Accumulated Other Comprehensive (Loss) Income

3 Months Ended

Mar. 31, 2023

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
Three months ended March 31, 2023	(dollars in thousands)
Net unrealized income on securities	$	42,199	$	(9,558)	$	32,641

Reclassification adjustment for securities net change included in net income (1)	23		(5)		18
Amortization of net unrealized gains on AFS securities transferred to HTM (2)	1,910		(433)		1,477
Net unrealized holding losses arising during the period on interest rate derivatives used in cash flow hedges(3)	12,535		(17,748)		(5,213)
Reclassification adjustment for net change realized in net income on interest rate derivatives used in cash flow hedges(3)	7,157		(1,621)		5,536
Amortization of net unrecognized pension and postretirement items (4)	32		(7)		25
Total Other Comprehensive Income	$	63,856	$	(29,372)	$	34,484
Three months ended March 31, 2022
Net unrealized losses on securities	$	(199,068)	$	45,208	$	(153,860)

Reclassification adjustment for securities net change included in net income (1)	19		(4)		15
Amortization of net unrealized gains on AFS securities transferred to HTM (2)	564		(128)		436
Net unrealized holding losses arising during the period on interest rate derivatives used in cash flow hedges	(40,563)		9,187		(31,376)

Reclassification adjustment for net change realized in net income on interest rate derivatives used in cash flow hedges	(1,948)		442		(1,506)
Amortization of net unrecognized pension and postretirement items (4)	32		(7)		25
Total Other Comprehensive Loss	$	(240,964)	$	54,698	$	(186,266)

(1) 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.

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

(3) Tax effect includes reversal of swap deferred tax benefit upon termination.

(4) 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.

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 March 31, 2023
Balance at December 31, 2022	$	(316,231)	$	(61,776)	$	(7,469)	$	(385,476)
OCI before reclassifications	32,641		—		—		32,641
Amounts reclassified from AOCI	18		323		25		366
Amortization of net unrealized losses on AFS securities transferred to HTM	1,477		—		—		1,477

Balance at March 31, 2023	$	(282,095)	$	(61,453)	$	(7,444)	$	(350,992)
Three months ended March 31, 2022
Balance at December 31, 2021	$	40,441	$	(4,817)	$	(8,213)	$	27,411
OCI before reclassifications	(153,860)		—		—		(153,860)
Amounts reclassified from AOCI	15		(32,882)		25		(32,842)
Amortization of net unrealized losses on AFS securities transferred to HTM	436		—		—		436

Balance at March 31, 2022	$	(112,968)	$	(37,699)	$	(8,188)	$	(158,855)