Accumulated Other Comprehensive (Loss) Income (Tables)

9 Months Ended

Sep. 30, 2022

Changes in other comprehensive income (loss)

The following table presents the components of other comprehensive (loss) income:


	Before-Tax Amount		Tax Effect		Net of Tax Amount
Three months ended September 30, 2022	(in thousands)
Unrealized loss on securities	$	(155,758)	$	35,373	$	(120,385)

Reclassification adjustment for securities gains included in net income (1)	(53)		12		(41)
Amortization of net unrealized losses on AFS securities transferred to HTM (2)	2,139		(486)		1,653
Net unrealized holding loss arising during the period on interest rate swaps used in cash flow hedges	(29,053)		6,581		(22,472)
Reclassification adjustment for net loss realized in net income on interest rate swaps used in cash flow hedges	3,210		(727)		2,483
Amortization of net unrecognized pension and postretirement items (3)	33		(8)		25
Total Other Comprehensive Loss	$	(179,482)	$	40,745	$	(138,737)
Three months ended September 30, 2021
Unrealized loss on securities	$	(27,975)	$	6,353	$	(21,622)


Amortization of net unrealized gains on AFS securities transferred to HTM (2)	824		(187)		637
Net unrealized holding gain arising during the period on interest rate swaps used in cash flow hedges	(280)		64		(216)

Reclassification adjustment for net loss realized in net income on interest rate swaps used in cash flow hedges	(873)		198		(675)
Amortization of net unrecognized pension and postretirement items (3)	370		(80)		290
Total Other Comprehensive Loss	$	(27,934)	$	6,348	$	(21,586)

Nine months ended September 30, 2022
Unrealized loss on securities	$	(469,137)	$	106,541	$	(362,596)

Reclassification adjustment for securities loss included in net income (1)	(26)		6		(20)
Amortization of net unrealized losses on AFS securities transferred to HTM (2)	(59,547)		13,523		(46,024)

Net unrealized loss on interest rate swaps used in cash flow hedges	(80,716)		18,282		(62,434)
Reclassification adjustment for net loss realized in net income on interest rate swaps used in cash flow hedges	828		(187)		641
Amortization of net unrecognized pension and postretirement items (3)	96		(21)		75
Total Other Comprehensive Loss	$	(608,502)	$	138,144	$	(470,358)

Nine months ended September 30, 2021
Unrealized loss on securities	$	(20,796)	$	4,723	$	(16,073)
Reclassification adjustment for securities gains included in net income (1)	(33,511)		7,610		(25,901)
Amortization of net unrealized losses on AFS securities transferred to HTM (2)	2,787		(633)		2,154

Net unrealized gain on interest rate swaps used in cash flow hedges	1,215		(277)		938
Reclassification adjustment for net loss realized in net income on interest rate swaps used in cash flow hedges	(1,894)		432		(1,462)

Amortization of net unrecognized pension and postretirement items (3)	1,111		(243)		868
Total Other Comprehensive Loss	$	(51,088)	$	11,612	$	(39,476)

(1) Amounts reclassified out of AOCI. Before-tax amounts included in "Investment securities gains, net" on the Consolidated Statements of Income. See Note 4, "Investment Securities," for additional details.

(2) Amounts reclassified out of AOCI. Before-tax amounts included as a reduction to "Interest Income" on the Consolidated Statements of Income.

(3) Amounts reclassified out of AOCI. Before-tax amounts included in "Salaries and employee benefits" on the Consolidated Statements of Income. See Note 12, "Employee Benefit Plans," for additional details.

Changes in each component of accumulated other comprehensive income (loss)

The following table presents changes in each component of accumulated other comprehensive income (loss), net of tax:


	Unrealized Gains (Losses) on Investment Securities		Net Unrealized (Loss) Gain on Interest Rate Swaps used in Cash Flow Hedges		Unrecognized Pension and Postretirement Plan Income (Costs)		Total
	(in thousands)
Three months ended September 30, 2022
Balance at June 30, 2022	$	(249,427)	$	(46,620)	$	(8,163)	$	(304,210)
OCI before reclassifications	(120,385)		—		—		(120,385)
Amounts reclassified from AOCI	(41)		(19,989)		25		(20,005)
Amortization of net unrealized losses on AFS securities transferred to HTM	1,653		—		—		1,653

Balance at September 30, 2022	$	(368,200)	$	(66,609)	$	(8,138)	$	(442,947)
Three months ended September 30, 2021
Balance at June 30, 2021	$	62,769	$	367	$	(15,935)	$	47,201
OCI before reclassifications	(21,622)		—		—		(21,622)
Amounts reclassified from AOCI	—		(891)		290		(601)
Amortization of net unrealized losses on AFS securities transferred to HTM	637		—		—		637

Balance at September 30, 2021	$	41,784	$	(524)	$	(15,645)	$	25,615

Nine months ended September 30, 2022
Balance at December 31, 2021	$	40,440	$	(4,816)	$	(8,213)	$	27,411
OCI before reclassifications	(362,596)		—		—		(362,596)
Amounts reclassified from AOCI	(20)		(61,793)		75		(61,738)
Amortization of net unrealized losses on AFS securities transferred to HTM	(46,024)		—		—		(46,024)

Balance at September 30, 2022	$	(368,200)	$	(66,609)	$	(8,138)	$	(442,947)
Nine months ended September 30, 2021
Balance at December 31, 2020	$	81,604	$	—	$	(16,513)	$	65,091
OCI before reclassifications	(16,073)		—		—		(16,073)
Amounts reclassified from AOCI	(25,901)		(524)		868		(25,557)
Amortization of net unrealized losses on AFS securities transferred to HTM	2,154		—		—		2,154

Balance at September 30, 2021	$	41,784	$	(524)	$	(15,645)	$	25,615