CHANGE IN ACCUMULATED OTHER COMPREHENSIVE LOSS

9 Months Ended

Sep. 30, 2023

Equity [Abstract]

CHANGE IN ACCUMULATED OTHER COMPREHENSIVE LOSS

16. CHANGE IN ACCUMULATED OTHER COMPREHENSIVE LOSS

Accumulated other comprehensive loss includes unrealized gains and losses on available-for-sale investments, unrealized gains and losses on cash flow hedges, as well as unrecognized prior service costs and actuarial gains and losses on defined benefit pension plans. Changes to accumulated other comprehensive loss are presented, net of tax, as a component of stockholders’ equity. Amounts that are reclassified out of accumulated other comprehensive loss are recorded on the unaudited Consolidated Statements of Income either as a gain or loss. Changes to accumulated other comprehensive loss by component are shown, net of taxes, in the following tables for the period indicated:

(Dollars in thousands)	Net change in investment securities available-for-sale		Net change in investment securities held-to-maturity		Net change in defined benefit plan		Net change in fair value of derivatives used for cash flow hedges(1)		Net change in equity method investments		Total
Balance, June 30, 2023	$	(550,890)	$	(99,945)	$	(4,571)	$	(1,115)	$	462	$	(656,059)
Other comprehensive (loss) income	(127,523)		—		(3)		(1,608)		192		(128,942)
Less: Amounts reclassified from accumulated other comprehensive loss	—		4,366		(48)		(28)		—		4,290
Net current-period other comprehensive (loss) income	(127,523)		4,366		(51)		(1,636)		192		(124,652)
Balance, September 30, 2023	$	(678,413)	$	(95,579)	$	(4,622)	$	(2,751)	$	654	$	(780,711)
Balance, June 30, 2022	$	(395,213)	$	(119,649)	$	(4,746)	$	189	$	541	$	(518,878)
Other comprehensive (loss) income	(202,520)		(1)		(4)		—		25		(202,500)
Less: Amounts reclassified from accumulated other comprehensive loss	—		5,967		(27)		(41)		—		5,899
Net current-period other comprehensive (loss) income	(202,520)		5,966		(31)		(41)		25		(196,601)
Balance, September 30, 2022	$	(597,733)	$	(113,683)	$	(4,777)	$	148	$	566	$	(715,479)
(1)Includes amortization of net gain for cash flow hedges terminated as of April 1, 2020.
(Dollars in thousands)	Net change in investment securities available-for-sale		Net change in investment securities held-to-maturity		Net change in defined benefit plan		Net change in fair value of derivatives used for cash flow hedges(1)		Net change in equity method investments		Total
Balance, December 31, 2022	$	(563,533)	$	(108,503)	$	(4,482)	$	108	$	566	$	(675,844)
Other comprehensive (loss) income	(114,880)		—		2		(2,752)		88		(117,542)
Less: Amounts reclassified from accumulated other comprehensive loss	—		12,924		(142)		(107)		—		12,675
Net current-period other comprehensive (loss) income	(114,880)		12,924		(140)		(2,859)		88		(104,867)
Balance, September 30, 2023	$	(678,413)	$	(95,579)	$	(4,622)	$	(2,751)	$	654	$	(780,711)
Balance, December 31, 2021	$	(33,873)	$	175	$	(4,691)	$	268	$	353	$	(37,768)
Other comprehensive (loss) income(2)	(563,860)		(119,769)		(4)		—		213		(683,420)
Less: Amounts reclassified from accumulated other comprehensive loss	—		5,911		(82)		(120)		—		5,709
Net current-period other comprehensive (loss) income	(563,860)		(113,858)		(86)		(120)		213		(677,711)
Balance, September 30, 2022	$	(597,733)	$	(113,683)	$	(4,777)	$	148	$	566	$	(715,479)
(1)Includes amortization of net gain for cash flow hedges terminated as of April 1, 2020.
(2)Includes $119.8 million, net of tax, of unrealized losses on transferred investment securities from available-for-sale to held-to-maturity.

The unaudited Consolidated Statements of Income were impacted by components of other comprehensive loss as shown in the tables below:

	Three Months Ended September 30,				Affected line item in unaudited Consolidated Statements of Income
(Dollars in thousands)	2023		2022
Net unrealized holding losses on securities transferred between available-for-sale and held-to-maturity:
Amortization of net unrealized losses to income during the period	5,745		7,851		Net interest income
Income taxes	(1,379)		(1,884)		Income tax provision
Net of tax	4,366		5,967
Amortization of defined benefit pension plan-related items:
Prior service credits	(19)		(19)
Actuarial gains	(44)		(17)
Total before tax	(63)		(36)		Salaries, benefits and other compensation
Income taxes	15		9		Income tax provision
Net of tax	(48)		(27)
Net unrealized gains on terminated cash flow hedges:
Amortization of net unrealized gains to income during the period	(37)		(54)		Interest and fees on loans and leases
Income taxes	9		13		Income tax provision
Net of tax	(28)		(41)
Total reclassifications	$	4,290	$	5,899
	Nine Months Ended September 30,				Affected line item in unaudited Consolidated Statements of Operations
	2023		2022
Net unrealized holding losses on securities transferred between available-for-sale and held-to-maturity:
Amortization of net unrealized losses to income during the period	17,005		7,777		Net interest income
Income taxes	(4,081)		(1,866)		Income tax provision
Net of tax	12,924		5,911
Amortization of defined benefit pension plan-related items:
Prior service credits	(57)		(57)
Actuarial gains	(130)		(51)
Total before tax	(187)		(108)		Salaries, benefits and other compensation
Income taxes	45		26		Income tax provision
Net of tax	(142)		(82)
Net unrealized gains on terminated cash flow hedges:
Amortization of net unrealized gains to income during the period	(141)		(158)		Interest and fees on loans and leases
Income taxes	34		38		Income tax provision
Net of tax	(107)		(120)
Total reclassifications	$	12,675	$	5,709