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Comprehensive Income/(Loss) (Tables)

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Components of Accumulated Other Comprehensive Income

The activity in accumulated other comprehensive income for the years ended December 31, 2022, 2021 and 2020 is as follows:


		Accumulated Other Comprehensive Income/(Loss) (1)
(in thousands)		Defined Benefit Plans				Unrealized Gains (Losses) on Debt Securities Available-for- Sale				Unrealized Gains on Debt Securities Transferred from Available-for- Sale to Held-to- Maturity				Total
Balance at December 31, 2021		$	(398	)		$	(4,722	)		$	—			$	(5,120	)
Other comprehensive income/(loss) before reclassifications			(358	)			(257,169	)			—				(257,527	)
Amounts reclassified from accumulated other comprehensive income/(loss)			221				10				—				231
Period change			(137	)			(257,159	)			—				(257,296	)
Balance at December 31, 2022		$	(535	)		$	(261,881	)		$	—			$	(262,416	)

Balance at December 31, 2020		$	(15,502	)		$	46,861			$	—			$	31,359
Other comprehensive income/(loss) before reclassifications			13,192				(51,540	)			—				(38,348	)
Amounts reclassified from accumulated other comprehensive income/(loss)			1,912				(43	)			—				1,869
Period change			15,104				(51,583	)			—				(36,479	)
Balance at December 31, 2021		$	(398	)		$	(4,722	)		$	—			$	(5,120	)

Balance at December 31, 2019		$	(17,468	)		$	18,644			$	25			$	1,201
Other comprehensive income/(loss) before reclassifications			(320	)			30,153				—				29,833
Amounts reclassified from accumulated other comprehensive income/(loss)			2,286				(1,936	)			(25	)			325
Period change			1,966				28,217				(25	)			30,158
Balance at December 31, 2020		$	(15,502	)		$	46,861			$	—			$	31,359

(1)

All amounts are net of tax. Related income tax expense or benefit is calculated using a combined Federal and State income tax rate approximating 24% in all periods presented.

Schedule of Amounts Reclassified from Accumulated Other Comprehensive Income/(Loss)


Details about Accumulated Other Comprehensive Income/(Loss) Components		Amounts Reclassified from Accumulated Other Comprehensive Income/ (Loss) For the Years Ended December 31,												Affected Line Item in the Statement of Net Income
(in thousands)		2022				2021				2020
Securities available-for-sale (1):
Net securities losses (gains) reclassified into earnings		$	13			$	(56	)		$	(2,540	)		Net securities gains (Non-interest income)
Related income tax (benefit) expense			(3	)			13				604			Provision for income taxes
Net effect on accumulated other comprehensive income/(loss) for the period			10				(43	)			(1,936	)
Securities held-to-maturity (1):
Amortization of unrealized gain transferred from available-for-sale			—				—				(32	)		Interest and dividends on securities (Interest and dividend income)
Related income tax expense			—				—				7			Provision for income taxes
Net effect on accumulated other comprehensive income/(loss) for the period			—				—				(25	)
Defined benefit plans (2):
Amortization of net loss and prior service costs			291				2,521				3,000			Employee benefits (Non-interest expense)
Related income tax benefit			(70	)			(609	)			(714	)		Provision for income taxes
Net effect on accumulated other comprehensive income/(loss) for the period			221				1,912				2,286
Total reclassifications for the period		$	231			$	1,869			$	325

(1)

For additional detail related to unrealized gains on securities and related amounts reclassified from accumulated other comprehensive income see Note 3, “Securities.”

(2)

Included in the computation of net periodic pension cost. See Note 12, “Employee Benefit Plans” for additional detail.