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Other Comprehensive (Loss) Income
 6 Months Ended
Jun. 30, 2023
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, 2023

 

 

 

 

 

 

 

 

 

Securities available for sale and transferred securities:

 

 

 

 

 

 

 

 

 

Change in net unrealized gains during the period

 

$

(15,290

)

 

$

3,211

 

 

$

(12,079

)

Reclassification adjustment for net gains included in net income

 

 

7

 

 

 

(1

)

 

 

6

 

Cash flow hedge derivatives

 

 

 

 

 

 

 

 

 

Change in net unrealized gains during the period

 

 

(1,563

)

 

 

652

 

 

 

(911

)

Reclassification adjustment for net gains included in net income

 

 

(2,511

)

 

 

483

 

 

 

(2,028

)

Total other comprehensive income

 

$

(19,357

)

 

$

4,345

 

 

$

(15,012

)

 

 

 

 

 

 

 

 

 

Six Months Ended June 30, 2023

 

 

 

 

 

 

 

 

 

Securities available for sale and transferred securities:

 

 

 

 

 

 

 

 

 

Change in net unrealized gain/loss during the period

 

$

3,109

 

 

$

(653

)

 

$

2,456

 

Reclassification adjustment for net gains included in net income

 

 

(27

)

 

 

6

 

 

 

(21

)

Cash flow hedge derivatives

 

 

 

 

 

 

 

 

 

Change in net unrealized gain/loss during the period

 

 

7,023

 

 

 

(1,151

)

 

 

5,872

 

Reclassification adjustment for net gains included in net income

 

 

(4,460

)

 

 

892

 

 

 

(3,568

)

Total other comprehensive loss

 

$

5,645

 

 

$

(906

)

 

$

4,739

 

 

 

 

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 losses during the period

 

$

(53,212

)

 

$

11,174

 

 

$

(42,038

)

Reclassification adjustment for net gains included in net income

 

 

—

 

 

 

—

 

 

 

—

 

Cash flow hedge derivatives

 

 

 

 

 

 

 

 

 

Change in net unrealized losses 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 loss

 

$

(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 loss

 

$

(156,108

)

 

$

32,782

 

 

$

(123,326

)

 

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, 2023

 

$

(142,236

)

 

$

402

 

 

$

(31,626

)

 

$

(173,460

)

Other comprehensive income before reclassifications

 

 

2,456

 

 

 

—

 

 

 

5,872

 

 

 

8,328

 

Amounts reclassified from accumulated other comprehensive income

 

 

(21

)

 

 

—

 

 

 

(3,568

)

 

 

(3,589

)

 

 

 

 

 

 

 

 

 

 

 

 

Net other comprehensive income during period

 

 

2,435

 

 

 

—

 

 

 

2,304

 

 

 

4,739

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance June 30, 2023

 

$

(139,801

)

 

$

402

 

 

$

(29,322

)

 

$

(168,721

)

 

 

 

 

 

 

 

 

 

 

 

 

Balance January 1, 2022

 

$

(4,023

)

 

$

(79

)

 

$

674

 

 

$

(3,428

)

Other comprehensive loss before reclassifications

 

 

(100,651

)

 

 

—

 

 

 

(23,661

)

 

 

(124,312

)

Amounts reclassified from accumulated other comprehensive loss

 

 

—

 

 

 

—

 

 

 

986

 

 

 

986

 

 

 

 

 

 

 

 

 

 

 

 

 

Net other comprehensive loss during period

 

 

(100,651

)

 

 

—

 

 

 

(22,675

)

 

 

(123,326

)

 

 

 

 

 

 

 

 

 

 

 

 

Balance June 30, 2022

 

$

(104,674

)

 

$

(79

)

 

$

(22,001

)

 

$

(126,754

)