Other Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2022

NOTE 6 - OTHER COMPREHENSIVE INCOME (LOSS)

The following table presents the components of other comprehensive income (loss), net of tax, as of December 31, 2022, 2021 and 2020:


	Before Tax			Tax Effect			Net of Tax
Year Ended December 31, 2022
Net unrealized losses on investment securities:
Other comprehensive loss before reclassifications	$	(85,517	)	$	(18,079	)	$	(67,438	)
Amounts reclassified from accumulated other comprehensive loss		(10	)		(2	)		(8	)
Net unrealized losses on investment securities		(85,527	)		(18,081	)		(67,446	)

Defined benefit plans:
Other comprehensive income before reclassifications		736			155			581
Amounts reclassified from accumulated other comprehensive income		—			—			—
Defined benefit plans, net		736			155			581
Other comprehensive loss	$	(84,791	)	$	(17,926	)	$	(66,865	)

Year Ended December 31, 2021
Net unrealized losses on investment securities:
Other comprehensive loss before reclassifications	$	(8,570	)	$	(1,799	)	$	(6,771	)
Amounts reclassified from accumulated other comprehensive loss		(1	)		—			(1	)
Net unrealized losses on investment securities		(8,571	)		(1,799	)		(6,772	)

Defined benefit plans:
Other comprehensive income before reclassifications		992			209			783
Amounts reclassified from accumulated other comprehensive income		240			50			190
Defined benefit plans, net		1,232			259			973
Other comprehensive loss	$	(7,339	)	$	(1,540	)	$	(5,799	)

Year Ended December 31, 2020
Net unrealized gains on investment securities:
Other comprehensive income before reclassifications	$	10,935		$	2,297		$	8,638
Amounts reclassified from accumulated other comprehensive income		(94	)		(20	)		(74	)
Net unrealized gains on investment securities		10,841			2,277			8,564

Defined benefit plans:
Other comprehensive loss before reclassifications		(1,326	)		(279	)		(1,047	)
Amounts reclassified from accumulated other comprehensive loss		289			61			228
Defined benefit plans, net		(1,037	)		(218	)		(819	)
Other comprehensive income	$	9,804		$	2,059		$	7,745

NOTE 6 - OTHER COMPREHENSIVE INCOME (LOSS) (Continued)

The following table presents the changes in each component of accumulated other comprehensive income (loss), net of tax, as of December 31, 2022, 2021 and 2020.


	For the Year Ended December 31, 2022									For the Year Ended December 31, 2021									For the Year Ended December 31, 2020
	Unrealized Gains and Losses on Available for Sale Securities			Defined Benefit Pension Items			Total			Unrealized Gains and Losses on Available for Sale Securities			Defined Benefit Pension Items			Total			Unrealized Gains and Losses on Available for Sale Securities			Defined Benefit Pension Items			Total
Beginning balance	$	14,675		$	(5,855	)	$	8,820		$	21,447		$	(6,828	)	$	14,619		$	12,883		$	(6,009	)	$	6,874
Other comprehensive income (loss) beforere classifications		(67,438	)		581			(66,857	)		(6,771	)		783			(5,988	)		8,638			(1,047	)		7,591
Amounts reclassified from accumulated other comprehensive income (loss)		(8	)		—			(8	)		(1	)		190			189			(74	)		228			154
Net current-period other comprehensive income(loss)		(67,446	)		581			(66,865	)		(6,772	)		973			(5,799	)		8,564			(819	)		7,745
Ending balance	$	(52,771	)	$	(5,274	)	$	(58,045	)	$	14,675		$	(5,855	)	$	8,820		$	21,447		$	(6,828	)	$	14,619