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Other Comprehensive Income (Loss)

6 Months Ended

Jun. 30, 2022

Stockholders' Equity Note [Abstract]

Other Comprehensive Income (Loss)

Other Comprehensive Income (Loss)

The following tables present reclassifications out of accumulated other comprehensive income (loss) for the three and six month periods ended June 30, 2022 and 2021:

			Three Months Ended June 30, 2022
(In thousands)			Before-Tax Amount			Tax (Expense) Benefit			Net of Tax
Available-for-sale debt securities:
Change in net unrealized gain/loss during the period			$	(57,544)		$	14,095		$	(43,449)
Reclassification adjustment for net realized loss on sale of available-for-sale debt securities included in net income			0			0			0
Net unrealized gains/losses			(57,544)			14,095			(43,449)
Employee benefit plans:
Amortization of net retirement plan actuarial gain			514			(125)			389
Amortization of net retirement plan prior service cost			53			(13)			40
Employee benefit plans			567			(138)			429
Other comprehensive (loss) income			$	(56,977)		$	13,957		$	(43,020)

			Three Months Ended June 30, 2021
(In thousands)			Before-Tax Amount			Tax (Expense) Benefit			Net of Tax
Available-for-sale debt securities:
Change in net unrealized gain/loss during the period			$	11,244		$	(2,755)		$	8,489
Reclassification adjustment for net realized gain on sale of available-for-sale debt securities included in net income			0			0			0
Net unrealized gains/losses			11,244			(2,755)			8,489
Employee benefit plans:
Amortization of net retirement plan actuarial gain			712			(175)			537
Amortization of net retirement plan prior service cost			55			(13)			42
Employee benefit plans			767			(188)			579
Other comprehensive income (loss)			$	12,011		$	(2,943)		$	9,068

			Six Months Ended June 30, 2022
(In thousands)			Before-Tax Amount			Tax (Expense) Benefit			Net of Tax
Available-for-sale debt securities:
Change in net unrealized gain/loss during the period			$	(164,025)		$	40,171		$	(123,854)
Reclassification adjustment for net realized gain on sale of available-for-sale debt securities included in net income			0			0			0
Net unrealized gains/losses			(164,025)			40,171			(123,854)
Employee benefit plans:
Amortization of net retirement plan actuarial loss			1,129			(276)			853
Amortization of net retirement plan prior service cost			109			(27)			82
Employee benefit plans			1,238			(303)			935
Other comprehensive (loss) income			$	(162,787)		$	39,868		$	(122,919)

			Six Months Ended June 30, 2021
(In thousands)			Before-Tax Amount			Tax (Expense) Benefit			Net of Tax
Available-for-sale debt securities:
Change in net unrealized gain/loss during the period			$	(22,197)		$	5,440		$	(16,757)
Reclassification adjustment for net realized gain on sale of available-for-sale debt securities included in net income			(330)			81			(249)
Net unrealized gains/losses			(22,527)			5,521			(17,006)
Employee benefit plans:
Amortization of net retirement plan actuarial loss			1,476			(362)			1,114
Amortization of net retirement plan prior service cost			111			(27)			84
Employee benefit plans			1,587			(389)			1,198
Other comprehensive (loss) income			$	(20,940)		$	5,132		$	(15,808)

The following table presents the activity in our accumulated other comprehensive (loss) income for the periods indicated:

(In thousands)			Available-for- Sale Debt Securities			Employee Benefit Plans			Accumulated Other Comprehensive (Loss) Income
Balance at March 31, 2022			$	(94,965)		$	(40,884)		$	(135,849)
Other comprehensive (loss) income before reclassifications			(43,449)			0			(43,449)
Amounts reclassified from accumulated other comprehensive (loss) income			0			429			429
Net current-period other comprehensive (loss) income			(43,449)			429			(43,020)
Balance at June 30, 2022			$	(138,414)		$	(40,455)		$	(178,869)
Balance at January 1, 2022			$	(14,560)		$	(41,390)		$	(55,950)
Other comprehensive (loss) income before reclassifications			(123,854)			0			(123,854)
Amounts reclassified from accumulated other comprehensive (loss) income			0			935			935
Net current-period other comprehensive (loss) income			(123,854)			935			(122,919)
Balance at June 30, 2022			$	(138,414)		$	(40,455)		$	(178,869)

