Other Comprehensive Income |
OTHER COMPREHENSIVE INCOME (Note 19) The following table presents the tax effects allocated to each component of other comprehensive income (loss) for the years ended December 31, 2022, 2021 and 2020. Components of other comprehensive income (loss) include changes in net unrealized gains and losses on debt securities available for sale; unrealized gains and losses on derivatives used in cash flow hedging relationships; and the defined benefit pension and postretirement benefit plan adjustments for the unfunded portion of various employee, officer and director benefit plans. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2022 | | 2021 | | 2020 | | Before Tax | | Tax Effect | | After Tax | | Before Tax | | Tax Effect | | After Tax | | Before Tax | | Tax Effect | | After Tax | | (in thousands) | Unrealized gains and losses on available for sale (AFS) debt securities | | | | | | | | | | | | | | | | | | Net (losses) gains arising during the period | $ | (189,201) | | | $ | 52,220 | | | $ | (136,981) | | | $ | (32,586) | | | $ | 8,973 | | | $ | (23,613) | | | $ | 38,477 | | | $ | (10,632) | | | $ | 27,845 | | Less reclassification adjustment for net (gains) losses included in net income (1) | (31) | | | 8 | | | (23) | | | (663) | | | 172 | | | (491) | | | (524) | | | 147 | | | (377) | | Net change | (189,232) | | | 52,228 | | | (137,004) | | | (33,249) | | | 9,145 | | | (24,104) | | | 37,953 | | | (10,485) | | | 27,468 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Unrealized gains and losses on derivatives (cash flow hedges) | | | | | | | | | | | | | | | | | | Net gains (losses) arising during the period | 4,683 | | | (1,321) | | | 3,362 | | | 138 | | | (11) | | | 127 | | | (3,169) | | | 918 | | | (2,251) | | Less reclassification adjustment for net losses (gains) included in net income (2) | 274 | | | (71) | | | 203 | | | 3,436 | | | (989) | | | 2,447 | | | 2,912 | | | (838) | | | 2,074 | | Net change | 4,957 | | | (1,392) | | | 3,565 | | | 3,574 | | | (1,000) | | | 2,574 | | | (257) | | | 80 | | | (177) | | Defined benefit pension and postretirement benefit plans | | | | | | | | | | | | | | | | | | Net (losses) gains arising during the period | (18,531) | | | 5,356 | | | (13,175) | | | 14,381 | | | (4,075) | | | 10,306 | | | (5,719) | | | 2,301 | | | (3,418) | | Amortization of prior service (cost) credit (3) | (135) | | | 35 | | | (100) | | | (135) | | | 39 | | | (96) | | | (136) | | | 38 | | | (98) | | Amortization of net loss (3) | 905 | | | (261) | | | 644 | | | 1,538 | | | (432) | | | 1,106 | | | 1,003 | | | (282) | | | 721 | | Net change | (17,761) | | | 5,130 | | | (12,631) | | | 15,784 | | | (4,468) | | | 11,316 | | | (4,852) | | | 2,057 | | | (2,795) | | Total other comprehensive (loss) income | $ | (202,036) | | | $ | 55,966 | | | $ | (146,070) | | | $ | (13,891) | | | $ | 3,677 | | | $ | (10,214) | | | $ | 32,844 | | | $ | (8,348) | | | $ | 24,496 | |
(1) Included in (losses) gains on securities transactions, net. (2) Included in interest expense. (3) Included in the computation of net periodic pension cost. See Note 12 for details. The following table presents the after-tax changes in the balances of each component of accumulated other comprehensive loss for the years ended December 31, 2022, 2021 and 2020: | | | | | | | | | | | | | | | | | | | | | | | | | | | Components of Accumulated Other Comprehensive Loss | | Total Accumulated Other Comprehensive Loss | | Unrealized Gains and Losses on AFS Securities | | | | Unrealized Gains and Losses on Derivatives | | Defined benefit pension and postretirement benefit plans | | | (in thousands) | Balance-December 31, 2019 | $ | 5,822 | | | | | $ | (3,729) | | | $ | (34,307) | | | $ | (32,214) | | Other comprehensive income (loss) before reclassifications | 27,845 | | | | | (2,251) | | | (3,418) | | | 22,176 | | Amounts reclassified from other comprehensive (loss) income | (377) | | | | | 2,074 | | | 623 | | | 2,320 | | Other comprehensive income (loss), net | 27,468 | | | | | (177) | | | (2,795) | | | 24,496 | | Balance-December 31, 2020 | 33,290 | | | | | (3,906) | | | (37,102) | | | (7,718) | | Other comprehensive (loss) income before reclassifications | (23,613) | | | | | 127 | | | 10,306 | | | (13,180) | | Amounts reclassified from other comprehensive (loss) income | (491) | | | | | 2,447 | | | 1,010 | | | 2,966 | | Other comprehensive (loss) income, net | (24,104) | | | | | 2,574 | | | 11,316 | | | (10,214) | | Balance-December 31, 2021 | 9,186 | | | | | (1,332) | | | (25,786) | | | (17,932) | | Other comprehensive (loss) income before reclassifications | (136,981) | | | | | 3,362 | | | (13,175) | | | (146,794) | | Amounts reclassified from other comprehensive (loss) income | (23) | | | | | 203 | | | 544 | | | 724 | | Other comprehensive (loss) income, net | (137,004) | | | | | 3,565 | | | (12,631) | | | (146,070) | | Balance-December 31, 2022 | $ | (127,818) | | | | | $ | 2,233 | | | $ | (38,417) | | | $ | (164,002) | |
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