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Other Comprehensive Income (Tables) | 6 Months Ended
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Jun. 30, 2023
Equity [Abstract] |
Components of Other Comprehensive Income (Loss) | The following table presents the components of other comprehensive (loss) income, both gross and net of tax, for the three and six months ended June 30, 2023 and 2022 (in thousands):
|  | Three months ended June 30,
|  | 2023 |  | 2022
|  | Before Tax |  | Tax Effect |  | After Tax |  | Before Tax |  | Tax Effect |  | After Tax
Components of Other Comprehensive Income: |  |  |  |  |  |  |  |  |  |  |  |
Unrealized gains and losses on available for sale debt securities: |  |  |  |  |  |  |  |  |  |  |  |
Net unrealized (losses) gains arising during the period |  | $ | (20,178) |  |  | 5,452 |  |  | (14,726) |  |  | (62,477) |  |  | 16,744 |  |  | (45,733) |
Reclassification adjustment for gains included in net income |  | — |  |  | — |  |  | — |  |  | (58) |  |  | 16 |  |  | (42) |
Total |  | (20,178) |  |  | 5,452 |  |  | (14,726) |  |  | (62,535) |  |  | 16,760 |  |  | (45,775) |
Unrealized gains and losses on derivatives (cash flow hedges): |  |  |  |  |  |  |  |  |  |  |  |
Net unrealized gains (losses) arising during the period |  | 5,002 |  |  | (1,352) |  |  | 3,650 |  | 3,110 |  |  | (834) |  |  | 2,276 |
Reclassification adjustment for gains included in net income |  | (4,124) |  |  | 1,114 |  |  | (3,010) |  |  | (162) |  |  | 44 |  |  | (118) |
Total |  | 878 |  |  | (238) |  |  | 640 |  |  | 2,948 |  |  | (790) |  |  | 2,158 |
Amortization related to post-retirement obligations |  | (358) |  |  | 97 |  |  | (261) |  |  | (322) |  |  | 86 |  |  | (236) |
Total other comprehensive (loss) income |  | $ | (19,658) |  |  | 5,311 |  |  | (14,347) |  |  | (59,909) |  |  | 16,056 |  |  | (43,853) |
|  | Six months ended June 30,
|  | 2023 |  | 2022
|  | Before Tax |  | Tax Effect |  | After Tax |  | Before Tax |  | Tax Effect |  | After Tax
Components of Other Comprehensive Income: |  |  |  |  |  |  |  |  |  |  |  |
Unrealized gains and losses on available for sale debt securities: |  |  |  |  |  |  |  |  |  |  |  |
Net unrealized gains (losses) arising during the period |  | $ | 7,641 |  |  | (1,503) |  |  | 6,138 |  |  | (178,558) |  |  | 47,854 |  |  | (130,704) |
Reclassification adjustment for gains included in net income |  | — |  |  | — |  |  | — |  |  | (58) |  |  | 16 |  |  | (42) |
Total |  | 7,641 |  |  | (1,503) |  |  | 6,138 |  |  | (178,616) |  |  | 47,870 |  |  | (130,746) |
Unrealized gains and losses on derivatives (cash flow hedges): |  |  |  |  |  |  |  |  |  |  |  |
Net unrealized gains (losses) arising during the period |  | 4,219 |  |  | (1,186) |  |  | 3,033 |  |  | 16,703 |  |  | (4,476) |  |  | 12,227 |
Reclassification adjustment for (gains) losses included in net income |  | (8,343) |  |  | 2,254 |  |  | (6,089) |  |  | 504 |  |  | (135) |  |  | 369 |
Total |  | (4,124) |  |  | 1,068 |  |  | (3,056) |  |  | 17,207 |  |  | (4,611) |  |  | 12,596 |
Amortization related to post-retirement obligations |  | (727) |  |  | 197 |  |  | (530) |  |  | (700) |  |  | 188 |  |  | (512) |
Total other comprehensive income (loss) |  | $ | 2,790 |  |  | (238) |  |  | 2,552 |  |  | (162,109) |  |  | 43,447 |  |  | (118,662) |
Components of Accumulated Other Comprehensive Income, Net of Tax | The following tables present the changes in the components of accumulated other comprehensive (loss), net of tax, for the three and six months ended June 30, 2023 and 2022 (in thousands):
|  | Changes in Accumulated Other Comprehensive (Loss) by Component, net of tax for the three months ended June 30,
|  | 2023 |  | 2022
|  | Unrealized Losses on Available for Sale Debt Securities |  | Post- Retirement Obligations |  | Unrealized Gains on Derivatives (cash flow hedges) |  | Accumulated Other Comprehensive Loss |  | Unrealized Gains on Available for Sale Debt Securities |  | Post- Retirement Obligations |  | Unrealized Losses on Derivatives (cash flow hedges) |  | Accumulated Other Comprehensive Loss
