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Accumulated Other Comprehensive Income (Loss)
 6 Months Ended
Jun. 30, 2023
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]  
Accumulated Other Comprehensive Income (Loss)

Note 8. Accumulated Other Comprehensive Income (Loss)

The following table presents the components of other comprehensive income (loss) for the three and six months ended June 30, 2023, and June 30, 2022:

 

(dollars in thousands)

 

Before Tax

 

 

Tax Effect

 

 

Net of Tax

 

Three Months Ended June 30, 2023

 

 

 

 

 

 

 

 

 

Net Unrealized Gains (Losses) on Investment Securities:

 

 

 

 

 

 

 

 

 

Net Unrealized Gains (Losses) Arising During the Period

 

$

(31,586

)

 

$

(8,371

)

 

$

(23,215

)

Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)
   that (Increase) Decrease Net Income:

 

 

 

 

 

 

 

 

 

Amortization of Unrealized Holding (Gains) Losses on Held-to-
   Maturity Securities 1

 

 

6,801

 

 

 

1,803

 

 

 

4,998

 

Net Unrealized Gains (Losses) on Investment Securities

 

 

(24,785

)

 

 

(6,568

)

 

 

(18,217

)

Defined Benefit Plans:

 

 

 

 

 

 

 

 

 

Amortization of Net Actuarial Losses (Gains)

 

 

177

 

 

 

46

 

 

 

131

 

Amortization of Prior Service Credit

 

 

(62

)

 

 

(15

)

 

 

(47

)

Defined Benefit Plans, Net

 

 

115

 

 

 

31

 

 

 

84

 

Other Comprehensive Income (Loss)

 

$

(24,670

)

 

$

(6,537

)

 

$

(18,133

)

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30, 2022

 

 

 

 

 

 

 

 

 

Net Unrealized Gains (Losses) on Investment Securities:

 

 

 

 

 

 

 

 

 

Net Unrealized Gains (Losses) Arising During the Period

 

$

(166,878

)

 

$

(44,233

)

 

$

(122,645

)

Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)
   that (Increase) Decrease Net Income:

 

 

 

 

 

 

 

 

 

Amortization of Unrealized Holding (Gains) Losses on Held-to-
   Maturity Securities 1

 

 

(3

)

 

 

(1

)

 

 

(2

)

Net Unrealized Gains (Losses) on Investment Securities

 

 

(166,881

)

 

 

(44,234

)

 

 

(122,647

)

Defined Benefit Plans:

 

 

 

 

 

 

 

 

 

Amortization of Net Actuarial Losses (Gains)

 

 

542

 

 

 

145

 

 

 

397

 

Amortization of Prior Service Credit

 

 

(61

)

 

 

(16

)

 

 

(45

)

Defined Benefit Plans, Net

 

 

481

 

 

 

129

 

 

 

352

 

Other Comprehensive Income (Loss)

 

$

(166,400

)

 

$

(44,105

)

 

$

(122,295

)

 

 

 

 

 

 

 

 

 

 

Six Months Ended June 30, 2023

 

 

 

 

 

 

 

 

 

Net Unrealized Gains (Losses) on Investment Securities:

 

 

 

 

 

 

 

 

 

Net Unrealized Gains (Losses) Arising During the Period

 

$

1,332

 

 

$

352

 

 

$

980

 

Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)
   that (Increase) Decrease Net Income:

 

 

 

 

 

 

 

 

 

Amortization of Unrealized Holding (Gains) Losses on Held-to-
   Maturity Securities 1

 

 

13,714

 

 

 

3,635

 

 

 

10,079

 

Net Unrealized Gains (Losses) on Investment Securities

 

 

15,046

 

 

 

3,987

 

 

 

11,059

 

Defined Benefit Plans:

 

 

 

 

 

 

 

 

 

Amortization of Net Actuarial Losses (Gains)

 

 

352

 

 

 

93

 

 

 

259

 

Amortization of Prior Service Credit

 

 

(123

)

 

 

(32

)

 

 

(91

)

Defined Benefit Plans, Net

 

 

229

 

 

 

61

 

 

 

168

 

Other Comprehensive Income (Loss)

 

