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Other Comprehensive Income (Tables)
9 Months Ended
Sep. 30, 2021
Statement of Other Comprehensive Income [Abstract]  
Comprehensive Income (Loss)
The following tables present a reconciliation of the changes in the components of other comprehensive (loss) income for the dates indicated including the amount of income tax (expense) benefit allocated to each component of other comprehensive (loss) income:
Three Months Ended September 30, 2021Nine Months Ended September 30, 2021
Pre Tax
Amount
Tax
Benefit (Expense)
After Tax
Amount
Pre Tax
Amount
Tax
Benefit (Expense)
After Tax
Amount
(In thousands)
Unrealized losses on securities available for sale:
Change in fair value of securities available for sale
$(27,741)$6,132 $(21,609)$(90,088)$19,911 $(70,177)
Less: reclassification adjustment for gains included in net income
— 1,166 (257)909 
Net change in fair value of securities available for sale
(27,742)6,132 (21,610)(91,254)20,168 (71,086)
Unrealized gains (losses) on cash flow hedges:
Change in fair value of cash flow hedges
— — — — — — 
Less: net cash flow hedge gains reclassified into interest income(1)
7,851 (2,207)5,644 24,344 (6,843)17,501 
Net change in fair value of cash flow hedges
(7,851)2,207 (5,644)(24,344)6,843 (17,501)
Defined benefit pension plans:
Change in actuarial net loss— — — — — — 
Less: amortization of actuarial net loss(3,537)994 (2,543)(10,612)2,983 (7,629)
Less: accretion of prior service cost2,945 (828)2,117 8,835 (2,484)6,351 
Net change in other comprehensive income for defined benefit postretirement plans
592 (166)426 1,777 (499)1,278 
Total other comprehensive loss$(35,001)$8,173 $(26,828)$(113,821)$26,512 $(87,309)
(1)Represents amortization of realized gains on terminated cash flow hedges for the three and nine months ended September 30, 2021. The total realized gain of $41.2 million, net of tax, will be recognized in earnings through January 2023. The balance of this gain had amortized to $12.3 million, net of tax, at September 30, 2021.
Three Months Ended September 30, 2020Nine Months Ended September 30, 2020
Pre Tax
Amount
Tax
Benefit (Expense)
After Tax
Amount
Pre Tax
Amount
Tax
(Expense)
Benefit
After Tax
Amount
(In thousands)
Unrealized (losses) gains on securities available for sale:
Change in fair value of securities available for sale
$(5,563)$1,242 $(4,321)$28,750 $(6,370)$22,380 
Less: reclassification adjustment for gains included in net income
— — — 285 (63)222 
Net change in fair value of securities available for sale
(5,563)1,242 (4,321)28,465 (6,307)22,158 
Unrealized (losses) gains on cash flow hedges:
Change in fair value of cash flow hedges
(142)40 (102)46,869 (13,175)33,694 
Less: net cash flow hedge gains reclassified into interest income(1)
8,405 (2,363)6,042 18,651 (5,243)13,408 
Net change in fair value of cash flow hedges
(8,547)2,403 (6,144)28,218 (7,932)20,286 
Defined benefit pension plans:
Change in actuarial net loss— — — — — — 
Less: amortization of actuarial net loss(2,361)664 (1,697)(7,082)1,990 (5,092)
Less: amortization of prior service cost(7)(5)(19)(14)
Net change in other comprehensive income for defined benefit postretirement plans
2,368 (666)1,702 7,101 (1,995)5,106 
Total other comprehensive (loss) income$(11,742)$2,979 $(8,763)$63,784 $(16,234)$47,550 
(1)Includes amortization of $5.1 million and $5.3 million of the remaining balance of realized but unrecognized gains, net of tax, on terminated cash flow hedges for the three and nine months ended September 30, 2020, respectively. The original realized gain of $41.2 million, net of tax, will be recognized in earnings through January 2023. The balance of this gain had amortized to $35.9 million, net of tax, at September 30, 2020.
Schedule of Accumulated Other Comprehensive Income (Loss)
The following table illustrates the changes in the balances of each component of accumulated other comprehensive income (loss), net of tax:
Unrealized
Gains and
(Losses) on
Available for
Sale Securities
Unrealized
Gains and
(Losses) on
Cash Flow
Hedges
Defined Benefit
Pension Plans
Total
(In thousands)
Beginning Balance: January 1, 2021$45,672 $29,815 $(21,253)$54,234 
Other comprehensive loss before reclassifications(70,177)— — (70,177)
Less: Amounts reclassified from accumulated other comprehensive income
909 17,501 (1,278)17,132 
Net current-period other comprehensive (loss) income(71,086)(17,501)1,278 (87,309)
Ending Balance: September 30, 2021$(25,414)$12,314 $(19,975)$(33,075)
Beginning Balance: January 1, 2020$21,798 $15,624 $(81,269)$(43,847)
Other comprehensive income before reclassifications22,380 33,694 — 56,074 
Less: Amounts reclassified from accumulated other comprehensive income (loss)222 13,408 (5,106)8,524 
Net current-period other comprehensive income
22,158 20,286 5,106 47,550 
Ending Balance: September 30, 2020$43,956 $35,910 $(76,163)$3,703