Accumulated Other Comprehensive Income (Loss) (Tables)

6 Months Ended

Jun. 30, 2024

Schedule Of The Changes In Components Of Accumulated Other Comprehensive Income Balances

The following table presents the changes in the components of AOCI balances for the three and six months ended June 30, 2024 and 2023:



($ in thousands)	Debt Securities (1)		Cash Flow Hedges		Foreign Currency Translation Adjustments (2)		Total
Balance, April 1, 2023	$	(640,734)	$	(20,918)	$	(18,342)	$	(679,994)
Net unrealized losses arising during the period	(43,618)		(68,207)		(7,249)		(119,074)
Amounts reclassified from AOCI	2,816		14,320		—		17,136
Changes, net of tax	(40,802)		(53,887)		(7,249)		(101,938)
Balance, June 30, 2023	$	(681,536)	$	(74,805)	$	(25,591)	$	(781,932)

Balance, April 1, 2024	$	(601,510)	$	(43,706)	$	(17,517)	$	(662,733)
Net unrealized gains (losses) arising during the period	8,773		(17,678)		(1,311)		(10,216)
Amounts reclassified from AOCI	1,451		17,325		—		18,776
Changes, net of tax	10,224		(353)		(1,311)		8,560
Balance, June 30, 2024	$	(591,286)	$	(44,059)	$	(18,828)	$	(654,173)



($ in thousands)	Debt Securities (1)		Cash Flow Hedges		Foreign Currency Translation Adjustments (2)		Total
Balance, January 1, 2023	$	(694,815)	$	(49,531)	$	(21,283)	$	(765,629)
Net unrealized gains (losses) arising during the period	657		(47,121)		(4,308)		(50,772)
Amounts reclassified from AOCI	12,622		21,847		—		34,469
Changes, net of tax	13,279		(25,274)		(4,308)		(16,303)
Balance, June 30, 2023	$	(681,536)	$	(74,805)	$	(25,591)	$	(781,932)

Balance, January 1, 2024	$	(601,881)	$	2,624	$	(21,339)	$	(620,596)
Net unrealized gains (losses) arising during the period	6,491		(81,340)		2,511		(72,338)
Amounts reclassified from AOCI	4,104		34,657		—		38,761
Changes, net of tax	10,595		(46,683)		2,511		(33,577)
Balance, June 30, 2024	$	(591,286)	$	(44,059)	$	(18,828)	$	(654,173)

(1)Includes after-tax unamortized losses related to AFS debt securities that were transferred to HTM in 2022.

(2)Represents foreign currency translation adjustments related to the Company’s net investment in non-U.S. operations, including related hedges. The functional currency and reporting currency of the Company’s foreign subsidiary was RMB and USD, respectively.

Schedule Of Components Of Other Comprehensive Income (Loss), Reclassifications To Net Income And The Related Tax Effects

The following table presents the components of other comprehensive income (loss), reclassifications to net income and the related tax effects for the three and six months ended June 30, 2024 and 2023:



	Three Months Ended June 30,
	2024						2023
($ in thousands)	Before-Tax		Tax Effect		Net-of-Tax		Before-Tax		Tax Effect		Net-of-Tax
Debt securities:
Net unrealized gains (losses) on AFS debt securities arising during the period	$	12,421	$	(3,648)	$	8,773	$	(61,939)	$	18,321	$	(43,618)
Reclassification adjustments:
Net realized gains on AFS debt securities reclassified into net income (1)	(1,785)		528		(1,257)		—		—		—
Amortization of unrealized losses on transferred debt securities (2)	3,845		(1,137)		2,708		3,998		(1,182)		2,816
Net change	14,481		(4,257)		10,224		(57,941)		17,139		(40,802)
Cash flow hedges:
Net unrealized losses arising during the period	(25,095)		7,417		(17,678)		(96,457)		28,250		(68,207)
Net realized losses reclassified into net income (3)	24,594		(7,269)		17,325		20,252		(5,932)		14,320
Net change	(501)		148		(353)		(76,205)		22,318		(53,887)
Foreign currency translation adjustments, net of hedges:
Net unrealized losses arising during the period	(1,311)		—		(1,311)		(6,107)		(1,142)		(7,249)
Net change	(1,311)		—		(1,311)		(6,107)		(1,142)		(7,249)
Other comprehensive income (loss)	$	12,669	$	(4,109)	$	8,560	$	(140,253)	$	38,315	$	(101,938)



	Six Months Ended June 30,
	2024						2023
($ in thousands)	Before-Tax		Tax Effect		Net-of-Tax		Before-Tax			Tax Effect		Net-of-Tax
Debt securities:
Net unrealized gains arising during the period	$	9,139	$	(2,648)	$	6,491	$	921		$	(264)	$	657
Reclassification adjustments:
Net realized (gains) losses on AFS debt securities reclassified into net income (1)	(1,834)		542		(1,292)		10,000		(4)	(2,956)		7,044
Amortization of unrealized losses on transferred securities (2)	7,661		(2,265)		5,396		7,919			(2,341)		5,578
Net change	14,966		(4,371)		10,595		18,840			(5,561)		13,279
Cash flow hedges:
Net unrealized losses arising during the period	(115,471)		34,131		(81,340)		(66,614)			19,493		(47,121)
Net realized losses reclassified into net income (3)	49,199		(14,542)		34,657		30,896			(9,049)		21,847
Net change	(66,272)		19,589		(46,683)		(35,718)			10,444		(25,274)
Foreign currency translation adjustments, net of hedges:
Net unrealized gains (losses) arising during the period	2,684		(173)		2,511		(3,481)			(827)		(4,308)
Net change	2,684		(173)		2,511		(3,481)			(827)		(4,308)
Other comprehensive loss	$	(48,622)	$	15,045	$	(33,577)	$	(20,359)		$	4,056	$	(16,303)

(1)Pre-tax amounts were reported in Net gains (losses) on AFS debt securities on the Consolidated Statement of Income.

(2)Represents unrealized losses amortized over the remaining lives of securities that were transferred from the AFS to HTM portfolio in 2022.

(3)Pre-tax amounts related to cash flow hedges on variable rate loans and long-term borrowings, where applicable, were reported in Interest and dividend income and in Interest expense, respectively, on the Consolidated Statement of Income. In the first quarter of 2023, the pre-tax amount also included the terminated cash flow hedge where the forecasted cash flows were no longer probable to occur and was reported in Noninterest income on the Consolidated Statement of Income.

(4)Represents the loss related to an AFS debt security that was written off in the first quarter of 2023.