Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 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, such items, along with net income, are components of comprehensive income. The components of other comprehensive income and related tax effects are as follows:

	Year Ended December 31,
(in thousands)	2022		2021		2020
Unrealized holding gains (losses) on available for sale securities before reclassifications	$	(290,157)	$	(19,575)	$	15,803
Amounts reclassified out of accumulated other comprehensive income:
Realized gains on debt securities	—		—		(7)
Total amounts reclassified out of accumulated other comprehensive income	—		—		(7)
Unrealized holding gains (losses) on available for sale securities after reclassifications	(290,157)		(19,575)		15,796
Tax effect	85,781		5,787		(4,670)
Unrealized holding gains (losses) on available for sale securities, net of tax	(204,376)		(13,788)		11,126
Change in unfunded status of the supplemental retirement plans before reclassifications	11,522		3,497		645
Amounts reclassified out of accumulated other comprehensive income:
Amortization of prior service cost	(28)		(58)		(55)
Amortization of actuarial losses	8		254		9,309
Total amounts reclassified out of accumulated other comprehensive income	(20)		196		9,254
Change in unfunded status of the supplemental retirement plans after reclassifications	11,502		3,693		9,899
Tax effect	(3,401)		(1,091)		(2,927)
Change in unfunded status of the supplemental retirement plans, net of tax	8,101		2,602		6,972
Change in joint beneficiary agreement liability before reclassifications	1,389		(113)		(596)
Tax effect	—		—		—
Change in unfunded status of the supplemental retirement plans, net of tax	1,389		(113)		(596)
Total other comprehensive income (loss)	$	(194,886)	$	(11,299)	$	17,502

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

	Year Ended December 31,
(in thousands)	2022		2021
Net unrealized loss on available for sale securities	$	(290,549)	$	(392)
Tax effect	85,897		116
Unrealized holding loss on available for sale securities, net of tax	(204,652)		(276)
Unfunded status of the supplemental retirement plans	13,901		2,399
Tax effect	(4,110)		(709)
Unfunded status of the supplemental retirement plans, net of tax	9,791		1,690
Joint beneficiary agreement liability, net of tax	956		(433)
Accumulated other comprehensive income (loss)	$	(193,905)	$	981