OTHER COMPREHENSIVE INCOME (LOSS) OTHER COMPREHENSIVE INCOME (LOSS) (Tables)

6 Months Ended

Jun. 30, 2023

Schedule of of Comprehensive Income (Loss)

The following tables present a reconciliation of the changes in the components of other comprehensive income and loss for the periods indicated, including the amount of tax (expense) benefit allocated to each component:


	For the Three Months Ended
	June 30, 2023						June 30, 2022
(In thousands)	Pre-Tax Amount		Tax (Expense) Benefit		After-Tax Amount		Pre-Tax Amount		Tax (Expense) Benefit		After-Tax Amount
Debt Securities:
Change in fair value	$	(5,163)	$	1,110	$	(4,053)	$	(53,580)	$	11,520	$	(42,060)
Less: reclassification adjustment for amortization of securities transferred from AFS to HTM(1)	1,696		(365)		1,331		—		—		—
Less: reclassification adjustment for net realized losses(2)	—		—		—		(9)		2		(7)
Net change in fair value	(6,859)		1,475		(5,384)		(53,571)		11,518		(42,053)
Cash Flow Hedges:
Change in fair value	3,586		(772)		2,814		3,588		(771)		2,817
Less: reclassified AOCI gain (loss) into interest expense(3)	719		(155)		564		(239)		51		(188)
Less: reclassified AOCI (loss) gain into interest income(4)	(862)		185		(677)		237		(51)		186
Net change in fair value	3,729		(802)		2,927		3,590		(771)		2,819
Postretirement Plans:



Amortization of settlement recognition of net loss and prior service credit(5)	(8)		2		(6)		231		(50)		181
Other comprehensive loss	$	(3,138)	$	675	$	(2,463)	$	(49,750)	$	10,697	$	(39,053)

(1) Reclassified into taxable interest on investments and/or nontaxable interest on investments in the consolidated statements of income. Refer to Note 3 of the consolidated financial statements for further details.

(2) Reclassified into net loss on sale of securities in the consolidated statements of income. Refer to Note 3 of the consolidated financial statements for further details.

(3) Reclassified into interest on deposits, borrowings and/or subordinated debentures on the consolidated statements of income. Refer to Note 8 of the consolidated financial statements for further details.

(4) Reclassified into interest and fees on loans on the consolidated statements of income. Refer to Note 8 of the consolidated financial statements for further details.

(5) Reclassified into other expenses on the consolidated statements of income. Refer to Note 13 of the consolidated financial statements for further details.


	For the Six Months Ended
	June 30, 2023						June 30, 2022
(In thousands)	Pre-Tax Amount		Tax (Expense) Benefit		After-Tax Amount		Pre-Tax Amount		Tax (Expense) Benefit		After-Tax Amount
Debt Securities:
Change in fair value	$	1,330	$	(285)	$	1,045	$	(146,333)	$	31,462	$	(114,871)
Less: reclassification adjustment for amortization of securities transferred from AFS to HTM(1)	(3,395)		730		(2,665)		—		—		—
Less: reclassification adjustment for net realized losses(2)	—		—		—		(9)		2		(7)
Net change in fair value	4,725		(1,015)		3,710		(146,324)		31,460		(114,864)
Cash Flow Hedges:
Change in fair value	476		(102)		374		7,223		(1,553)		5,670
Less: reclassified AOCI gain (loss) into interest expense(3)	1,645		(353)		1,292		(739)		159		(580)
Less: reclassified AOCI (loss) gain into interest income(4)	(1,579)		339		(1,240)		619		(133)		486
Net change in fair value	410		(88)		322		7,343		(1,579)		5,764
Postretirement Plans:



Amortization of settlement recognition of net loss and prior service credit(5)	(14)		3		(11)		463		(100)		363
Other comprehensive income (loss)	$	5,121	$	(1,100)	$	4,021	$	(138,518)	$	29,781	$	(108,737)

(2) Reclassified into net loss on sale of securities in the consolidated statements of income. Refer to Note 3 of the consolidated financial statements for further details.

(4) Reclassified into interest and fees on loans on the consolidated statements of income. Refer to Note 8 of the consolidated financial statements for further details.

(5) Reclassified into other expenses on the consolidated statements of income. Refer to Note 13 of the consolidated financial statements for further details.

Schedule of Accumulated Other Comprehensive Income (Loss)

The following table presents the changes in each component of AOCI, after tax, for the periods indicated:


(In thousands)	Net Unrealized Gains (Losses) on Debt Securities(1)		Net Unrealized (Losses) Gains on Cash Flow Hedges(1)		Defined Benefit Postretirement Plans(1)		AOCI(1)
At or For the Three Months Ended June 30, 2023
Balance at March 31, 2023	$	(122,445)	$	3,286	$	(312)	$	(119,471)
Other comprehensive income (loss) before reclassifications	(4,053)		2,814		—		(1,239)
Less: Amounts reclassified from AOCI	1,331		(113)		6		1,224
Other comprehensive (loss) income	(5,384)		2,927		(6)		(2,463)
Balance at June 30, 2023	$	(127,829)	$	6,213	$	(318)	$	(121,934)
At or For the Six Months Ended June 30, 2023
Balance at December 31, 2022	$	(131,539)	$	5,891	$	(307)	$	(125,955)
Other comprehensive income before reclassifications	1,045		374		—		1,419
Less: Amounts reclassified from AOCI	(2,665)		52		11		(2,602)
Other comprehensive income (loss)	3,710		322		(11)		4,021
Balance at June 30, 2023	$	(127,829)	$	6,213	$	(318)	$	(121,934)
At or For the Three Months Ended June 30, 2022
Balance at March 31, 2022	$	(73,984)	$	1,166	$	(3,095)	$	(75,913)
Other comprehensive (loss) income before reclassifications	(42,060)		2,817		—		(39,243)
Less: Amounts reclassified from AOCI	(7)		(2)		(181)		(190)
Other comprehensive (loss) income	(42,053)		2,819		181		(39,053)
Balance at June 30, 2022	$	(116,037)	$	3,985	$	(2,914)	$	(114,966)
At or For the Six Months Ended June 30, 2023
Balance at December 31, 2021	$	(1,173)	$	(1,779)	$	(3,277)	$	(6,229)
Other comprehensive (loss) income before reclassifications	(114,871)		5,670		—		(109,201)
Less: Amounts reclassified from AOCI	(7)		(94)		(363)		(464)
Other comprehensive (loss) income	(114,864)		5,764		363		(108,737)
Balance at June 30, 2022	$	(116,037)	$	3,985	$	(2,914)	$	(114,966)

(1) All amounts are net of tax