Other Comprehensive Income

12 Months Ended

Dec. 31, 2024

Statement of Other Comprehensive Income [Abstract]

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, 2024
	Pre Tax Amount		Tax (Expense) Benefit		After Tax Amount
	(In thousands)
Unrealized losses on securities available for sale:
Change in fair value of securities available for sale	$	(19,461)	$	7,684	$	(11,777)
Less: reclassification adjustment for losses included in net income	(16,798)		4,653		(12,145)
Net change in fair value of securities available for sale	(2,663)		3,031		368
Unrealized losses on cash flow hedges:
Change in fair value of cash flow hedges	(45,096)		12,492		(32,604)
Less: net cash flow hedge losses reclassified into interest income	(52,151)		14,446		(37,705)
Net change in fair value of cash flow hedges	7,055		(1,954)		5,101
Defined benefit pension plans:
Change in actuarial net loss	28,546		(7,907)		20,639
Less: amortization of actuarial net loss	(7,098)		1,966		(5,132)
Less: Defined Benefit Plan settlement gain	29		(8)		21
Less: net accretion of prior service credit	9,953		(2,757)		7,196
Net change in other comprehensive income for defined benefit pension plans	25,662		(7,108)		18,554
Total other comprehensive income	$	30,054	$	(6,031)	$	24,023


	For the Year Ended December 31, 2023
	Pre Tax Amount		Tax (Expense) Benefit		After 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 sale	380,274		(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 gains reclassified into interest income (1)	(48,795)		13,517		(35,278)
Net change in fair value of cash flow hedges	23,940		(5,352)		18,588
Defined benefit pension plans:
Change in actuarial net loss	19,742		(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 credit	11,560		(3,222)		8,338
Net change in other comprehensive income for defined benefit pension plans	486		(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
	(Dollars 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 gains 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 gain	6,323		(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 credit	11,882		(3,340)		8,542
Net change in other comprehensive income for defined benefit pension plans	17,518		(4,924)		12,594
Total other comprehensive loss	$	(1,119,774)	$	253,278	$	(866,496)

(1)Includes amortization of less than $0.1 million and $7.3 million for the years ended December 31, 2023 and 2022, 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, net of tax, at December 31, 2022.

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, 2022	$	(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 reclassifications	37,373		(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 income	295,913		18,588		339		314,840
Ending balance: December 31, 2023	$	(584,243)	$	(31,571)	$	7,462	$	(608,352)
Other comprehensive income before reclassifications	(11,777)		(32,604)		20,639		(23,742)
Less: Amounts reclassified from accumulated other comprehensive income	(12,145)		(37,705)		2,085		(47,765)
Net current-period other comprehensive income	368		5,101		18,554		24,023
Ending balance: December 31, 2024	$	(583,875)	$	(26,470)	$	26,016	$	(584,329)

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 Components	2024		2023		2022		Affected Line Item in the Statement Where Net Income is Presented
	(In thousands)
Unrealized losses on available-for-sale securities	$	(16,798)	$	(333,170)	$	(3,157)	Losses on sales of securities available for sale, net
	(16,798)		(333,170)		(3,157)		Total before tax
	4,653		74,630		873		Tax benefit
	$	(12,145)	$	(258,540)	$	(2,284)	Net of tax
Unrealized (losses) gains on cash flow hedges	$	(52,151)	$	(48,795)	$	9,580	Interest income
	(52,151)		(48,795)		9,580		Total before tax
	14,446		13,517		(2,693)		Tax benefit (expense)
	$	(37,705)	$	(35,278)	$	6,887	Net of tax
Amortization of defined benefit pension items	$	(7,069)	$	(9,563)	$	(23,077)	Net periodic pension cost - see Note 15
BEP and Defined Benefit Plan curtailment gain	—		15,908		—		Net income from discontinued operations
Accretion of prior service credit	9,953		11,560		11,882		Net periodic pension cost - see Note 15
	2,884		17,905		(11,195)		Total before tax
	(799)		(5,019)		3,147		Tax (expense) benefit
	$	2,085	$	12,886	$	(8,048)	Net of tax
Total reclassifications for the period	$	(47,765)	$	(280,932)	$	(3,445)