Accumulated Other Comprehensive Income (Loss)

6 Months Ended

Jun. 30, 2023

Notes to Financial Statements

Accumulated Other Comprehensive Income (Loss)

12.     Accumulated Other Comprehensive Income (Loss):

The following tables set forth the changes in accumulated other comprehensive income (loss) by component for the periods indicated:

	For the three months ended June 30, 2023
	Unrealized Gains (Losses) on						Fair Value
	Available for Sale		Cash flow		Defined Benefit		Option Elected
	Securities		Hedges		Pension Items		on Liabilities		Total
	(In thousands)
Beginning balance, net of tax	$	(59,119)	$	20,240	$	(344)	$	1,439	$	(37,784)
Other comprehensive income before reclassifications, net of tax		(7,349)		10,991		—		(81)		3,561
Amounts reclassified from accumulated other comprehensive income, net of tax		2,945		(4,672)		(69)		—		(1,796)
Net current period other comprehensive income, net of tax		(4,404)		6,319		(69)		(81)		1,765
Ending balance, net of tax	$	(63,523)	$	26,559	$	(413)	$	1,358	$	(36,019)

	For the three months ended June 30, 2022
	Unrealized Gains (Losses) on						Fair Value
	Available for Sale		Cash flow		Defined Benefit		Option Elected
	Securities		Hedges		Pension Items		on Liabilities		Total
	(In thousands)
Beginning balance, net of tax	$	(29,699)	$	13,345	$	(1,291)	$	2,141	$	(15,504)
Other comprehensive income before reclassifications, net of tax		(20,434)		3,285		—		(219)		(17,368)
Amounts reclassified from accumulated other comprehensive income, net of tax		—		1,630		(22)		—		1,608
Net current period other comprehensive income (loss), net of tax		(20,434)		4,915		(22)		(219)		(15,760)
Ending balance, net of tax	$	(50,133)	$	18,260	$	(1,313)	$	1,922	$	(31,264)

	For the six months ended June 30, 2023
	Unrealized Gains		Unrealized Gains
	(Losses) on		(Losses) on				Fair Value
	Available for Sale		Cash flow		Defined Benefit		Option Elected
	Securities		Hedges		Pension Items		on Liabilities		Total
	(In thousands)
Beginning balance, net of tax	$	(63,106)	$	25,380	$	(275)	$	1,513	$	(36,488)
Other comprehensive income before reclassifications, net of tax		(4,216)		8,799		—		(155)		4,428
Amounts reclassified from accumulated other comprehensive income, net of tax		3,799		(7,620)		(138)		—		(3,959)
Net current period other comprehensive income (loss), net of tax		(417)		1,179		(138)		(155)		469
Ending balance, net of tax	$	(63,523)	$	26,559	$	(413)	$	1,358	$	(36,019)

	For the six months ended June 30, 2022
	Unrealized Gains		Unrealized Gains
	(Losses) on		(Losses) on				Fair Value
	Available for Sale		Cash flow		Defined Benefit		Option Elected
	Securities		Hedges		Pension Items		on Liabilities		Total
	(In thousands)
Beginning balance, net of tax	$	(6,272)	$	(1,406)	$	(1,282)	$	2,276	$	(6,684)
Other comprehensive income before reclassifications, net of tax		(43,861)		16,177		—		(354)		(28,038)
Amounts reclassified from accumulated other comprehensive income, net of tax		—		3,489		(31)		—		3,458
Net current period other comprehensive income (loss), net of tax		(43,861)		19,666		(31)		(354)		(24,580)
Ending balance, net of tax	$	(50,133)	$	18,260	$	(1,313)	$	1,922	$	(31,264)

The following tables set forth significant amounts reclassified from accumulated other comprehensive income (loss) by component for the periods indicated:

For the three months ended June 30, 2023
	Amounts Reclassified from
Details about Accumulated Other	Accumulated Other			Affected Line Item in the Statement
Comprehensive Loss Components	Comprehensive Loss			Where Net Income is Presented
(In thousands)
Fair Value hedges:
Interest rate swaps benefit (expense)	$	(4,266)		Interest and dividend income
		1,321		Provision for income taxes
	$	(2,945)
Cash flow hedges:
Interest rate swaps benefit (expense)	$	6,785		Interest expense
		(2,113)		Provision for income taxes
	$	4,672
Amortization of defined benefit pension items:
Actuarial losses benefit (expense)	$	100	(1)	Other operating expenses
		(31)		Provision for income taxes
	$	69

For the three months ended June 30, 2022
	Amounts Reclassified from
Details about Accumulated Other	Accumulated Other			Affected Line Item in the Statement
Comprehensive Loss Components	Comprehensive Loss			Where Net Income is Presented
(In thousands)
Cash flow hedges:
Interest rate swaps benefit (expense)	$	(2,364)		Interest expense
		734		Provision for income taxes
	$	(1,630)
Amortization of defined benefit pension items:
Actuarial losses benefit (expense)	$	6	(1)	Other operating expenses
Prior service credits benefit (expense)		7	(1)	Other operating expenses
		13		Total before tax
		9		Provision for income taxes
	$	22

For the six months ended June 30, 2023
	Amounts Reclassified from
Details about Accumulated Other	Accumulated Other			Affected Line Item in the Statement
Comprehensive Income Components	Comprehensive Income			Where Net Income is Presented
(In thousands)
Fair Value hedges:
Interest rate swaps benefit (expense)	$	(5,504)		Interest and dividend income
		1,705		Provision for income taxes
	$	(3,799)
Cash flow hedges:
Interest rate swaps benefit (expense)	$	11,040		Interest expense
		(3,420)		Provision for income taxes
	$	7,620
Amortization of defined benefit pension items:
Actuarial losses benefit (expense)	$	200	(1)	Other operating expense
		(62)		Provision for income taxes
	$	138

For the six months ended June 30, 2022
	Amounts Reclassified from
Details about Accumulated Other	Accumulated Other			Affected Line Item in the Statement
Comprehensive Income Components	Comprehensive Income			Where Net Income is Presented
(In thousands)
Cash flow hedges:
Interest rate swaps benefit (expense)	$	(5,087)		Interest expense
		1,598		Provision for income taxes
	$	(3,489)
Amortization of defined benefit pension items:
Actuarial losses benefit (expense)	$	12	(1)	Other operating expense
Prior service credits benefit (expense)		14	(1)	Other operating expense
		26		Total before tax
		5		Provision for income taxes
	$	31

(1) These accumulated other comprehensive loss components are included in the computation of net periodic pension cost. See Note 9 (“Pension and Other Postretirement Benefit Plans”) for additional information