ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

3 Months Ended

Mar. 31, 2024

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

3. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

Activity in accumulated other comprehensive income (loss), net of tax, was as follows:

							Total
							Accumulated
			Defined				Other
			Benefit				Comprehensive
(In thousands)	Securities		Plans		Derivatives		Income (Loss)
Balance as of January 1, 2024	$	(90,242)	$	(6,430)	$	5,093	$	(91,579)
Other comprehensive income (loss) before reclassifications		2,360		361		1,457		4,178
Amounts reclassified from accumulated other comprehensive income (loss)		490		(216)		1,661		1,935
Net other comprehensive income during the period		2,850		145		3,118		6,113
Balance as of March 31, 2024	$	(87,392)	$	(6,285)	$	8,211	$	(85,466)
Balance as of January 1, 2023	$	(100,870)	$	(5,266)	$	11,757	$	(94,379)
Other comprehensive (loss) income before reclassifications		(4,313)		155		(1,172)		(5,330)
Amounts reclassified from accumulated other comprehensive income (loss)		1,551		(260)		(220)		1,071
Net other comprehensive loss during the period		(2,762)		(105)		(1,392)		(4,259)
Balance as of March 31, 2023	$	(103,632)	$	(5,371)	$	10,365	$	(98,638)

The before and after tax amounts allocated to each component of other comprehensive income (loss) are presented in the table below for the periods indicated.

	Three Months Ended
	March 31,
(In thousands)	2024		2023
Change in unrealized gain (loss) on securities:
Change in net unrealized gain (loss) during the period	$	3,344	$	(2,302)
Reclassification adjustment for net losses included in net loss on sale of securities and other assets		—		1,447
Accretion of net unrealized loss on securities transferred to held-to-maturity		718		757
Net change		4,062		(98)
Tax expense		1,212		2,664
Net change in unrealized gain (loss) on securities, net of reclassification adjustments and tax		2,850		(2,762)
Change in pension and other postretirement obligations:
Reclassification adjustment for expense included in other expense		(317)		(370)
Change in the net actuarial gain		520		221
Net change		203		(149)
Tax expense (benefit)		58		(44)
Net change in pension and other postretirement obligations		145		(105)
Change in unrealized gain (loss) on derivatives:
Change in net unrealized gain (loss) during the period		2,145		(2,111)
Reclassification adjustment for expense included in interest expense		2,435		(313)
Net change		4,580		(2,424)
Tax expense (benefit)		1,462		(1,032)
Net change in unrealized gain (loss) on derivatives, net of reclassification adjustments and tax		3,118		(1,392)
Other comprehensive income (loss), net of tax	$	6,113	$	(4,259)