Comprehensive Loss

9 Months Ended

Sep. 30, 2023

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 loss (OCI).

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


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2023		2022		2023		2022
Unrealized holding losses on available for sale securities before reclassifications	$	(62,525)	$	(109,341)	$	(44,901)	$	(317,659)
Amounts reclassified out of AOCI:
Realized loss on debt securities	—		—		164		—



Unrealized holding losses on available for sale securities after reclassifications	(62,525)		(109,341)		(44,737)		(317,659)
Tax effect	18,485		32,601		13,226		93,911
Unrealized holding losses on available for sale securities, net of tax	(44,040)		(76,740)		(31,511)		(223,748)
Change in unfunded status of the supplemental retirement plans before reclassifications	114		5		342		97
Amounts reclassified out of AOCI:
Amortization of prior service cost	—		(7)		—		(21)
Amortization of actuarial losses	(114)		2		(342)		6

Total amounts reclassified out of accumulated other comprehensive loss	(114)		(5)		(342)		(15)
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, net of tax	—		—		—		—
Total other comprehensive loss	$	(44,040)	$	(76,740)	$	(31,511)	$	(223,690)

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


(in thousands)	September 30, 2023		December 31, 2022
Net unrealized loss on available for sale securities	$	(335,286)	$	(290,549)
Tax effect	99,123		85,897
Unrealized holding loss on available for sale securities, net of tax	(236,163)		(204,652)
Unfunded status of the supplemental retirement plans	13,901		13,901
Tax effect	(4,110)		(4,110)
Unfunded status of the supplemental retirement plans, net of tax	9,791		9,791
Joint beneficiary agreement liability	956		956
Tax effect	—		—
Joint beneficiary agreement liability, net of tax	956		956
Accumulated other comprehensive loss	$	(225,416)	$	(193,905)