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Accumulated Other Comprehensive Income (Loss)

9 Months Ended

Sep. 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 September 30, 2023
		Unrealized Gains (Losses)			Unrealized Gains (Losses)						Fair Value
		on Available for Sale			on Cash flow			Defined Benefit			Option Elected
		Securities			Hedges			Pension Items			on Liabilities			Total

		(In thousands)
Beginning balance, net of tax		$	(63,523)		$	26,559		$	(413)		$	1,358		$	(36,019)

Other comprehensive income before reclassifications, net of tax			(6,928)			5,162			—			261			(1,505)

Amounts reclassified from accumulated other comprehensive income, net of tax			1,530			(4,868)			(69)			—			(3,407)

Net current period other comprehensive income, net of tax			(5,398)			294			(69)			261			(4,912)

Ending balance, net of tax		$	(68,921)		$	26,853		$	(482)		$	1,619		$	(40,931)


		For the three months ended September 30, 2022
		Unrealized Gains (Losses)			Unrealized Gains (Losses)						Fair Value
		on Available for Sale			on Cash flow			Defined Benefit			Option Elected
		Securities			Hedges			Pension Items			on Liabilities			Total

		(In thousands)
Beginning balance, net of tax		$	(50,133)		$	18,260		$	(1,313)		$	1,922		$	(31,264)

Other comprehensive income before reclassifications, net of tax			(22,797)			7,480			—			(414)			(15,731)

Amounts reclassified from accumulated other comprehensive income, net of tax			—			710			(9)			—			701

Net current period other comprehensive income (loss), net of tax			(22,797)			8,190			(9)			(414)			(15,030)

Ending balance, net of tax		$	(72,930)		$	26,450		$	(1,322)		$	1,508		$	(46,294)


		For the nine months ended September 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			(11,144)			14,050			—			106			3,012

Amounts reclassified from accumulated other comprehensive income, net of tax			5,329			(12,577)			(207)			—			(7,455)

Net current period other comprehensive income (loss), net of tax			(5,815)			1,473			(207)			106			(4,443)

Ending balance, net of tax		$	(68,921)		$	26,853		$	(482)		$	1,619		$	(40,931)


		For the nine months ended September 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			(66,658)			23,657			—			(768)			(43,769)

Amounts reclassified from accumulated other comprehensive income, net of tax			—			4,199			(40)			—			4,159

Net current period other comprehensive income (loss), net of tax			(66,658)			27,856			(40)			(768)			(39,610)

Ending balance, net of tax		$	(72,930)		$	26,450		$	(1,322)		$	1,508		$	(46,294)

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 September 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)		$	(2,217)		Interest and dividend income
			687		Provision for income taxes
		$	(1,530)
Cash flow hedges:
Interest rate swaps benefit (expense)		$	7,053		Interest expense
			(2,185)		Provision for income taxes
		$	4,868
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 September 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)		$	(1,030)		Interest expense
			320		Provision for income taxes
		$	(710)

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
			(4)		Provision for income taxes
		$	9


For the nine months ended September 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)		$	(7,721)		Interest and dividend income
			2,392		Provision for income taxes
		$	(5,329)
Cash flow hedges:
Interest rate swaps benefit (expense)		$	18,222		Interest expense
			(5,645)		Provision for income taxes
		$	12,577

Amortization of defined benefit pension items:
Actuarial losses benefit (expense)		$	300	⁽¹⁾	Other operating expense
			(93)		Provision for income taxes
		$	207


For the nine months ended September 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)		$	(6,117)		Interest expense
			1,918		Provision for income taxes
		$	(4,199)

Amortization of defined benefit pension items:
Actuarial losses benefit (expense)		$	18	⁽¹⁾	Other operating expense
Prior service credits benefit (expense)			21	⁽¹⁾	Other operating expense
			39		Total before tax
			1		Provision for income taxes
		$	40

(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