| 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.
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Before Tax
Amount |
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|
Tax (Expense)
Benefit |
|
|
Net of Tax
Amount |
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(In Thousands) |
|
Three months ended June 30, 2022: |
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Securities available for sale and transferred securities: |
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|
|
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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 |
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|
|
|
|
|
|
|
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 |
) |
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Six months ended June 30, 2022: |
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Securities available for sale and transferred securities: |
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Change in net unrealized gain/loss during the period |
|
$ |
(127,405 |
) |
|
$ |
26,754 |
|
|
$ |
(100,651 |
) |
Reclassification adjustment for net gains included in net income |
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|
— |
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|
|
— |
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|
|
— |
|
Cash flow hedge derivatives |
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|
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|
|
|
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Change in net unrealized gain/loss during the period |
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|
(29,951 |
) |
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|
6,290 |
|
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|
(23,661 |
) |
Reclassification adjustment for net gains included in net income |
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|
1,248 |
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|
|
(262 |
) |
|
|
986 |
|
Total other comprehensive gain |
|
$ |
(156,108 |
) |
|
$ |
32,782 |
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|
$ |
(123,326 |
) |
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Before Tax
Amount |
|
|
Tax (Expense)
Benefit |
|
|
Net of Tax
Amount |
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|
(In Thousands) |
|
Three months ended June 30, 2021: |
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Securities available for sale and transferred securities: |
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|
|
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|
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Change in net unrealized gain/loss during the period |
|
$ |
11,985 |
|
|
$ |
(2,517 |
) |
|
$ |
9,468 |
|
Reclassification adjustment for net gains included in net income |
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|
(1,469 |
) |
|
|
309 |
|
|
|
(1,160 |
) |
Cash flow hedge derivatives |
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|
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|
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Change in net unrealized gain/loss during the period |
|
|
4,434 |
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|
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(932 |
) |
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|
3,502 |
|
Reclassification adjustment for net gains included in net income |
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|
(450 |
) |
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|
95 |
|
|
|
(355 |
) |
Total other comprehensive gain |
|
$ |
14,500 |
|
|
$ |
(3,045 |
) |
|
$ |
11,455 |
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Six months ended June 30, 2021: |
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Securities available for sale and transferred securities: |
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|
|
|
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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 |
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|
|
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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:
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Securities
Available
For Sale |
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Post-
retirement
Benefit |
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Cash Flow Hedge Derivatives |
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Accumulated
Other
Comprehensive
Income (Loss) |
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(In Thousands) |
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Balance January 1, 2022 |
|
$ |
(4,023 |
) |
|
$ |
(79 |
) |
|
$ |
674 |
|
|
$ |
(3,428 |
) |
Other comprehensive income/(loss) before reclassifications |
|
|
(100,651 |
) |
|
|
— |
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|
(23,661 |
) |
|
|
(124,312 |
) |
Amounts reclassified from accumulated other comprehensive income |
|
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— |
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|
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— |
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|
|
986 |
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|
986 |
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|
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Net other comprehensive income/(loss) during period |
|
|
(100,651 |
) |
|
|
— |
|
|
|
(22,675 |
) |
|
|
(123,326 |
) |
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Balance June 30, 2022 |
|
$ |
(104,674 |
) |
|
$ |
(79 |
) |
|
$ |
(22,001 |
) |
|
$ |
(126,754 |
) |
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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 |
) |
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Net other comprehensive income during period |
|
|
(7,198 |
) |
|
|
— |
|
|
|
3,147 |
|
|
|
(4,051 |
) |
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Balance June 30, 2021 |
|
$ |
7,885 |
|
|
$ |
(79 |
) |
|
$ |
3,147 |
|
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$ |
10,953 |
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