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Other Comprehensive Income (Tables)
12 Months Ended
Dec. 31, 2023
Statement of Other Comprehensive Income [Abstract]  
Comprehensive Income (Loss)
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 income (loss):
For the Year Ended December 31, 2023
Pre Tax
Amount
Tax (Expense) BenefitAfter Tax
Amount
(In thousands)
Unrealized losses on securities available for sale:
Change in fair value of securities available for sale$47,104 $(9,731)$37,373 
Less: reclassification adjustment for losses included in net income(333,170)74,630 (258,540)
Net change in fair value of securities available for sale380,274 (84,361)295,913 
Unrealized losses on cash flow hedges:
Change in fair value of cash flow hedges(1)
(24,855)8,165 (16,690)
Less: net cash flow hedge losses reclassified into interest income(1)
(48,795)13,517 (35,278)
Net change in fair value of cash flow hedges23,940 (5,352)18,588 
Defined benefit pension plans:
Change in actuarial net loss19,742 (5,547)14,195 
BEP and Defined Benefit Plan amendments - accelerated vesting(1,351)381 (970)
Less: amortization of actuarial net loss(9,563)2,693 (6,870)
Less: BEP and Defined Benefit Plan curtailment gain
15,908 (4,490)11,418 
Less: net accretion of prior service credit11,560 (3,222)8,338 
Net change in other comprehensive income for defined benefit pension plans486 (147)339 
Total other comprehensive income$404,700 $(89,860)$314,840 
For the Year Ended December 31, 2022
Pre Tax
Amount
Tax Benefit (Expense)After Tax
Amount
(In thousands)
Unrealized losses on securities available for sale:
Change in fair value of securities available for sale$(1,061,859)$238,005 $(823,854)
Less: reclassification adjustment for losses included in net income(3,157)873 (2,284)
Net change in fair value of securities available for sale(1,058,702)237,132 (821,570)
Unrealized losses on cash flow hedges:
Change in fair value of cash flow hedges(1)
(69,010)18,377 (50,633)
Less: net cash flow hedge gains reclassified into interest income(1)
9,580 (2,693)6,887 
Net change in fair value of cash flow hedges(78,590)21,070 (57,520)
Defined benefit pension plans:
Change in actuarial net gain6,323 (1,777)4,546 
Less: amortization of actuarial net loss(11,032)3,101 (7,931)
Less: Defined Benefit Plan settlement loss(12,045)3,386 (8,659)
Less: net accretion of prior service credit11,882 (3,340)8,542 
Net change in other comprehensive income for defined benefit pension plans17,518 (4,924)12,594 
Total other comprehensive loss$(1,119,774)$253,278 $(866,496)
For the Year Ended December 31, 2021
Pre Tax
Amount
Tax Benefit (Expense)After Tax
Amount
(Dollars in thousands)
Unrealized losses on securities available for sale:
Change in fair value of securities available for sale$(133,466)$30,117 $(103,349)
Less: reclassification adjustment for gains included in net income1,166 (257)909 
Net change in fair value of securities available for sale(134,632)30,374 (104,258)
Unrealized gains on cash flow hedges:
Change in fair value of cash flow hedges— — — 
Less: net cash flow hedge gains reclassified into interest income(1)
31,234 (8,780)22,454 
Net change in fair value of cash flow hedges(31,234)8,780 (22,454)
Defined benefit pension plans:
Change in actuarial net gain19,243 (5,409)13,834 
Less: amortization of actuarial net loss(13,400)3,767 (9,633)
Plan amendment - Century acquisition lump sum distribution option1,106 (311)795 
Less: net accretion of prior service credit11,796 (3,316)8,480 
Net change in other comprehensive income for defined benefit pension plans21,953 (6,171)15,782 
Total other comprehensive loss$(143,913)$32,983 $(110,930)
(1)Includes amortization of less than $0.1 million, $7.3 million, and $22.5 million for the years ended December 31, 2023, 2022, and 2021, respectively, of realized but unrecognized gains, net of tax, from the termination of interest rate swaps. The total original gain of $41.2 million, net of tax, became fully accreted into income during the year ended December 31, 2023. The balance of this gain had amortized to less than $0.1 million, and $7.4 million, net of tax, at December 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
(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, 2021$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 $(923,192)
Other comprehensive income (loss) before reclassifications37,373 (16,690)13,225 33,908 
Less: Amounts reclassified from accumulated other comprehensive (loss) income(258,540)(35,278)12,886 (280,932)
Net current-period other comprehensive income295,913 18,588 339 314,840 
Ending balance: December 31, 2023$(584,243)$(31,571)$7,462 $(608,352)

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 Components202320222021 Affected Line Item in the Statement Where Net Income is Presented
(In thousands)
Unrealized (losses) and gains on available-for-sale securities$(333,170)$(3,157)$1,166 (Losses) gains on sales of securities available for sale, net
(333,170)(3,157)1,166  Total before tax
74,630 873 (257) Tax benefit (expense)
$(258,540)$(2,284)$909  Net of tax
Unrealized (losses) gains on cash flow hedges$(48,795)$9,580 $31,234  Interest income
(48,795)9,580 31,234  Total before tax
13,517 (2,693)(8,780) Tax benefit (expense)
$(35,278)$6,887 $22,454  Net of tax
Accretion (amortization) of defined benefit pension items$(9,563)$(23,077)$(13,400)Net periodic pension cost - see Note 15
BEP and Defined Benefit Plan curtailment gain15,908 — — Net income from discontinued operations
Accretion of prior service credit11,560 11,882 11,796 Net periodic pension cost - see Note 15
17,905 (11,195)(1,604) Total before tax
(5,019)3,147 451  Tax (expense) benefit
$12,886 $(8,048)$(1,153) Net of tax
Total reclassifications for the period$(280,932)$(3,445)$22,210