Accumulated Other Comprehensive Income (Loss)

3 Months Ended

Mar. 31, 2025

Accumulated Other Comprehensive Income (Loss)

The following table presents the changes in the components of AOCI balances for the three months ended March 31, 2025 and 2024:



($ in thousands)	Debt Securities (1)		Cash Flow Hedges		Foreign Currency Translation Adjustments (2)		Total
Balance, January 1, 2024	$	(601,881)	$	2,624	$	(21,339)	$	(620,596)
Net unrealized (losses) gains arising during the period	(2,282)		(63,662)		3,822		(62,122)
Amounts reclassified from AOCI	2,653		17,332		—		19,985
Changes, net of tax	371		(46,330)		3,822		(42,137)
Balance, March 31, 2024	$	(601,510)	$	(43,706)	$	(17,517)	$	(662,733)

Balance, January 1, 2025	$	(542,152)	$	(20,787)	$	(22,321)	$	(585,260)
Net unrealized gains (losses) arising during the period	57,377		26,325		(1,012)		82,690
Amounts reclassified from AOCI	2,600		4,955		—		7,555
Changes, net of tax	59,977		31,280		(1,012)		90,245
Balance, March 31, 2025	$	(482,175)	$	10,493	$	(23,333)	$	(495,015)

(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.

The following table presents the components of other comprehensive income (loss), reclassifications to net income and the related tax effects for the three months ended March 31, 2025 and 2024:



	Three months ended March 31,
	2025						2024
($ in thousands)	Before-Tax		Tax Effect		Net-of-Tax		Before-Tax		Tax Effect		Net-of-Tax
Debt securities:
Net unrealized gains (losses) arising during the period	$	81,538	$	(24,161)	$	57,377	$	(3,282)	$	1,000	$	(2,282)
Reclassification adjustments:
Net realized gains on AFS debt securities reclassified into net income (1)	(131)		39		(92)		(49)		14		(35)
Amortization of unrealized losses on transferred securities (2)	3,822		(1,130)		2,692		3,816		(1,128)		2,688
Net change	85,229		(25,252)		59,977		485		(114)		371
Cash flow hedges:
Net unrealized gains (losses) arising during the period	37,466		(11,141)		26,325		(90,376)		26,714		(63,662)
Net realized losses reclassified into net income (3)	7,052		(2,097)		4,955		24,605		(7,273)		17,332
Net change	44,518		(13,238)		31,280		(65,771)		19,441		(46,330)
Foreign currency translation adjustments, net of hedges:
Net unrealized (losses) gains arising during the period	(1,012)		—		(1,012)		3,995		(173)		3,822
Net change	(1,012)		—		(1,012)		3,995		(173)		3,822
Other comprehensive income (loss)	$	128,735	$	(38,490)	$	90,245	$	(61,291)	$	19,154	$	(42,137)

(1)Pre-tax amounts were reported in Net gains 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 were reported in Interest and dividend income on the Consolidated Statement of Income.