Accumulated Other Comprehensive (Loss) Income

9 Months Ended

Sep. 30, 2023

Accumulated Other Comprehensive (Loss) Income

Accumulated Other Comprehensive Income (Loss)

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 September 30,						Nine months ended September 30,

	Defined						Defined
	Benefit		Securities				Benefit		Securities
	Pension		Available-				Pension		Available-
	Plan		-for-Sale		Total		Plan		-for-Sale		Total
2023
Beginning Balance	$	(3,422)	$	(127,026)	$	(130,448)	$	(3,422)	$	(128,066)	$	(131,488)

Other comprehensive (loss) before reclassifications	—		(36,700)		(36,700)		—		(35,072)		(35,072)
Amounts reclassified from other comprehensive income	—		555		555		—		(33)		(33)
	—		(36,145)		(36,145)		—		(35,105)		(35,105)

Ending Balance	$	(3,422)	$	(163,171)	$	(166,593)	$	(3,422)	$	(163,171)	$	(166,593)

2022
Beginning Balance	$	(3,485)	$	(80,498)	$	(83,983)	$	(3,485)	$	17,745	$	14,260

Other comprehensive loss	—		(61,499)		(61,499)		—		(159,742)		(159,742)
	—		(61,499)		(61,499)		—		(159,742)		(159,742)

Ending Balance	$	(3,485)	$	(141,997)	$	(145,482)	$	(3,485)	$	(141,997)	$	(145,482)


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

Securities available-for-sale:
Net securities gains (losses) reclassified into earnings	$	(730)	$	—	$	43	$	—	(Losses) gains on sale of investment securities, net
Related income tax expense	175		—		(10)		—		Income tax expense (benefit)
Net effect on accumulated other comprehensive (loss) income	$	(555)	$	—	$	33	$	—