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Other Comprehensive Income
6 Months Ended
Jun. 30, 2023
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 (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 June 30, 2023Six Months Ended June 30, 2023
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
$(78,810)$20,324 $(58,486)$(36,509)$11,514 $(24,995)
Less: reclassification adjustment for losses included in net income— — — (333,170)74,630 (258,540)
Net change in fair value of securities available for sale
(78,810)20,324 (58,486)296,661 (63,116)233,545 
Unrealized losses on cash flow hedges:
Change in fair value of cash flow hedges
(56,892)16,060 (40,832)(37,146)11,602 (25,544)
Less: net cash flow hedge losses reclassified into interest income(1)
(11,929)3,368 (8,561)(20,834)5,883 (14,951)
Net change in fair value of cash flow hedges
(44,963)12,692 (32,271)(16,312)5,719 (10,593)
Defined benefit pension plans:
Change in actuarial net loss— — — — — — 
Less: amortization of actuarial net loss(2,468)697 (1,771)(4,936)1,394 (3,542)
Less: accretion of prior service credit2,970 (838)2,132 5,940 (1,656)4,284 
Net change in other comprehensive income for defined benefit postretirement plans
(502)141 (361)(1,004)262 (742)
Total other comprehensive (loss) income$(124,275)$33,157 $(91,118)$279,345 $(57,135)$222,210 
(1)Includes amortization of realized gains on terminated cash flow hedges for the six months ended June 30, 2023. The total original gain of $41.2 million, net of tax, became fully accreted into income during the six months ended June 30, 2023.
Three Months Ended June 30, 2022Six Months Ended June 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
$(307,893)$61,043 $(246,850)$(773,425)$173,051 $(600,374)
Less: reclassification adjustment for losses included in net income(104)29 (75)(2,276)702 (1,574)
Net change in fair value of securities available for sale
(307,789)61,014 (246,775)(771,149)172,349 (598,800)
Unrealized gains on cash flow hedges:
Change in fair value of cash flow hedges
1,485 (405)1,080 1,485 (405)1,080 
Less: net cash flow hedge gains reclassified into interest income(1)
3,744 (1,053)2,691 9,042 (2,542)6,500 
Net change in fair value of cash flow hedges
(2,259)648 (1,611)(7,557)2,137 (5,420)
Defined benefit pension plans:
Change in actuarial net loss— — — — — — 
Less: amortization of actuarial net loss(2,798)786 (2,012)(5,596)1,573 (4,023)
Less: accretion of prior service credit2,970 (835)2,135 5,940 (1,670)4,270 
Net change in other comprehensive income for defined benefit postretirement plans
(172)49 (123)(344)97 (247)
Total other comprehensive loss$(310,220)$61,711 $(248,509)$(779,050)$174,583 $(604,467)
(1)Represents amortization of realized gains on terminated cash flow hedges for the three and six months ended June 30, 2022. The total realized gain of $41.2 million, net of tax, was fully recognized in earnings in the first quarter of 2023. The balance of this gain had amortized to $1.3 million, net of tax, at June 30, 2022.
The following table illustrates the changes in the balances of each component of accumulated other comprehensive loss, net of tax:
Unrealized
Gains and
(Losses) on
Available for
Sale Securities
Unrealized
Gains and
(Losses) on
Cash Flow
Hedges
Defined Benefit
Pension Plans
Total
(In thousands)
Beginning Balance: January 1, 2023$(880,156)$(50,159)$7,123 $(923,192)
Other comprehensive loss before reclassifications(24,995)(25,544)— (50,539)
Less: Amounts reclassified from accumulated other comprehensive loss(258,540)(14,951)742 (272,749)
Net current-period other comprehensive income (loss)233,545 (10,593)(742)222,210 
Ending Balance: June 30, 2023$(646,611)$(60,752)$6,381 $(700,982)
Beginning Balance: January 1, 2022$(58,586)$7,361 $(5,471)$(56,696)
Other comprehensive (loss) income before reclassifications(600,374)1,080 — (599,294)
Less: Amounts reclassified from accumulated other comprehensive loss(1,574)6,500 247 5,173 
Net current-period other comprehensive loss(598,800)(5,420)(247)(604,467)
Ending Balance: June 30, 2022$(657,386)$1,941 $(5,718)$(661,163)