Accumulated Other Comprehensive Loss, Net of Tax

12 Months Ended

Dec. 31, 2022

Accumulated Other Comprehensive Loss, Net of Tax

Accumulated Other Comprehensive (Loss) Income, Net of Tax

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


(In thousands)	Investment Securities Available- For-Sale		Derivative Instruments		Defined Benefit Pension and Other Postretirement Benefit Plans		Total
Balance at December 31, 2019	$	17,251	$	(9,184)	$	(44,139)	$	(36,072)
Other comprehensive income (loss) before reclassifications	50,179		20,667		(3,887)		66,959
Amounts reclassified from accumulated other comprehensive income (loss)	(6)		8,435		2,940		11,369
Other comprehensive income (loss), net of tax	50,173		29,102		(947)		78,328
Balance at December 31, 2020	67,424		19,918		(45,086)		42,256
Other comprehensive (loss) income before reclassifications	(62,888)		(17,109)		8,876		(71,121)
Amounts reclassified from accumulated other comprehensive (loss) income	—		3,261		3,024		6,285
Other comprehensive (loss) income, net of tax	(62,888)		(13,848)		11,900		(64,836)
Balance at December 31, 2021	4,536		6,070		(33,186)		(22,580)
Other comprehensive (loss) before reclassifications	(640,656)		(17,810)		(13,350)		(671,816)
Amounts reclassified from accumulated other comprehensive income (loss)	4,960		2,866		1,610		9,436
Other comprehensive (loss), net of tax	(635,696)		(14,944)		(11,740)		(662,380)
Balance at December 31, 2022	$	(631,160)	$	(8,874)	$	(44,926)	$	(684,960)

The following table further summarizes the amounts reclassified from accumulated other comprehensive (loss) income:


	Years ended December 31,
Accumulated Other Comprehensive Income (Loss) Components	2022		2021		2020		Associated Line Item in the Consolidated Statement Of Income
(In thousands)
Investment securities available-for-sale:
Net unrealized holding (losses) gains	$	(6,751)	$	—	$	8	(Loss) gain on sale of investment securities, net


Tax benefit (expense)	1,791		—		(2)		Income tax expense
Net of tax	$	(4,960)	$	—	$	6
Derivative instruments:
Hedge terminations	$	(306)	$	(306)	$	(7,884)	Interest expense
Premium amortization	(3,626)		(4,109)		(3,536)		Interest income
Tax benefit	1,066		1,154		2,985		Income tax expense
Net of tax	$	(2,866)	$	(3,261)	$	(8,435)
Defined benefit pension and other postretirement benefit plans:
Actuarial net loss amortization	$	(2,210)	$	(4,102)	$	(3,976)	Other non-interest expense
Tax benefit	600		1,078		1,036		Income tax expense
Net of tax	$	(1,610)	$	(3,024)	$	(2,940)

The following tables summarize each component of other comprehensive (loss) income and the related tax effects:


	Year ended December 31, 2022
(In thousands)	Amount Before Tax		Tax Benefit (Expense)		Amount Net of Tax
Investment securities available-for-sale:
Net unrealized holding (losses) arising during the year	$	(878,366)	$	237,710	$	(640,656)
Reclassification adjustment for net realized losses included in net income	6,751		(1,791)		4,960
Total investment securities available-for-sale	(871,615)		235,919		(635,696)
Derivative instruments:
Net unrealized (losses) arising during the year	(24,440)		6,630		(17,810)
Reclassification adjustment for net realized losses included in net income	3,932		(1,066)		2,866
Total derivative instruments	(20,508)		5,564		(14,944)
Defined benefit pension and other postretirement benefit plans:
Net actuarial (loss) arising during the year	(18,319)		4,969		(13,350)
Reclassification adjustment for net actuarial loss amortization included in net income	2,210		(600)		1,610
Total defined benefit pension and postretirement benefit plans	(16,109)		4,369		(11,740)
Other comprehensive (loss), net of tax	$	(908,232)	$	245,852	$	(662,380)

	Year ended December 31, 2021
(In thousands)	Amount Before Tax		Tax Benefit (Expense)		Amount Net of Tax
Investment securities available-for-sale:
Net unrealized holding (losses) arising during the year	$	(85,368)	$	22,480	$	(62,888)

Total investment securities available-for-sale	(85,368)		22,480		(62,888)
Derivative instruments:
Net unrealized (losses) arising during the year	(23,216)		6,107		(17,109)
Reclassification adjustment for net realized losses included in net income	4,415		(1,154)		3,261
Total derivative instruments	(18,801)		4,953		(13,848)
Defined benefit pension and other postretirement benefit plans:
Net actuarial gain arising during the year	12,052		(3,176)		8,876
Reclassification adjustment for net actuarial loss amortization included in net income	4,102		(1,078)		3,024
Total defined benefit pension and postretirement benefit plans	16,154		(4,254)		11,900
Other comprehensive (loss), net of tax	$	(88,015)	$	23,179	$	(64,836)

	Year ended December 31, 2020
(In thousands)	Amount Before Tax		Tax Benefit (Expense)		Amount Net of Tax
Investment securities available-for-sale:
Net unrealized holding gains arising during the year	$	68,116	$	(17,937)	$	50,179
Reclassification adjustment for net realized gains included in net income	(8)		2		(6)
Total investment securities available-for-sale	68,108		(17,935)		50,173
Derivative instruments:
Net unrealized gains arising during the year	27,683		(7,016)		20,667
Reclassification adjustment for net realized losses included in net income	11,420		(2,985)		8,435
Total derivative instruments	39,103		(10,001)		29,102
Defined benefit pension and other postretirement benefit plans:
Net actuarial (loss) arising during the year	(5,262)		1,375		(3,887)
Reclassification adjustment for net actuarial loss amortization included in net income	3,976		(1,036)		2,940
Total defined benefit pension and postretirement benefit plans	(1,286)		339		(947)
Other comprehensive income, net of tax	$	105,925	$	(27,597)	$	78,328