(In thousands)			Available-for- Sale Debit Securities			Employee Benefit Plans			Accumulated Other Comprehensive (Loss) Income
Balance at March 31, 2021			$	(4,886)		$	(52,064)		$	(56,950)
Other comprehensive income (loss) before reclassifications			8,489			0			8,489
Amounts reclassified from accumulated other comprehensive (loss) income			0			579			579
Net current-period other comprehensive income (loss)			8,489			579			9,068
Balance at June 30, 2021			$	3,603		$	(51,485)		$	(47,882)
Balance at January 1, 2021			$	20,609		$	(52,683)		$	(32,074)
Other comprehensive (loss) income before reclassifications			(16,757)			0			(16,757)
Amounts reclassified from accumulated other comprehensive (loss) income			(249)			1,198			949
Net current-period other comprehensive (loss) income			(17,006)			1,198			(15,808)
Balance at June 30, 2021			$	3,603		$	(51,485)		$	(47,882)

The following tables present the amounts reclassified out of each component of accumulated other comprehensive (loss) income for the three and six months ended June 30, 2022 and 2021:

Three Months Ended June 30, 2022
Details about Accumulated other Comprehensive Income (Loss) Components (In thousands)			Amount Reclassified from Accumulated Other Comprehensive (Loss) Income1			Affected Line Item in the Statement Where Net Income is Presented
Available-for-sale debt securities:
Unrealized gains and losses on available-for-sale debt securities			$	0		Net (loss) gain on securities transactions
			0			Tax expense
			0			Net of tax
Employee benefit plans:
Amortization of the following 2
Net retirement plan actuarial loss			(514)			Other operating expense
Net retirement plan prior service cost			(53)			Other operating expense
			(567)			Total before tax
			138			Tax benefit
			$	(429)		Net of tax

Three Months Ended June 30, 2021
Details about Accumulated other Comprehensive Income (Loss) Components (In thousands)			Amount Reclassified from Accumulated Other Comprehensive (Loss) Income1			Affected Line Item in the Statement Where Net Income is Presented
Available-for-sale debt securities:
Unrealized gains and losses on available-for-sale debt securities			$	0		Net (loss) gain on securities transactions
			0			Tax expense
			0			Net of tax
Employee benefit plans:
Amortization of the following2
Net retirement plan actuarial loss			(711)			Other operating expense
Net retirement plan prior service cost			(56)			Other operating expense
			(767)			Total before tax
			188			Tax benefit
			$	(579)		Net of tax

Six Months Ended June 30, 2022
Details about Accumulated other Comprehensive Income (Loss) Components (In thousands)			Amount Reclassified from Accumulated Other Comprehensive (Loss) Income1			Affected Line Item in the Statement Where Net Income is Presented
Available-for-sale debt securities:
Unrealized gains and losses on available-for-sale debt securities			$	0		Net (loss) gain on securities transactions
			0			Tax expense
			0			Net of tax
Employee benefit plans:
Amortization of the following2
Net retirement plan actuarial loss			(1,129)			Other operating expense
Net retirement plan prior service cost			(109)			Other operating expense
			(1,238)			Total before tax
			303			Tax benefit
			$	(935)		Net of tax

Six Months Ended June 30, 2021
Details about Accumulated other Comprehensive Income (Loss) Components (In thousands)			Amount Reclassified from Accumulated Other Comprehensive (Loss) Income1			Affected Line Item in the Statement Where Net Income is Presented
Available-for-sale debt securities:
Unrealized gains and losses on available-for-sale debt securities			$	330		Net (loss) gain on securities transactions
			(81)			Tax expense
			249			Net of tax
Employee benefit plans:
Amortization of the following2
Net retirement plan actuarial loss			(1,475)			Other operating expense
Net retirement plan prior service cost			(111)			Other operating expense
			(1,586)			Total before tax
			388			Tax benefit
			$	(1,198)		Net of tax

1 Amounts in parentheses indicated debits in income statement.

2 The accumulated other comprehensive (loss) income components are included in the computation of net periodic benefit cost (See Note 8 - "Employee Benefit Plan").

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- Definition

The entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-URI https://asc.fasb.org/topic&trid=2134417

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(21))
-URI https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(23))
-URI https://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-URI https://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

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- References

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