Accumulated Other Comprehensive Income (Loss) (Tables)

3 Months Ended

Mar. 31, 2022

The changes in accumulated other comprehensive income (loss) by component are as follows (in thousands):


	Three Months Ended March 31, 2022

	Unrealized Gains (Losses) on Securities		Unrealized Gains (Losses) on Derivatives		Retirement Plans		Total
Beginning balance, net of tax	$	84,716	$	(1,257)	$	(23,754)	$	59,705
Other comprehensive income (loss):
Other comprehensive income (loss) before reclassifications	(201,045)		20,546		—		(180,499)
Reclassification adjustments included in net income	1,786		1,322		206		3,314
Income tax (expense) benefit	41,844		(4,593)		(42)		37,209
Net current-period other comprehensive income (loss), net of tax	(157,415)		17,275		164		(139,976)
Ending balance, net of tax	$	(72,699)	$	16,018	$	(23,590)	$	(80,271)


	Three Months Ended March 31, 2021

	Unrealized Gains (Losses) on Securities		Unrealized Gains (Losses) on Derivatives		Retirement Plans		Total
Beginning balance, net of tax	$	116,078	$	(17,091)	$	(29,907)	$	69,080
Other comprehensive income (loss):
Other comprehensive income (loss) before reclassifications	(48,979)		11,023		—		(37,956)
Reclassification adjustments included in net income	(1,587)		1,568		641		622
Income tax (expense) benefit	10,619		(2,644)		(135)		7,840
Net current-period other comprehensive income (loss), net of tax	(39,947)		9,947		506		(29,494)
Ending balance, net of tax	$	76,131	$	(7,144)	$	(29,401)	$	39,586

The reclassification adjustments out of accumulated other comprehensive income (loss) included in net income are presented below (in thousands):


	Three Months Ended March 31,
	2022		2021






Unrealized gains and losses on securities transferred:
Amortization of unrealized gains and losses (1)	$	(243)	$	(416)
Tax benefit	51		87
Net of tax	(192)		(329)

Unrealized gains and losses on available for sale securities:
Realized net gain (loss) on sale of securities (2)	(1,543)		2,003


Tax (expense) benefit	324		(420)
Net of tax	(1,219)		1,583

Derivatives:
Realized net gain (loss) on interest rate swap derivatives (3)	(1,322)		(1,568)
Tax benefit	278		329
Net of tax	(1,044)		(1,239)





Amortization of pension plan:
Net actuarial loss (4)	(206)		(641)


Tax benefit	42		135
Net of tax	(164)		(506)
Total reclassifications for the period, net of tax	$	(2,619)	$	(491)

(1) Included in interest income on the consolidated statements of income.

(2) Listed as net gain (loss) on sale of securities AFS on the consolidated statements of income.

(3) Included in interest expense for FHLB borrowings and deposits on the consolidated statements of income.

(4) These AOCI components are included in the computation of net periodic pension cost (income) presented in “Note 8 – Employee Benefit Plans.”