Other Comprehensive Income

9 Months Ended

Sep. 30, 2023

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 September 30, 2023						Nine Months Ended September 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	$	(157,750)	$	40,490	$	(117,260)	$	(194,259)	$	52,004	$	(142,255)
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	(157,750)		40,490		(117,260)		138,911		(22,626)		116,285
Unrealized losses on cash flow hedges:
Change in fair value of cash flow hedges	(29,022)		8,193		(20,829)		(66,168)		19,795		(46,373)
Less: net cash flow hedge losses reclassified into interest income(1)	(13,723)		3,874		(9,849)		(34,557)		9,757		(24,800)
Net change in fair value of cash flow hedges	(15,299)		4,319		(10,980)		(31,611)		10,038		(21,573)
Defined benefit pension plans:
Change in actuarial net loss	—		—		—		—		—		—
Less: amortization of actuarial net loss	(2,468)		697		(1,771)		(7,404)		2,091		(5,313)
Less: accretion of prior service credit	2,970		(839)		2,131		8,910		(2,495)		6,415
Net change in other comprehensive income for defined benefit postretirement plans	(502)		142		(360)		(1,506)		404		(1,102)
Total other comprehensive (loss) income	$	(173,551)	$	44,951	$	(128,600)	$	105,794	$	(12,184)	$	93,610

(1)Includes amortization of realized gains of less than $0.1 million on terminated cash flow hedges for the nine months ended September 30, 2023. The total original gain of $41.2 million, net of tax, became fully accreted into income during the nine months ended September 30, 2023.


	Three Months Ended September 30, 2022						Nine 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 credit	2,971		(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, was fully recognized in earnings in the first quarter of 2023. The balance of this gain had amortized to $0.4 million, net of tax, at September 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	(142,255)		(46,373)		—		(188,628)
Less: Amounts reclassified from accumulated other comprehensive loss	(258,540)		(24,800)		1,102		(282,238)
Net current-period other comprehensive income (loss)	116,285		(21,573)		(1,102)		93,610
Ending Balance: September 30, 2023	$	(763,871)	$	(71,732)	$	6,021	$	(829,582)
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)