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Other Comprehensive Income
12 Months Ended
Dec. 31, 2022
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 benefit (expense) allocated to each component of other comprehensive (loss) income:
For the Year Ended December 31, 2022
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$(1,061,859)$238,005 $(823,854)
Less: reclassification adjustment for losses included in net income(3,157)873 (2,284)
Net change in fair value of securities available for sale(1,058,702)237,132 (821,570)
Unrealized losses on cash flow hedges:
Change in fair value of cash flow hedges(1)
(69,010)18,377 (50,633)
Less: net cash flow hedge gains reclassified into interest income(1)
9,580 (2,693)6,887 
Net change in fair value of cash flow hedges(78,590)21,070 (57,520)
Defined benefit pension plans:
Change in actuarial net loss6,323 (1,777)4,546 
Less: amortization of actuarial net loss(11,032)3,101 (7,931)
Less: Defined Benefit Plan settlement loss(12,045)3,386 (8,659)
Less: net accretion of prior service credit11,882 (3,340)8,542 
Net change in other comprehensive income for defined benefit pension plans17,518 (4,924)12,594 
Total other comprehensive loss$(1,119,774)$253,278 $(866,496)
For the Year Ended December 31, 2021
Pre Tax
Amount
Tax Benefit (Expense)After Tax
Amount
(In thousands)
Unrealized (losses) gains on securities available for sale:
Change in fair value of securities available for sale$(133,466)$30,117 $(103,349)
Less: reclassification adjustment for gains included in net income1,166 (257)909 
Net change in fair value of securities available for sale(134,632)30,374 (104,258)
Unrealized gains on cash flow hedges:
Change in fair value of cash flow hedges(1)
— — — 
Less: net cash flow hedge gains reclassified into interest income(1)
31,234 (8,780)22,454 
Net change in fair value of cash flow hedges(31,234)8,780 (22,454)
Defined benefit pension plans:
Change in actuarial net gain19,243 (5,409)13,834 
Less: amortization of actuarial net loss(13,400)3,767 (9,633)
Plan amendment - Century acquisition lump sum distribution option1,106 (311)795 
Less: net accretion of prior service credit11,796 (3,316)8,480 
Net change in other comprehensive income for defined benefit pension plans21,953 (6,171)15,782 
Total other comprehensive loss$(143,913)$32,983 $(110,930)
For the Year Ended December 31, 2020
Pre Tax
Amount
Tax (Expense)
Benefit
After Tax
Amount
(Dollars in thousands)
Unrealized gains 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 gain(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 credit1,931 (543)1,388 
Net change in other comprehensive income for defined benefit pension plans83,484 (23,468)60,016 
Total other comprehensive income$133,862 $(35,781)$98,081 
(1)Includes amortization of $7.3 million, $22.5 million, and $11.4 million for the years ended December 31, 2022, 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 less than $0.1 million, $7.4 million, and $29.8 million, net of tax, at December 31, 2022, 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
(Losses) and Gains on
Cash Flow
Hedges
Defined Benefit
Pension Plans
Total
(In thousands)
Beginning balance: January 1, 2020$21,798 $15,624 $(81,269)$(43,847)
Other comprehensive income 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)$54,234 
Other comprehensive (loss) income before reclassifications(103,349)— 14,629 (88,720)
Less: Amounts reclassified from accumulated other comprehensive income909 22,454 (1,153)22,210 
Net current-period other comprehensive (loss) income(104,258)(22,454)15,782 (110,930)
Ending balance: December 31, 2021$(58,586)$7,361 $(5,471)$(56,696)
Other comprehensive (loss) income before reclassifications(823,854)(50,633)4,546 (869,941)
Less: Amounts reclassified from accumulated other comprehensive income(2,284)6,887 (8,048)(3,445)
Net current-period other comprehensive (loss) income(821,570)(57,520)12,594 (866,496)
Ending balance: December 31, 2022$(880,156)$(50,159)$7,123 $(923,192)

The following table illustrates the significant amounts reclassified out of each component of accumulated other comprehensive (loss)/income, net of tax:
Year Ended December 31,
Details about Accumulated Other Comprehensive (Loss)/Income Components202220212020 Affected Line Item in the Statement Where Net Income is Presented
(In thousands)
Unrealized (losses) and gains on available-for-sale securities$(3,157)$1,166 $288 (Losses) gains on sales of securities available for sale, net
(3,157)1,166 288  Total before tax
873 (257)(64) Tax benefit or (expense)
$(2,284)$909 $224  Net of tax
Unrealized gains on cash flow hedges$9,580 $31,234 $27,131  Interest income
9,580 31,234 27,131  Total before tax
(2,693)(8,780)(7,626) Tax expense
$6,887 $22,454 $19,505  Net of tax
Amortization of defined benefit pension items$(23,077)$(13,400)$(10,787)Net periodic pension cost - see Note 17
Accretion of prior service credit11,882 11,796 1,931 Net periodic pension cost - see Note 17
(11,195)(1,604)(8,856) Total before tax
3,147 451 2,490  Tax benefit
$(8,048)$(1,153)$(6,366) Net of tax
Total reclassifications for the period$(3,445)$22,210 $13,363