Accumulated Other Comprehensive (Loss) Income, Net of Tax

3 Months Ended

Mar. 31, 2024

Accumulated Other Comprehensive (Loss) Income, Net of Tax

Accumulated Other Comprehensive (Loss), Net of Tax

The following tables summarize the changes in each component of accumulated other comprehensive (loss), net of tax:


	Three months ended March 31, 2024
(In thousands)	Investment Securities Available-for-Sale		Derivative Instruments		Defined Benefit Pension and Other Postretirement Benefit Plans		Total
Balance, beginning of period	$	(517,450)	$	(2,869)	$	(30,252)	$	(550,571)
Other comprehensive (loss) income before reclassifications	(45,392)		(30,291)		251		(75,432)
Amounts reclassified from accumulated other comprehensive (loss)	9,121		302		479		9,902
Other comprehensive (loss) income, net of tax	(36,271)		(29,989)		730		(65,530)
Balance, end of period	$	(553,721)	$	(32,858)	$	(29,522)	$	(616,101)


	Three months ended March 31, 2023
(In thousands)	Investment Securities Available-for-Sale		Derivative Instruments		Defined Benefit Pension and Other Postretirement Benefit Plans		Total
Balance, beginning of period	$	(631,160)	$	(8,874)	$	(44,926)	$	(684,960)
Other comprehensive income before reclassifications	56,635		20,782		3,553		80,970
Amounts reclassified from accumulated other comprehensive (loss)	14,983		592		395		15,970
Other comprehensive income, net of tax	71,618		21,374		3,948		96,940
Balance, end of period	$	(559,542)	$	12,500	$	(40,978)	$	(588,020)

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


Accumulated Other Comprehensive (Loss) Components	Three months ended				Associated Line Item on the Condensed Consolidated Statements of Income
	March 31,
	2024		2023
(In thousands)
Investment securities available-for-sale:
Net unrealized holding (losses)	$	(12,396)	$	(20,483)		(Loss) on sale of investment securities, net (1)


Tax benefit	3,275		5,500			Income tax expense
Net of tax	$	(9,121)	$	(14,983)
Derivative instruments:
Hedge terminations	$	(34)	$	(76)		Interest expense
Premium amortization	(272)		(736)			Interest income
Tax benefit	4		220			Income tax expense
Net of tax	$	(302)	$	(592)
Defined benefit pension and other postretirement benefit plans:
Actuarial net loss amortization	$	(657)	$	(542)		Other expense

Tax benefit	178		147			Income tax expense
Net of tax	$	(479)	$	(395)

(1)Net realized losses on sale of investment securities available-for-sale are generally included as a component of non-interest income, unless any portion or all of the loss is attributed to a decline in credit quality, in which the amount realized is then included in the Provision for credit losses. During the three months ended March 31, 2024, and 2023, $2.6 million and $3.8 million of the net losses realized on sale of investment securities available-for-sale were included in the Provision for credit losses, respectively.