$

15,275

 

 

$

4,048

 

 

$

11,227

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended June 30, 2022

 

 

 

 

 

 

 

 

 

Net Unrealized Gains (Losses) on Investment Securities:

 

 

 

 

 

 

 

 

 

Net Unrealized Gains (Losses) Arising During the Period

 

$

(412,026

)

 

$

(109,208

)

 

$

(302,818

)

Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)
   that (Increase) Decrease Net Income:

 

 

 

 

 

 

 

 

 

Amortization of Unrealized Holding (Gains) Losses on Held-to-
   Maturity Securities 1

 

 

63

 

 

 

16

 

 

 

47

 

Net Unrealized Gains (Losses) on Investment Securities

 

 

(411,963

)

 

 

(109,192

)

 

 

(302,771

)

Defined Benefit Plans:

 

 

 

 

 

 

 

 

 

Amortization of Net Actuarial Losses (Gains)

 

 

1,084

 

 

 

288

 

 

 

796

 

Amortization of Prior Service Credit

 

 

(123

)

 

 

(32

)

 

 

(91

)

Defined Benefit Plans, Net

 

 

961

 

 

 

256

 

 

 

705

 

Other Comprehensive Income (Loss)

 

$

(411,002

)

 

$

(108,936

)

 

$

(302,066

)

 

1
These amount relates to the amortization/accretion of unrealized net gains and losses related to the Company’s reclassification of available-for-sale investment securities to the held-to-maturity category. The unrealized net gains/losses will be amortized/accreted over the remaining life of the investment securities as an adjustment of yield.

The following table presents the changes in each component of accumulated other comprehensive income (loss), net of tax, for the three and six months ended June 30, 2023, and June 30, 2022:

 

(dollars in thousands)

 

Investment
Securities-
Available-
for-Sale

 

 

Investment
Securities-
Held-to-Maturity

 

 

Defined Benefit
Plans

 

 

Accumulated
Other
Comprehensive
Income (Loss)

 

Three Months Ended June 30, 2023

 

 

 

 

 

 

 

 

 

 

 

 

Balance at Beginning of Period

 

$

(216,588

)

 

$

(163,716

)

 

$

(24,994

)

 

$

(405,298

)

Other Comprehensive Income (Loss) Before Reclassifications

 

 

(23,215

)

 

 

—

 

 

 

—

 

 

 

(23,215

)

Amounts Reclassified from Accumulated Other
   Comprehensive Income (Loss)

 

 

—

 

 

 

4,998

 

 

 

84

 

 

 

5,082

 

Total Other Comprehensive Income (Loss)

 

 

(23,215

)

 

 

4,998

 

 

 

84

 

 

 

(18,133

)

Balance at End of Period

 

$

(239,803

)

 

$

(158,718

)

 

$

(24,910

)

 

$

(423,431

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30, 2022

 

 

 

 

 

 

 

 

 

 

 

 

Balance at Beginning of Period

 

$

(213,113

)

 

$

103

 

 

$

(33,143

)

 

 

(246,153

)

Other Comprehensive Income (Loss) Before Reclassifications

 

 

(122,645

)

 

 

—

 

 

 

—

 

 

 

(122,645

)

Amounts Reclassified from Accumulated Other
   Comprehensive Income (Loss)

 

 

—

 

 

 

(2

)

 

 

352

 

 

 

350

 

Total Other Comprehensive Income (Loss)

 

 

(122,645

)

 

 

(2

)

 

 

352

 

 

 

(122,295

)

Balance at End of Period

 

$

(335,758

)

 

$

101

 

 

$

(32,791

)

 

$

(368,448

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended June 30, 2023

 

 

 

 

 

 

 

 

 

 

 

 

Balance at Beginning of Period

 

$

(240,783

)

 

$

(168,797

)

 

$

(25,078

)

 

$

(434,658

)

Other Comprehensive Income (Loss) Before Reclassifications

 

 

980

 

 

 

—

 

 

 

—

 

 

 

980

 

Amounts Reclassified from Accumulated Other
   Comprehensive Income (Loss)

 

 

—

 

 

 

10,079

 

 

 

168

 

 

 

10,247

 

