XML 45 R32.htm IDEA: XBRL DOCUMENT v3.22.0.1
Other Comprehensive Income
12 Months Ended
Dec. 31, 2021
Statement of Other Comprehensive Income [Abstract]  
Other Comprehensive Income Other Comprehensive Income
The following tables present a reconciliation of the changes in the components of other comprehensive income (loss) for the dates indicated including the amount of income tax (expense) benefit allocated to each component of other comprehensive income (loss):
For the Year Ended December 31, 2021
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$(133,466)$30,117 $(103,349)
Less: reclassification adjustment for gains included in net income1,166 (257)909 
Net change in fair value of securities available for sale(134,632)30,374 (104,258)
Unrealized (losses) gains on cash flow hedges:
Change in fair value of cash flow hedges(1)
— — — 
Less: net cash flow hedge gains reclassified into interest income(1)
31,234 (8,780)22,454 
Net change in fair value of cash flow hedges(31,234)8,780 (22,454)
Defined benefit pension plans:
Change in actuarial net gain (loss)19,243 (5,409)13,834 
Less: amortization of actuarial net loss(13,400)3,767 (9,633)
Plan amendment – Century acquisition lump sum distribution option1,106 (311)795 
Less: net accretion of prior service credit11,796 (3,316)8,480 
Net change in other comprehensive income for defined benefit postretirement plans21,953 (6,171)15,782 
Total other comprehensive income$(143,913)$32,983 $(110,930)
For the Year Ended December 31, 2020
Pre Tax
Amount
Tax (Expense)
Benefit
After Tax
Amount
(In thousands)
Unrealized gains (losses) on securities available for sale:
Change in fair value of securities available for sale$30,926 $(6,828)$24,098 
Less: reclassification adjustment for gains included in net income288 (64)224 
Net change in fair value of securities available for sale30,638 (6,764)23,874 
Unrealized gains (losses) on cash flow hedges:
Change in fair value of cash flow hedges(1)
46,871 (13,175)33,696 
Less: net cash flow hedge gains reclassified into interest income(1)
27,131 (7,626)19,505 
Net change in fair value of cash flow hedges19,740 (5,549)14,191 
Defined benefit pension plans:
Change in actuarial net loss(58,811)16,532 (42,279)
Less: amortization of actuarial net loss(10,787)3,033 (7,754)
Plan amendment - prior service credit133,439 (37,510)95,929 
Less: net accretion of prior service cost1,931 (543)1,388 
Net change in other comprehensive income for defined benefit postretirement plans83,484 (23,468)60,016 
Total other comprehensive income$133,862 $(35,781)$98,081 
For the Year Ended December 31, 2019
Pre Tax
Amount
Tax (Expense)
Benefit
After Tax
Amount
(Dollars in thousands)
Unrealized gains (losses) on securities available for sale:
Change in fair value of securities available for sale$54,881 $(12,166)$42,715 
Less: reclassification adjustment for gains included in net income2,016 (459)1,557 
Net change in fair value of securities available for sale52,865 (11,707)41,158 
Unrealized gains (losses) on cash flow hedges:
Change in fair value of cash flow hedges20,275 (5,699)14,576 
Less: net cash flow hedge gains reclassified into interest income2,698 (758)1,940 
Net change in fair value of cash flow hedges17,577 (4,941)12,636 
Defined benefit pension plans:
Change in actuarial net loss(37,722)10,603 (27,119)
Less: amortization of actuarial net loss(7,242)2,036 (5,206)
Less: amortization of prior service cost(44)11 (33)
Net change in other comprehensive income for defined benefit postretirement plans(30,436)8,556 (21,880)
Total other comprehensive income$40,006 $(8,092)$31,914 
(1)Includes amortization of $22.5 million and $11.4 million for the years ended December 31, 2021 and 2020, respectively, of the remaining balance of realized but unrecognized gains, net of tax, from the termination of interest rate swaps. 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 $7.4 million and $29.8 million, net of tax, at December 31, 2021 and December 31, 2020, respectively.
The following table illustrates the changes in the balances of each component of accumulated other comprehensive income (loss), net of tax:
Unrealized
(Losses) and
Gains on
Available for
Sale Securities
Unrealized
Gains and
(Losses) on
Cash Flow
Hedges
Defined Benefit
Pension Plans
Total
(In thousands)
Beginning balance: January 1, 2019$(19,360)$2,988 $(59,389)$(75,761)
Other comprehensive income (loss) before reclassifications42,715 14,576 (27,119)30,172 
Less: Amounts reclassified from accumulated other comprehensive income1,557 1,940 (5,239)(1,742)
Net current-period other comprehensive income41,158 12,636 (21,880)31,914 
Ending balance: December 31, 2019$21,798 $15,624 $(81,269)$(43,847)
Other comprehensive income (loss) before reclassifications24,098 33,696 53,650 111,444 
Less: Amounts reclassified from accumulated other comprehensive income224 19,505 (6,366)13,363 
Net current-period other comprehensive income23,874 14,191 60,016 98,081 
Ending balance: December 31, 2020$45,672 $29,815 $(21,253)$54,234 
Other comprehensive income (loss) before reclassifications(103,349)— 14,629 (88,720)
Less: Amounts reclassified from accumulated other comprehensive income909 22,454 (1,153)22,210 
Net current-period other comprehensive income(104,258)(22,454)15,782 (110,930)
Ending balance: December 31, 2021$(58,586)$7,361 $(5,471)$(56,696)

The following table illustrates the significant amounts reclassified out of each component of accumulated other comprehensive income, net of tax:
Year Ended December 31,
Details about Accumulated Other Comprehensive Income Components202120202019 Affected Line Item in the Statement Where Net Income is Presented
(In thousands)
Unrealized gains and losses on available-for-sale securities$1,166 $288 $2,016  Gain/(loss) on sale of securities
1,166 288 2,016  Total before tax
(257)(64)(459) Tax (expense) or benefit
$909 $224 $1,557  Net of tax
Unrealized gains and losses on cash flow hedges$31,234 $27,131 $2,698  Interest income
31,234 27,131 2,698  Total before tax
(8,780)(7,626)(758) Tax (expense) or benefit
$22,454 $19,505 $1,940  Net of tax
Amortization of defined benefit pension items$(13,400)$(10,787)$(7,242) Net periodic pension cost
Accretion (amortization) of prior service credit (cost)11,796 1,931 (44) Employee Benefits footnote
(1,604)(8,856)(7,286) Total before tax
451 2,490 2,047  Tax benefit or (expense)
$(1,153)$(6,366)$(5,239) Net of tax
Total reclassifications for the period$22,210 $13,363 $(1,742)