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Other Comprehensive Income (Tables)
9 Months Ended
Sep. 30, 2022
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, 2022Nine Months Ended September 30, 2022
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
$(337,762)$76,107 $(261,655)$(1,111,187)$249,158 $(862,029)
Less: reclassification adjustment for losses included in net income(198)12 (186)(2,474)714 (1,760)
Net change in fair value of securities available for sale
(337,564)76,095 (261,469)(1,108,713)248,444 (860,269)
Unrealized losses on cash flow hedges:
Change in fair value of cash flow hedges
(72,667)19,304 (53,363)(71,182)18,899 (52,283)
Less: net cash flow hedge gains reclassified into interest income(1)
3,755 (1,056)2,699 12,797 (3,598)9,199 
Net change in fair value of cash flow hedges
(76,422)20,360 (56,062)(83,979)22,497 (61,482)
Defined benefit pension plans:
Change in actuarial net loss— — — — — — 
Less: amortization of actuarial net loss(2,799)787 (2,012)(8,395)2,360 (6,035)
Less: accretion of prior service credit2,971 (835)2,136 8,911 (2,505)6,406 
Net change in other comprehensive income for defined benefit postretirement plans
(172)48 (124)(516)145 (371)
Total other comprehensive loss$(414,158)$96,503 $(317,655)$(1,193,208)$271,086 $(922,122)
(1)Includes amortization of realized gains on terminated cash flow hedges for the three and nine months ended September 30, 2022. 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 $0.4 million, net of tax, at September 30, 2022.
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 $(70,177)
Less: reclassification adjustment for gains included in net income
— 1,166 (257)909 
Net change in fair value of securities available for sale
(27,742)6,132 (21,610)(91,254)20,168 (71,086)
Unrealized gains on cash flow hedges:
Change in fair value of cash flow hedges
— — — — — — 
Less: net cash flow hedge gains reclassified into interest income(1)
7,851 (2,207)5,644 24,344 (6,843)17,501 
Net change in fair value of cash flow hedges
(7,851)2,207 (5,644)(24,344)6,843 (17,501)
Defined benefit pension plans:
Change in actuarial net loss— — — — — — 
Less: amortization of actuarial net loss(3,537)994 (2,543)(10,612)2,983 (7,629)
Less: accretion of prior service credit2,945 (828)2,117 8,835 (2,484)6,351 
Net change in other comprehensive income for defined benefit postretirement plans
592 (166)426 1,777 (499)1,278 
Total other comprehensive (loss)$(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 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 $12.3 million, net of tax, at September 30, 2021.
Schedule of Accumulated Other Comprehensive Income (Loss)
The following table illustrates the changes in the balances of each component of accumulated other comprehensive income (loss), net of tax:
Unrealized
Gains and
(Losses) on
Available for
Sale Securities
Unrealized
Gains and
(Losses) on
Cash Flow
Hedges
Defined Benefit
Pension Plans
Total
(In thousands)
Beginning Balance: January 1, 2022$(58,586)$7,361 $(5,471)$(56,696)
Other comprehensive loss before reclassifications(862,029)(52,283)— (914,312)
Less: Amounts reclassified from accumulated other comprehensive loss(1,760)9,199 371 7,810 
Net current-period other comprehensive loss(860,269)(61,482)(371)(922,122)
Ending Balance: September 30, 2022$(918,855)$(54,121)$(5,842)$(978,818)
Beginning Balance: January 1, 2021$45,672 $29,815 $(21,253)$54,234 
Other comprehensive loss before reclassifications(70,177)— — (70,177)
Less: Amounts reclassified from accumulated other comprehensive loss909 17,501 (1,278)17,132 
Net current-period other comprehensive (loss) income(71,086)(17,501)1,278 (87,309)
Ending Balance: September 30, 2021$(25,414)$12,314 $(19,975)$(33,075)