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Other Comprehensive (Loss) Income
 6 Months Ended
Jun. 30, 2022
Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Other Comprehensive (Loss) Income

16. Other Comprehensive (Loss) Income

The before and after tax amounts allocated to each component of other comprehensive income (loss) are presented in the table below. Reclassification adjustments related to securities available for sale are included in gains on sale of securities in the accompanying consolidated condensed statements of income.

 

 

Before Tax
Amount

 

 

Tax (Expense)
Benefit

 

 

Net of Tax
Amount

 

 

 

(In Thousands)

 

Three months ended June 30, 2022:

 

 

 

 

 

 

 

 

 

Securities available for sale and transferred securities:

 

 

 

 

 

 

 

 

 

Change in net unrealized gain/loss during the period

 

$

(53,212

)

 

$

11,174

 

 

$

(42,038

)

Reclassification adjustment for net losses included in net income

 

 

—

 

 

 

—

 

 

 

—

 

Cash flow hedge derivatives

 

 

 

 

 

 

 

 

 

Change in net unrealized gain/loss during the period

 

 

(13,710

)

 

 

2,879

 

 

 

(10,831

)

Reclassification adjustment for net gains included in net income

 

 

2,041

 

 

 

(429

)

 

 

1,612

 

Total other comprehensive gain

 

$

(64,881

)

 

$

13,624

 

 

$

(51,257

)

 

 

 

 

 

 

 

 

 

 

Six months ended June 30, 2022:

 

 

 

 

 

 

 

 

 

Securities available for sale and transferred securities:

 

 

 

 

 

 

 

 

 

Change in net unrealized gain/loss during the period

 

$

(127,405

)

 

$

26,754

 

 

$

(100,651

)

Reclassification adjustment for net gains included in net income

 

 

—

 

 

 

—

 

 

 

—

 

Cash flow hedge derivatives

 

 

 

 

 

 

 

 

 

Change in net unrealized gain/loss during the period

 

 

(29,951

)

 

 

6,290

 

 

 

(23,661

)

Reclassification adjustment for net gains included in net income

 

 

1,248

 

 

 

(262

)

 

 

986

 

Total other comprehensive gain

 

$

(156,108

)

 

$

32,782

 

 

$

(123,326

)

 

 

 

Before Tax
Amount

 

 

Tax (Expense)
Benefit

 

 

Net of Tax
Amount

 

 

 

(In Thousands)

 

Three months ended June 30, 2021:

 

 

 

 

 

 

 

 

 

Securities available for sale and transferred securities:

 

 

 

 

 

 

 

 

 

Change in net unrealized gain/loss during the period

 

$

11,985

 

 

$

(2,517

)

 

$

9,468

 

Reclassification adjustment for net gains included in net income

 

 

(1,469

)

 

 

309

 

 

 

(1,160

)

Cash flow hedge derivatives

 

 

 

 

 

 

 

 

 

Change in net unrealized gain/loss during the period

 

 

4,434

 

 

 

(932

)

 

 

3,502

 

Reclassification adjustment for net gains included in net income

 

 

(450

)

 

 

95

 

 

 

(355

)

Total other comprehensive gain

 

$

14,500

 

 

$

(3,045

)

 

$

11,455

 

 

 

 

 

 

 

 

 

 

 

Six months ended June 30, 2021:

 

 

 

 

 

 

 

 

 

Securities available for sale and transferred securities:

 

 

 

 

 

 

 

 

 

Change in net unrealized gain/loss during the period

 

$

(7,127

)

 

$

1,497

 

 

$

(5,630

)

Reclassification adjustment for net gains included in net income

 

 

(1,985

)

 

 

417

 

 

 

(1,568

)

Cash flow hedge derivatives

 

 

 

 

 

 

 

 

 

Change in net unrealized gain/loss during the period

 

 

4,434

 

 

 

(932

)

 

 

3,502

 

Reclassification adjustment for net gains included in net income

 

 

(450

)

 

 

95

 

 

 

(355

)

Total other comprehensive gain

 

$

(5,128

)

 

$

1,077

 

 

$

(4,051

)

 

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

 

 

 

Securities
Available
For Sale

 

 

Post-
retirement
Benefit

 

 

Cash Flow Hedge Derivatives

 

 

Accumulated
Other
Comprehensive
Income (Loss)

 

 

 

(In Thousands)

 

Balance January 1, 2022

 

$

(4,023

)

 

$

(79

)

 

$

674

 

 

$

(3,428

)

Other comprehensive income/(loss) before reclassifications

 

 

(100,651

)

 

 

—

 

 

 

(23,661

)

 

 

(124,312

)

Amounts reclassified from accumulated other comprehensive income

 

 

—

 

 

 

—

 

 

 

986

 

 

 

986

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net other comprehensive income/(loss) during period

 

 

(100,651

)

 

 

—

 

 

 

(22,675

)

 

 

(123,326

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance June 30, 2022

 

$

(104,674

)

 

$

(79

)

 

$

(22,001

)

 

$

(126,754

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance January 1, 2021

 

$

15,083

 

 

$

(79

)

 

$

—

 

 

$

15,004

 

Other comprehensive income (loss) before reclassifications

 

 

(5,630

)

 

 

—

 

 

 

3,502

 

 

 

(2,128

)

Amounts reclassified from accumulated other comprehensive income

 

 

(1,568

)

 

 

—

 

 

 

(355

)

 

 

(1,923

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Net other comprehensive income during period

 

 

(7,198

)

 

 

—

 

 

 

3,147

 

 

 

(4,051

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance June 30, 2021

 

$

7,885

 

 

$

(79

)

 

$

3,147

 

 

$

10,953