Comprehensive Income (Loss)

6 Months Ended

Jun. 30, 2022

Equity [Abstract]

Comprehensive Income (Loss)

Comprehensive Income (Loss)

Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net income. Although certain changes in assets and liabilities, such as unrealized gains and losses on available-for-sale securities, are reported as a separate component of the equity section of the balance sheet identified as accumulated other comprehensive income (AOCI), such items, along with net income, are components of other comprehensive income (loss) (OCI).

The components of other comprehensive income (loss) and related tax effects are as follows:

	Three months ended June 30,				Six months ended June 30, 2022
(in thousands)	2022		2021		2022		2021
Unrealized holding losses (gains) on available for sale securities before reclassifications	$	(97,408)	$	7,392	$	(208,710)	$	(4,945)
Amounts reclassified out of AOCI:
Realized gains on debt securities	—		—		—		—
Unrealized holding losses (gains) on available for sale securities after reclassifications	(97,408)		7,392		(208,710)		(4,945)
Tax effect	28,797		(2,186)		61,702		1,461
Unrealized holding losses (gains) on available for sale securities, net of tax	(68,611)		5,206		(147,008)		(3,484)
Change in unfunded status of the supplemental retirement plans before reclassifications	5		(49)		92		(98)
Amounts reclassified out of AOCI:
Amortization of prior service cost	(7)		(15)		(14)		(29)
Amortization of actuarial losses	2		64		4		127
Total amounts reclassified out of accumulated other comprehensive (loss) income	(5)		49		(10)		98
Change in unfunded status of the supplemental retirement plans after reclassifications	—		—		82		—
Tax effect			—		(24)		—
Change in unfunded status of the supplemental retirement plans, net of tax	—		—		58		—
Change in joint beneficiary agreement liability before reclassifications	—		—		—		(629)
Tax effect	—		—		—		—
Change in joint beneficiary agreement liability before reclassifications, net of tax	—		—		—		(629)
Total other comprehensive (loss) income	$	(68,611)	$	5,206	$	(146,950)	$	(4,113)

The components of accumulated other comprehensive income, included in shareholders’ equity, are as follows:

(in thousands)	June 30, 2022		December 31, 2021
Net unrealized loss on available for sale securities	$	(208,710)	$	(392)
Tax effect	61,426		116
Unrealized holding loss on available for sale securities, net of tax	(147,284)		(276)
Unfunded status of the supplemental retirement plans	2,481		2,399
Tax effect	(733)		(709)
Unfunded status of the supplemental retirement plans, net of tax	1,748		1,690
Joint beneficiary agreement liability	(433)		(433)
Tax effect	—		—
Joint beneficiary agreement liability, net of tax	(433)		(433)
Accumulated other comprehensive (loss) income	$	(145,969)	$	981