | | | | | | | | | | | Reclassification adjustment for amortization of: | | | | | | | | | | | | | | | | | | | | | | | | | | Net actuarial loss | | 65 | | | — | | | 65 | | | 52 | | | (14) | | | 38 | | | | | | | | | | | | | | | Total other comprehensive (loss) income: | | $ | (8,930) | | | $ | 123 | | | $ | (8,807) | | | $ | (789) | | | $ | 248 | | | $ | (541) | |
(1) The 2022 period includes a deferred tax valuation allowance.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Nine Months Ended September 30, | | | 2022 | | 2021 | | | Before Tax | | Tax Effect (1) | | After Tax | | Before Tax | | Tax Effect | | After Tax | | | | | | | | | | | | | | | | (In thousands) | Components of Other Comprehensive (Loss) Income: | | | | | | | | | | | | | Unrealized loss on securities available for sale: | | | | | | | | | | | | | Unrealized loss arising during the period | | $ | (39,687) | | | $ | 175 | | | $ | (39,512) | | | $ | (3,254) | | | $ | 768 | | | $ | (2,486) | | Reclassification adjustment for gains included in net income | | (14) | | | — | | | (14) | | | — | | | — | | | — | | Total | | (39,701) | | | 175 | | | (39,526) | | | (3,254) | | | 768 | | | (2,486) | | Unrealized gain on cash flow hedge: | | | | | | | | | | | | | Unrealized gain arising during the period | | 11,745 | | | — | | | 11,745 | | | 2,966 | | | (834) | | | 2,132 | | Reclassification adjustment for losses included in net income | | 270 | | | — | | | 270 | | | 1,059 | | | (298) | | | 761 | | Total | | 12,015 | | | — | | | 12,015 | | | 4,025 | | | (1,132) | | | 2,893 | | Post-Retirement plans: | | | | | | | | | | | | | Net benefit arising from plan amendment (2) | | 164 | | | — | | | 164 | | | — | | | — | | | — | | Reclassification adjustment for amortization of: | | | | | | | | | | | | | | | | | | | | | | | | | | Net actuarial loss | | 165 | | | — | | | 165 | | | 155 | | | (43) | | | 112 | | Total | | 329 | | | — | | | 329 | | | 155 | | | (43) | | | 112 | | Total other comprehensive (loss) income: | | $ | (27,357) | | | $ | 175 | | | $ | (27,182) | | | $ | 926 | | | $ | (407) | | | $ | 519 | |
(1) The 2022 period includes a deferred tax valuation allowance. (2) Benefit arising from plan amendment approved in June 2022.
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Schedule of changes in accumulated other comprehensive income by component, net of tax |
The following is a summary of the changes in accumulated other comprehensive income by component, net of tax, inclusive of a deferred tax valuation allowance, for the periods indicated: | | | | | | | | | | | | | | | | | | | | | | | | | Unrealized Gains and (Losses) on Cash Flow Hedges | | Unrealized Gains and (Losses) on Available-for-sale Securities | | Post-Retirement Plans | | Total | | | | | | | | | | (In thousands) | Balance at December 31, 2021 | $ | (246) | | | $ | 1,091 | | | $ | (1,217) | | | $ | (372) | | Other comprehensive income (loss) before reclassification | 11,745 | | | (39,512) | | | 164 | | | (27,603) | | Amounts reclassified from accumulated other comprehensive income | 270 | | | (14) | | | 165 | | | 421 | | Net current period other comprehensive gain (loss) | 12,015 | | | (39,526) | | | 329 | | | (27,182) | | Balance at September 30, 2022 | $ | 11,769 | | | $ | (38,435) | | | $ | (888) | | | $ | (27,554) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Balance at December 31, 2020 | $ | (3,986) | | | $ | 4,208 | | | $ | (1,253) | | | $ | (1,031) | | Other comprehensive income (loss) before reclassification | 2,132 | | | (2,486) | | | — | | | (354) | | Amounts reclassified from accumulated other comprehensive income | 761 | | | — | | | 112 | | | 873 | | Net current period other comprehensive gain (loss) | 2,893 | | | (2,486) | | | 112 | | | 519 | | Balance at September 30, 2021 | $ | (1,093) | | | $ | 1,722 | | | $ | (1,141) | | | $ | (512) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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Summary of reclassification out of each component of accumulated other comprehensive income (loss) |
The following table presents information about amounts reclassified from accumulated other comprehensive income (loss) to the consolidated statements of operations for the periods indicated: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Details about Accumulated Other Comprehensive Income Components | | Three Months Ended September 30, | | Nine Months Ended September 30, | | Affected Line Item in the Statement Where Net Income is Presented | | 2022 | | 2021 | | 2022 | | 2021 | | | | | | | | | | | | | | | (In thousands) | | | Unrealized gains on securities available for sale: Realized (losses) gains on securities available for sale | | $ | — | | | $ | — | | | $ | 14 | | | $ | — | | | (Loss) gain on sales and calls of securities | Losses on cash flow hedges: | | | | | | | | | | | Interest rate contracts | | 198 | | | (368) | | | (270) | | | (1,059) | | | Interest (expense) income | | | | | | | | | | | | Amortization of post-retirement plan items: | | | | | | | | | | | Net actuarial loss | | (65) | | | (52) | | | (165) | | | (155) | | | Compensation and employee benefits | Total tax effect | | — | | | 118 | | | — | | | 341 | | | Income tax expense | Total reclassification for the period, net of tax | | $ | 133 | | | $ | (302) | | | $ | (421) | | | $ | (873) | | | |
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