Other Comprehensive Income (Tables)

3 Months Ended

Mar. 31, 2022

Statement of Other Comprehensive Income [Abstract]

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 March 31, 2022						Three Months Ended March 31, 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	$	(465,532)	$	112,008	$	(353,524)	$	(94,979)	$	20,982	$	(73,997)
Less: reclassification adjustment for gains included in net income	(2,172)		673		(1,499)		1,164		(257)		907
Net change in fair value of securities available for sale	(463,360)		111,335		(352,025)		(96,143)		21,239		(74,904)
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)	5,298		(1,489)		3,809		8,274		(2,326)		5,948
Net change in fair value of cash flow hedges	(5,298)		1,489		(3,809)		(8,274)		2,326		(5,948)
Defined benefit pension plans:
Change in actuarial net loss	—		—		—		—		—		—
Less: amortization of actuarial net loss	(2,798)		787		(2,011)		(3,537)		994		(2,543)
Less: accretion of prior service credit	2,970		(835)		2,135		2,945		(828)		2,117
Net change in other comprehensive income for defined benefit postretirement plans	(172)		48		(124)		592		(166)		426
Total other comprehensive loss	$	(468,830)	$	112,872	$	(355,958)	$	(103,825)	$	23,399	$	(80,426)

(1)Represents amortization of realized gains on terminated cash flow hedges for the three months ended March 31, 2022 and 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 $3.6 million and $7.4 million, net of tax, at March 31, 2022 and December 31, 2021, respectively.

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, 2022	$	(58,586)	$	7,361	$	(5,471)	$	(56,696)
Other comprehensive loss before reclassifications	(353,524)		—		—		(353,524)
Less: Amounts reclassified from accumulated other comprehensive (loss) income	(1,499)		3,809		124		2,434
Net current-period other comprehensive loss	(352,025)		(3,809)		(124)		(355,958)
Ending Balance: March 31, 2022	$	(410,611)	$	3,552	$	(5,595)	$	(412,654)
Beginning Balance: January 1, 2021	$	45,672	$	29,815	$	(21,253)	$	54,234
Other comprehensive loss before reclassifications	(73,997)		—		—		(73,997)
Less: Amounts reclassified from accumulated other comprehensive income (loss)	907		5,948		(426)		6,429
Net current-period other comprehensive (loss) income	(74,904)		(5,948)		426		(80,426)
Ending Balance: March 31, 2021	$	(29,232)	$	23,867	$	(20,827)	$	(26,192)