Comprehensive Income/(Loss)

12 Months Ended

Dec. 31, 2023

NOTE 17. COMPREHENSIVE INCOME/(LOSS)

The activity in accumulated other comprehensive income for the years ended December 31, 2023, 2022 and 2021 is as follows:


	Accumulated Other Comprehensive Income/(Loss) (1)
(in thousands)	Defined Benefit Plans			Unrealized Gains (Losses) on Debt Securities Available-for- Sale			Total
Balance at December 31, 2020	$	(15,502	)	$	46,861		$	31,359
Other comprehensive income/(loss) before reclassifications		13,192			(51,540	)		(38,348	)
Amounts reclassified from accumulated other comprehensive income/(loss)		1,912			(43	)		1,869
Period change		15,104			(51,583	)		(36,479	)
Balance at December 31, 2021	$	(398	)	$	(4,722	)	$	(5,120	)

Balance at December 31, 2021	$	(398	)	$	(4,722	)	$	(5,120	)
Other comprehensive income/(loss) before reclassifications		(358	)		(257,169	)		(257,527	)
Amounts reclassified from accumulated other comprehensive income/(loss)		221			10			231
Period change		(137	)		(257,159	)		(257,296	)
Balance at December 31, 2022	$	(535	)	$	(261,881	)	$	(262,416	)

Balance at December 31, 2022	$	(535	)	$	(261,881	)	$	(262,416	)
Other comprehensive income/(loss) before reclassifications		6,748			28,490			35,238
Amounts reclassified from accumulated other comprehensive income/(loss)		302			183			485
Period change		7,050			28,673			35,723
Balance at December 31, 2023	$	6,515		$	(233,208	)	$	(226,693	)

(1) All amounts are net of tax. Related income tax expense or benefit is calculated using a combined Federal and State income tax rate approximating 24% in all periods presented.


Details about Accumulated Other Comprehensive Income/(Loss) Components	Amounts Reclassified from Accumulated Other Comprehensive Income/ (Loss) For the Years Ended December 31,									Affected Line Item in the Statement of Net Income
(in thousands)	2023			2022			2021
Securities available-for-sale (1):
Net securities losses (gains) reclassified into earnings	$	241		$	13		$	(56	)	Net securities gains (Non-interest income)
Related income tax (benefit) expense		(58	)		(3	)		13		Provision for income taxes
Net effect on accumulated other comprehensive income/(loss) for the period		183			10			(43	)
Defined benefit plans (2):
Amortization of net loss and prior service costs		399			291			2,521		Employee benefits (Non-interest expense)
Related income tax benefit		(97	)		(70	)		(609	)	Provision for income taxes
Net effect on accumulated other comprehensive income/(loss) for the period		302			221			1,912
Total reclassifications for the period	$	485		$	231		$	1,869

(1) For additional detail related to unrealized gains on securities and related amounts reclassified from accumulated other comprehensive income see Note 3, “Securities.”

(2) Included in the computation of net periodic pension cost. See Note 12, “Employee Benefit Plans” for additional detail.