Total Other Comprehensive Income (Loss)

 

 

980

 

 

 

10,079

 

 

 

168

 

 

 

11,227

 

Balance at End of Period

 

$

(239,803

)

 

$

(158,718

)

 

$

(24,910

)

 

$

(423,431

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended June 30, 2022

 

 

 

 

 

 

 

 

 

 

 

 

Balance at Beginning of Period

 

$

(32,940

)

 

$

54

 

 

$

(33,496

)

 

 

(66,382

)

Other Comprehensive Income (Loss) Before Reclassifications

 

 

(302,818

)

 

 

—

 

 

 

—

 

 

 

(302,818

)

Amounts Reclassified from Accumulated Other
   Comprehensive Income (Loss)

 

 

—

 

 

 

47

 

 

 

705

 

 

 

752

 

Total Other Comprehensive Income (Loss)

 

 

(302,818

)

 

 

47

 

 

 

705

 

 

 

(302,066

)

Balance at End of Period

 

$

(335,758

)

 

$

101

 

 

$

(32,791

)

 

$

(368,448

)

 

 

The following table presents the amounts reclassified out of each component of accumulated other comprehensive income (loss) for the three and six months ended June 30, 2023, and June 30, 2022:

 

Details about Accumulated Other
Comprehensive Income (Loss) Components

 

Amount Reclassified from Accumulated
Other Comprehensive Income (Loss)1

 

 

Affected Line Item in the Statement
Where Net Income Is Presented

 

 

Three Months Ended June 30,

 

 

 

(dollars in thousands)

 

2023

 

 

2022

 

 

 

Amortization of Unrealized Holding Gains (Losses) on
   Investment Securities Held-to-Maturity

 

$

(6,801

)

 

$

3

 

 

Interest Income

 

 

1,803

 

 

 

(1

)

 

Provision for Income Tax

 

 

(4,998

)

 

 

2

 

 

Net of Tax

 

 

 

 

 

 

 

 

Amortization of Defined Benefit Plan Items

 

 

 

 

 

 

 

 

Prior Service Credit 2

 

 

62

 

 

 

61

 

 

 

Net Actuarial Losses 2

 

 

(177

)

 

 

(542

)

 

 

 

 

(115

)

 

 

(481

)

 

Total Before Tax

 

 

31

 

 

 

129

 

 

Provision for Income Tax

 

 

(84

)

 

 

(352

)

 

Net of Tax

 

 

 

 

 

 

 

 

Total Reclassifications for the Period

 

$

(5,082

)

 

$

(350

)

 

Net of Tax

 

 

 

 

 

 

 

 

 

Details about Accumulated Other
Comprehensive Income (Loss) Components

 

Amount Reclassified from Accumulated
Other Comprehensive Income (Loss)1

 

 

Affected Line Item in the Statement
Where Net Income Is Presented

 

 

Six Months Ended June 30,

 

 

 

(dollars in thousands)

 

2023

 

 

2022

 

 

 

Amortization of Unrealized Holding Gains (Losses) on
   Investment Securities Held-to-Maturity

 

$

(13,714

)

 

$

(63

)

 

Interest Income

 

 

3,635

 

 

 

16

 

 

Provision for Income Tax

 

 

(10,079

)

 

 

(47

)

 

Net of Tax

 

 

 

 

 

 

 

 

Amortization of Defined Benefit Plan Items

 

 

 

 

 

 

 

 

Prior Service Credit 2

 

 

123

 

 

 

123

 

 

 

Net Actuarial Losses 2

 

 

(352

)

 

 

(1,084

)

 

 

 

 

(229

)

 

 

(961

)

 

Total Before Tax

 

 

61

 

 

 

256

 

 

Provision for Income Tax

 

 

(168

)

 

 

(705

)

 

Net of Tax

 

 

 

 

 

 

 

 

Total Reclassifications for the Period

 

$

(10,247

)

 

$

(752

)

 

Net of Tax

 

1.
Amounts in parentheses indicate reductions to net income.
2.
These accumulated other comprehensive income (loss) components are included in the computation of net periodic benefit cost and are included in other noninterest expense on the consolidated statements of income.