Accumulated Other Comprehensive (Loss) Income

9 Months Ended

Sep. 30, 2024

Accumulated Other Comprehensive (Loss) Income

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


	Before-Tax Amount		Tax Effect		Net of Tax Amount
	(dollars in thousands)
Three months ended September 30, 2024
Net unrealized gain on securities	$	88,637	$	(20,077)	$	68,560
Reclassification adjustment for securities net change included in net income(1)	1		—		1
Amortization of net unrealized gains on AFS securities transferred to HTM(1)	1,837		(415)		1,422
Net unrealized holding losses arising during the period on interest rate derivatives used in cash flow hedges	(8,564)		1,940		(6,624)
Reclassification adjustment for net change realized in net income on interest rate derivatives used in cash flow hedges	5,144		(1,165)		3,979
Amortization of net unrecognized pension and postretirement items(2)	(135)		29		(106)
Total Other Comprehensive Income	$	86,920	$	(19,688)	$	67,232

Three months ended September 30, 2023
Net unrealized losses on securities	$	(135,811)	$	30,761	$	(105,050)
Reclassification adjustment for securities net change included in net income(3)	—		—		—
Amortization of net unrealized gains on AFS securities transferred to HTM(1)	1,932		(438)		1,494
Net unrealized holding gains arising during the period on interest rate derivatives used in cash flow hedges	4,691		(1,040)		3,651
Reclassification adjustment for net change realized in net income on interest rate derivatives used in cash flow hedges	6,248		172		6,420
Amortization of net unrecognized pension and postretirement items(2)	18		(3)		15
Total Other Comprehensive Loss	$	(122,922)	$	29,452	$	(93,470)

Nine months ended September 30, 2024
Unrealized gain on securities	$	48,735	$	(11,039)	$	37,696
Reclassification adjustment for securities net change included in net income(3)	20,283		(4,594)		15,689
Amortization of net unrealized gains on AFS securities transferred to HTM(1)	5,445		(1,233)		4,212
Net unrealized holding losses arising during the period on interest rate derivatives used in cash flow hedges	(92)		21		(71)
Reclassification adjustment for net change realized in net income on interest rate swaps used in cash flow hedges	15,158		(3,389)		11,769
Amortization of net unrecognized pension and postretirement item(2)	(406)		89		(317)
Total Other Comprehensive Income	$	89,123	$	(20,145)	$	68,978

Nine months ended September 30, 2023
Unrealized losses on securities	$	(133,973)	$	30,345	$	(103,628)
Reclassification adjustment for securities net change included in net income(3)	19		(5)		14
Amortization of net unrealized gains on AFS securities transferred to HTM(1)	5,783		(1,310)		4,473
Net unrealized holding gains arising during the period on interest rate derivatives used in cash flow hedges	9,975		(18,730)		(8,755)
Reclassification adjustment for change realized in net income on interest rate swaps used in cash flow hedges	20,437		136		20,573
Amortization of net unrecognized pension and postretirement items(2)	55		(12)		43
Total Other Comprehensive Income	$	(97,704)	$	10,424	$	(87,280)

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

(2) 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.

(3) 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.

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 Gain (Loss) on Interest Rate Derivatives used in Cash Flow Hedges		Unrecognized Pension and Postretirement Plan Income (Costs)		Total
	(dollars in thousands)
Three months ended September 30, 2024
Balance at June 30, 2024	$	(287,248)	$	(20,440)	$	(2,846)	$	(310,534)
OCI before reclassifications	68,560		(6,624)		—		61,936
Amounts reclassified from AOCI	1		3,979		(106)		3,874
Amortization of net unrealized gains on AFS securities transferred to HTM	1,422		—		—		1,422

Balance at September 30, 2024	$	(217,265)	$	(23,085)	$	(2,952)	$	(243,302)

Three months ended September 30, 2023
Balance at June 30, 2023	$	(311,816)	$	(60,029)	$	(7,441)	$	(379,286)
OCI before reclassifications	(105,050)		3,651		—		(101,399)
Amounts reclassified from AOCI	—		6,420		15		6,435
Amortization of net unrealized losses on AFS securities transferred to HTM	1,494		—		—		1,494

Balance at September 30, 2023	$	(415,372)	$	(49,958)	$	(7,426)	$	(472,756)

Nine months ended September 30, 2024
Balance at December 31, 2023	$	(274,862)	$	(34,783)	$	(2,635)	$	(312,280)
OCI before reclassifications	37,696		(71)		—		37,625
Amounts reclassified from AOCI	15,689		11,769		(317)		27,141
Amortization of net unrealized gains on AFS securities transferred to HTM	4,212		—		—		4,212

Balance at September 30, 2024	$	(217,265)	$	(23,085)	$	(2,952)	$	(243,302)

Nine months ended September 30, 2023
Balance at December 31, 2022	$	(316,231)	$	(61,776)	$	(7,469)	$	(385,476)
OCI before reclassifications	(103,628)		(8,755)		—		(112,383)
Amounts reclassified from AOCI	14		20,573		43		20,630
Amortization of net unrealized losses on AFS securities transferred to HTM	4,473		—		—		4,473

Balance at September 30, 2023	$	(415,372)	$	(49,958)	$	(7,426)	$	(472,756)