Accumulated Other Comprehensive Income (Loss)

3 Months Ended

Mar. 31, 2024

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


	Three Months Ended March 31, 2024

	Unrealized Gains (Losses) on Securities		Unrealized Gains (Losses) on Derivatives		Retirement Plans		Total
Beginning balance, net of tax	$	(107,499)	$	12,803	$	(18,766)	$	(113,462)
Other comprehensive income (loss):
Other comprehensive income (loss) before reclassifications	(5,887)		13,616		—		7,729
Reclassification adjustments included in net income	2,041		(6,642)		167		(4,434)
Income tax (expense) benefit	807		(1,465)		(34)		(692)
Net current-period other comprehensive income (loss), net of tax	(3,039)		5,509		133		2,603
Ending balance, net of tax	$	(110,538)	$	18,312	$	(18,633)	$	(110,859)


	Three Months Ended March 31, 2023

	Unrealized Gains (Losses) on Securities		Unrealized Gains (Losses) on Derivatives		Retirement Plans		Total
Beginning balance, net of tax	$	(149,181)	$	31,227	$	(19,502)	$	(137,456)
Other comprehensive income (loss):
Other comprehensive income (loss) before reclassifications	13,019		(6,976)		—		6,043
Reclassification adjustments included in net income	4,138		(5,108)		173		(797)
Income tax (expense) benefit	(3,603)		2,537		(36)		(1,102)
Net current-period other comprehensive income (loss), net of tax	13,554		(9,547)		137		4,144
Ending balance, net of tax	$	(135,627)	$	21,680	$	(19,365)	$	(133,312)

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


	Three Months Ended March 31,
	2024		2023






Unrealized gains and losses on securities transferred:
Amortization of unrealized gains and losses (1)	$	(2,023)	$	(1,992)
Tax benefit	425		418
Net of tax	(1,598)		(1,574)

Unrealized gains and losses on available for sale securities:
Realized net gain (loss) on sale of securities (2)	(18)		(2,146)


Tax (expense) benefit	4		451
Net of tax	(14)		(1,695)

Derivatives:
Realized net gain (loss) on interest rate swap derivatives (3)	6,642		5,108
Tax benefit	(1,395)		(1,072)
Net of tax	5,247		4,036





Amortization of pension plan:
Net actuarial loss (4)	(167)		(173)


Tax benefit	34		36
Net of tax	(133)		(137)
Total reclassifications for the period, net of tax	$	3,502	$	630

(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, other 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.”