ACCUMULATED OTHER COMPREHENSIVE LOSS

12 Months Ended

Dec. 31, 2022

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

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


	Year Ended December 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	(304,859)		44,757		4,487		(255,615)
Reclassification adjustments included in net income	8,787		(3,638)		895		6,044
Income tax (expense) benefit	62,175		(8,635)		(1,130)		52,410
Net current-period other comprehensive income (loss), net of tax	(233,897)		32,484		4,252		(197,161)

Ending balance, net of tax	$	(149,181)	$	31,227	$	(19,502)	$	(137,456)


	Year Ended December 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	(37,199)		13,648		6,524		(17,027)
Reclassification adjustments included in net income	(2,499)		6,395		1,264		5,160
Income tax (expense) benefit	8,336		(4,209)		(1,635)		2,492
Net current-period other comprehensive income (loss), net of tax	(31,362)		15,834		6,153		(9,375)

Ending balance, net of tax	$	84,716	$	(1,257)	$	(23,754)	$	59,705


	Year Ended December 31, 2020
	Unrealized Gains (Losses) on Securities		Unrealized Gains (Losses) on Derivatives		Retirement Plans		Total
Beginning balance, net of tax	$	38,038	$	(1,672)	$	(32,130)	$	4,236


Other comprehensive income (loss):
Other comprehensive income (loss) before reclassifications	105,845		(23,462)		(215)		82,168
Reclassification adjustments included in net income	(7,060)		3,945		3,028		(87)
Income tax (expense) benefit	(20,745)		4,098		(590)		(17,237)
Net current-period other comprehensive income (loss), net of tax	78,040		(15,419)		2,223		64,844

Ending balance, net of tax	$	116,078	$	(17,091)	$	(29,907)	$	69,080

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


	Years Ended December 31,
	2022		2021		2020
Unrealized gains and losses on securities transferred:
Amortization of unrealized gains and losses (1)	$	(4,968)	$	(1,363)	$	(1,197)
Tax benefit	1,043		286		251
Net of tax	$	(3,925)	$	(1,077)	$	(946)

Unrealized gains and losses on AFS securities:
Realized net gain (loss) on sale of securities (2)	$	(3,819)	$	3,862	$	8,257


Tax (expense) benefit	802		(811)		(1,734)
Net of tax	$	(3,017)	$	3,051	$	6,523

Derivatives:
Realized net gain (loss) on interest rate swap derivatives (3)	$	3,638	$	(6,395)	$	(3,970)
Tax (expense) benefit	(764)		1,343		834
Net of tax	$	2,874	$	(5,052)	$	(3,136)

Amortization of unrealized gains on terminated interest rate swap derivatives (3)	$	—	$	—	$	25
Tax expense	—		—		(5)
Net of tax	$	—	$	—	$	20

Amortization of retirement plans:
Net actuarial loss (4)	$	(895)	$	(1,264)	$	(3,035)
Prior service credit (4)	—		—		7
Total before tax	(895)		(1,264)		(3,028)
Tax benefit	188		265		636
Net of tax	$	(707)	$	(999)	$	(2,392)
Total reclassifications for the period, net of tax	$	(4,775)	$	(4,077)	$	69

(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 10 – Employee Benefits.”