Accumulated Other Comprehensive Loss

6 Months Ended

Jun. 30, 2024

Accumulated Other Comprehensive Loss

Accumulated Other Comprehensive Loss

9. Accumulated Other Comprehensive Loss

Accumulated other comprehensive loss is defined as the revenues, expenses, gains and losses that are included in comprehensive loss but excluded from net income. The Company’s significant items of accumulated other comprehensive loss are pension and other benefits, net unrealized gains or losses on investment securities and net unrealized gains or losses on cash flow derivative hedges.

Changes in accumulated other comprehensive loss for the three and six months ended June 30, 2024 and 2023 are presented below:

			Income
			Tax
	Pre-tax		Benefit		Net of
(dollars in thousands)	Amount		(Expense)		Tax
Accumulated other comprehensive loss at March 31, 2024	$	(714,330)	$	190,550	$	(523,780)
Three months ended June 30, 2024
Investment securities:
Unrealized net losses arising during the period		(4,277)		1,141		(3,136)
Reclassification of net losses to net income:
Amortization of unrealized holding losses on held-to-maturity securities		10,665		(2,845)		7,820
Net change in investment securities		6,388		(1,704)		4,684
Cash flow derivative hedges:
Unrealized net losses arising during the period		(113)		31		(82)
Reclassification of net losses included in net income		63		(17)		46
Net change in cash flow derivative hedges		(50)		14		(36)
Other comprehensive income		6,338		(1,690)		4,648
Accumulated other comprehensive loss at June 30, 2024	$	(707,992)	$	188,860	$	(519,132)

			Income
			Tax
	Pre-tax		Benefit		Net of
(dollars in thousands)	Amount		(Expense)		Tax
Accumulated other comprehensive loss at December 31, 2023	$	(723,100)	$	192,890	$	(530,210)
Six months ended June 30, 2024
Investment securities:
Unrealized net losses arising during the period		(7,709)		2,056		(5,653)
Reclassification of net losses to net income:
Amortization of unrealized holding losses on held-to-maturity securities		21,825		(5,821)		16,004
Net change in investment securities		14,116		(3,765)		10,351
Cash flow derivative hedges:
Unrealized net losses arising during the period		(826)		220		(606)
Reclassification of net losses included in net income		1,818		(485)		1,333
Net change in cash flow derivative hedges		992		(265)		727
Other comprehensive income		15,108		(4,030)		11,078
Accumulated other comprehensive loss at June 30, 2024	$	(707,992)	$	188,860	$	(519,132)

			Income
			Tax
	Pre-tax		Benefit		Net of
(dollars in thousands)	Amount		(Expense)		Tax
Accumulated other comprehensive loss at March 31, 2023	$	(834,206)	$	222,527	$	(611,679)
Three months ended June 30, 2023
Investment securities:
Unrealized net losses arising during the period		(14,025)		3,741		(10,284)
Reclassification of net losses to net income:
Amortization of unrealized holding losses on held-to-maturity securities		13,064		(3,485)		9,579
Net change in investment securities		(961)		256		(705)
Cash flow derivative hedges:
Unrealized net losses arising during the period		(2,053)		548		(1,505)
Reclassification of net losses included in net income		1,573		(420)		1,153
Net change in cash flow derivative hedges		(480)		128		(352)
Other comprehensive loss		(1,441)		384		(1,057)
Accumulated other comprehensive loss at June 30, 2023	$	(835,647)	$	222,911	$	(612,736)

			Income
			Tax
	Pre-tax		Benefit		Net of
(dollars in thousands)	Amount		(Expense)		Tax
Accumulated other comprehensive loss at December 31, 2022	$	(871,813)	$	232,559	$	(639,254)
Six months ended June 30, 2023
Investment securities:
Unrealized net gains arising during the period		11,013		(2,938)		8,075
Reclassification of net losses to net income:
Amortization of unrealized holding losses on held-to-maturity securities		24,772		(6,608)		18,164
Net change in investment securities		35,785		(9,546)		26,239
Cash flow derivative hedges:
Unrealized net losses arising during the period		(2,495)		665		(1,830)
Reclassification of net losses included in net income		2,876		(767)		2,109
Net change in cash flow derivative hedges		381		(102)		279
Other comprehensive income		36,166		(9,648)		26,518
Accumulated other comprehensive loss at June 30, 2023	$	(835,647)	$	222,911	$	(612,736)

The following table summarizes changes in accumulated other comprehensive loss, net of tax, for the periods indicated:

	Pensions								Accumulated
	and		Available-for-Sale		Held-to-Maturity		Cash Flow		Other
	Other		Investment		Investment		Derivative		Comprehensive
(dollars in thousands)	Benefits		Securities		Securities		Hedges		Loss
Three Months Ended June 30, 2024
Balance at beginning of period	$	(5,373)	$	(224,940)	$	(293,427)	$	(40)	$	(523,780)
Other comprehensive (loss) income		—		(3,136)		7,820		(36)		4,648
Balance at end of period	$	(5,373)	$	(228,076)	$	(285,607)	$	(76)	$	(519,132)
Six Months Ended June 30, 2024
Balance at beginning of period	$	(5,373)	$	(222,423)	$	(301,611)	$	(803)	$	(530,210)
Other comprehensive (loss) income		—		(5,653)		16,004		727		11,078
Balance at end of period	$	(5,373)	$	(228,076)	$	(285,607)	$	(76)	$	(519,132)
Three Months Ended June 30, 2023
Balance at beginning of period	$	(5,431)	$	(273,816)	$	(328,361)	$	(4,071)	$	(611,679)
Other comprehensive (loss) income		—		(10,284)		9,579		(352)		(1,057)
Balance at end of period	$	(5,431)	$	(284,100)	$	(318,782)	$	(4,423)	$	(612,736)
Six Months Ended June 30, 2023
Balance at beginning of period	$	(5,431)	$	(292,175)	$	(336,946)	$	(4,702)	$	(639,254)
Other comprehensive income		—		8,075		18,164		279		26,518
Balance at end of period	$	(5,431)	$	(284,100)	$	(318,782)	$	(4,423)	$	(612,736)