Other Comprehensive Income

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Other Comprehensive Income

OTHER COMPREHENSIVE INCOME (LOSS)

The gross amounts of each component of other comprehensive (loss) income and the related tax effects for the periods indicated are as follows:

Year Ended December 31, 2022	Before Tax Amount		Tax Expense (Benefit)		Net of Tax Amount
Investment securities available-for sale:
Change in net unrealized loss during period	$	(613.1)	$	(152.4)	$	(460.7)
Reclassification adjustment for net gains included in net income	24.4		5.5		18.9
Reclassification adjustment for securities transferred from held-to-maturity to available-for-sale	0.2		0.1		0.1
Net change in unamortized gains on available-for-sale securities transferred into held-to-maturity	(26.1)		(6.6)		(19.5)
Change in net unrealized loss on derivatives	(6.7)		(1.8)		(4.9)
Total other comprehensive loss	$	(621.3)	$	(155.2)	$	(466.1)

Year Ended December 31, 2021	Before Tax Amount		Tax Expense (Benefit)		Net of Tax Amount
Investment securities available-for sale:
Change in net unrealized loss during period	$	(113.7)	$	(28.7)	$	(85.0)
Reclassification adjustment for net gains included in net income	(1.1)		(0.3)		(0.8)
Net change in unamortized gains on available-for-sale securities transferred into held-to-maturity	20.2		5.1		15.1
Change in net unrealized loss on derivatives	4.2		1.1		3.1
Total other comprehensive loss	$	(90.4)	$	(22.8)	$	(67.6)

Year Ended December 31, 2020	Before Tax Amount		Tax Expense (Benefit)		Net of Tax Amount
Investment securities available-for sale:
Change in net unrealized gains during period	$	61.8	$	15.8	$	46.0
Reclassification adjustment for net gains included in net income	(0.3)		(0.1)		(0.2)
Change in net unrealized loss on derivatives	0.2		—		0.2
Defined benefits post-retirement benefit plan:
Change in net actuarial gains	(0.5)		(0.1)		(0.4)
Total other comprehensive income	$	61.2	$	15.6	$	45.6

The components of accumulated other comprehensive loss, net of income taxes, are as follows:

Years ended December 31,	2022		2021
Net unrealized loss on investment securities available-for-sale	$	(471.0)	$	(29.0)
Net unrealized (loss) gain on investment securities transferred to held-to-maturity	(4.5)		15.0
Net unrealized (loss) gain on derivatives	(1.6)		3.0
Net accumulated other comprehensive loss	$	(477.1)	$	(11.0)