Balance at March 31, |  | $ | (165,750) |  |  | 1,303 |  |  | 16,301 |  |  | (148,146) |  |  | (85,182) |  |  | 2,705 |  |  | 14,531 |  |  | (67,946) |
Current - period other comprehensive (loss) |  | (14,726) |  |  | (261) |  |  | 640 |  |  | (14,347) |  |  | (45,775) |  |  | (236) |  |  | 2,158 |  |  | (43,853) |
Balance at June 30, |  | $ | (180,476) |  |  | 1,042 |  |  | 16,941 |  |  | (162,493) |  |  | (130,957) |  |  | 2,469 |  |  | 16,689 |  |  | (111,799) |
|  | Changes in Accumulated Other Comprehensive (Loss) by Component, net of tax for the six months ended June 30,
|  | 2023 |  | 2022
|  | Unrealized Losses on Available for Sale Debt Securities |  | Post- Retirement Obligations |  | Unrealized Gains on Derivatives (cash flow hedges) |  | Accumulated Other Comprehensive Income (Loss) |  | Unrealized Gains (Losses) on Available for Sale Debt Securities |  | Post- Retirement Obligations |  | Unrealized Gains (Losses) on Derivatives (cash flow hedges) |  | Accumulated Other Comprehensive Income (Loss)
Balance at December 31, |  | $ | (186,614) |  |  | 1,572 |  |  | 19,997 |  |  | (165,045) |  |  | (211) |  |  | 2,981 |  |  | 4,093 |  |  | 6,863 |
Current - period other comprehensive income (loss) |  | 6,138 |  |  | (530) |  |  | (3,056) |  |  | 2,552 |  |  | (130,746) |  |  | (512) |  |  | 12,596 |  |  | (118,662) |
Balance at June 30, |  | $ | (180,476) |  |  | 1,042 |  |  | 16,941 |  |  | (162,493) |  |  | (130,957) |  |  | 2,469 |  |  | 16,689 |  |  | (111,799) |
Summary of Reclassifications Out of Accumulated Other Comprehensive Income | The following tables summarize the reclassifications from accumulated other comprehensive (loss) to the consolidated statements of income for the three and six months ended June 30, 2023 and 2022 (in thousands):
|  | Reclassifications From Accumulated Other Comprehensive Income ("AOCI")
|  | Amount reclassified from AOCI for the three months ended June 30, |  | Affected line item in the Consolidated Statement of Income
|  | 2023 |  | 2022 |
Details of AOCI: |  |  |  |  |  |
Available for sale debt securities: |  |  |  |  |  |
Realized net gains on the sale of securities available for sale |  | $ | — |  |  | (58) |  |  | Net gain on securities transactions
|  | — |  |  | 16 |  |  | Income tax expense
|  | $ | — |  |  | (42) |  |  | Net of tax
Cash flow hedges: |  |  |  |  |  |
Realized net gains on derivatives |  | $ | (4,124) |  |  | (162) |  |  | Interest expense
|  | 1,114 |  |  | 44 |  |  | Income tax expense
|  | $ | (3,010) |  |  | (118) |  |  |
Post-retirement obligations: |  |  |  |  |  |
Amortization of actuarial gains |  | $ | (356) |  |  | (326) |  |  | Compensation and employee benefits (1)
|  | 96 |  |  | 84 |  |  | Income tax expense
Total reclassification |  | $ | (260) |  |  | (242) |  |  | Net of tax
Total reclassifications |  | $ | (3,270) |  |  | (402) |  |  | Net of tax
|  | Reclassifications From Accumulated Other Comprehensive Income ("AOCI")
|  | Amount reclassified from AOCI for the six months ended June 30, |  | Affected line item in the Consolidated Statement of Income
|  | 2023 |  | 2022 |
Details of AOCI: |  |  |  |  |  |
Available for sale debt securities: |  |  |  |  |  |
Realized net gains on the sale of securities available for sale |  | $ | — |  |  | (58) |  |  | Net gain on securities transactions
|  | — |  |  | 16 |  |  | Income tax expense
|  | $ | — |  |  | (42) |  |  | Net of tax
Cash flow hedges: |  |  |  |  |  |
Realized net (gains) losses on derivatives |  | $ | (8,343) |  |  | 504 |  |  | Interest expense
|  | 2,254 |  |  | (136) |  |  | Income tax expense
|  | $ | (6,089) |  |  | 368 |  |  |
Post-retirement obligations: |  |  |  |  |  |
Amortization of actuarial gains |  | $ | (712) |  |  | (652) |  |  | Compensation and employee benefits (1)
|  | 192 |  |  | 171 |  |  | Income tax expense
Total reclassification |  | $ | (520) |  |  | (481) |  |  | Net of tax
Total reclassifications |  | $ | (6,609) |  |  | (155) |  |  | Net of tax
(1) This item is included in the computation of net periodic benefit cost. See Note 7. Components of Net Periodic Benefit Cost.

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