Accumulated Other Comprehensive (Loss) Income

6 Months Ended

Jun. 30, 2023

Accumulated Other Comprehensive (Loss) Income

The activity in accumulated other comprehensive (loss) income is presented in the tables below (in thousands). All amounts are shown net of tax, which is calculated using a combined federal and state income tax rate approximating 24%.


	Three months ended June 30,						Six months ended June 30,

	Defined						Defined
	Benefit		Securities				Benefit		Securities
	Pension		Available-				Pension		Available-
	Plan		-for-Sale		Total		Plan		-for-Sale		Total
2023
Beginning Balance	$	(3,422)	$	(112,967)	$	(116,389)	$	(3,422)	$	(128,066)	$	(131,488)

Other comprehensive (loss) income before reclassifications	—		(14,059)		(14,059)		—		1,628		1,628
Amounts reclassified from other comprehensive income	—		—		—		—		(588)		(588)
	—		(14,059)		(14,059)		—		1,040		1,040

Ending Balance	$	(3,422)	$	(127,026)	$	(130,448)	$	(3,422)	$	(127,026)	$	(130,448)

2022
Beginning Balance	$	(3,485)	$	(41,229)	$	(44,714)	$	(3,485)	$	17,745	$	14,260

Other comprehensive loss	—		(39,269)		(39,269)		—		(98,243)		(98,243)
	—		(39,269)		(39,269)		—		(98,243)		(98,243)

Ending Balance	$	(3,485)	$	(80,498)	$	(83,983)	$	(3,485)	$	(80,498)	$	(83,983)


	Amounts reclassified from Other Comprehensive (Loss) Income
	Three months ended				Six months ended				Affected line item
	June 30,				June 30,				in the Consolidated Statements
	2023		2022		2023		2022		of Income

Securities available-for-sale:
Net securities gains reclassified into earnings	$	—	$	—	$	773	$	—	Gains on sale of investment securities, net
Related income tax expense	—		—		(185)		—		Income tax expense
Net effect on accumulated other comprehensive (loss) income	$	—	$	—	$	588	$	—