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Accumulated Other Comprehensive (Loss) Income (Tables) | 6 Months Ended
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Jun. 30, 2024
Equity [Abstract] |
Changes in other comprehensive income (loss) | The following table presents the components of other comprehensive income (loss):
| Before-Tax Amount |  | Tax Effect |  | Net of Tax Amount
| (dollars in thousands)
Three months ended June 30, 2024 |  |  |  |  |
Net unrealized gain on securities | $ | (18,356) |  |  | $ | 4,157 |  |  | $ | (14,199) |
Reclassification adjustment for securities net change included in net income(1) | 20,282 |  |  | (4,594) |  |  | 15,688 |
Amortization of net unrealized gains on AFS securities transferred to HTM(1) | 1,815 |  |  | (412) |  |  | 1,403 |
Net unrealized holding gains arising during the period on interest rate derivatives used in cash flow hedges | 2,916 |  |  | (660) |  |  | 2,256 |
Reclassification adjustment for net change realized in net income on interest rate derivatives used in cash flow hedges | 5,002 |  |  | (1,111) |  |  | 3,891 |
Amortization of net unrecognized pension and postretirement items(2) | (136) |  |  | 31 |  |  | (105) |
Total Other Comprehensive Income | $ | 11,523 |  |  | $ | (2,589) |  |  | $ | 8,934 |
Three months ended June 30, 2023 |  |  |  |  |
Net unrealized losses on securities | $ | (40,361) |  |  | $ | 9,142 |  |  | $ | (31,219) |
Reclassification adjustment for securities net change included in net income(3) | (4) |  |  | 1 |  |  | (3) |
Amortization of net unrealized gains on AFS securities transferred to HTM(1) | 1,941 |  |  | (440) |  |  | 1,501 |
Net unrealized holding losses arising during the period on interest rate derivatives used in cash flow hedges | (7,251) |  |  | 1,665 |  |  | (5,586) |
Reclassification adjustment for net change realized in net income on interest rate derivatives used in cash flow hedges | 7,032 |  |  | (22) |  |  | 7,010 |
Amortization of net unrecognized pension and postretirement items(2) | 4 |  |  | (1) |  |  | 3 |
Total Other Comprehensive Loss | $ | (38,639) |  |  | $ | 10,345 |  |  | $ | (28,294) |
Six months ended June 30, 2024 |  |  |  |  |
Unrealized gain on securities | $ | (39,902) |  |  | $ | 9,038 |  |  | $ | (30,864) |
Reclassification adjustment for securities net change included in net income(3) | 20,282 |  |  | (4,594) |  |  | 15,688 |
Amortization of net unrealized gains on AFS securities transferred to HTM(1) | 3,608 |  |  | (818) |  |  | 2,790 |
Net unrealized holding gains arising during the period on interest rate derivatives used in cash flow hedges | 8,472 |  | (1,919) |  |  | 6,553 |
Reclassification adjustment for net change realized in net income on interest rate swaps used in cash flow hedges | 10,014 |  |  | (2,224) |  |  | 7,790 |
Amortization of net unrecognized pension and postretirement item(2) | (271) |  |  | 60 |  |  | (211) |
Total Other Comprehensive Income | $ | 2,203 |  |  | $ | (457) |  |  | $ | 1,746 |
Six months ended June 30, 2023 |  |  |  |  |
Unrealized gain on securities | $ | 1,838 |  |  | $ | (416) |  |  | $ | 1,422 |
Reclassification adjustment for securities net change included in net income(3) | 18 |  |  | (4) |  |  | 14 |
Amortization of net unrealized gains on AFS securities transferred to HTM(1) | 3,851 |  |  | (872) |  |  | 2,979 |
Net unrealized holding losses arising during the period on interest rate derivatives used in cash flow hedges | 5,284 |  |  | (17,690) |  |  | (12,406) |
Reclassification adjustment for change realized in net income on interest rate swaps used in cash flow hedges | 14,189 |  |  | (36) |  |  | 14,153 |
Amortization of net unrecognized pension and postretirement items(2) | 36 |  |  | (8) |  |  | 28 |
Total Other Comprehensive Income | $ | 25,216 |  |  | $ | (19,026) |  |  | $ | 6,190 |
(1) Amounts reclassified out of AOCI. Before-tax amounts included as a reduction to "Interest Income" on the Consolidated Statements of Income. (2) 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. (3) 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.
Changes in each component of accumulated other comprehensive income (loss) | 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 June 30, 2024 |  |  |  |  |  |  |  |  |
Balance at March 31, 2024 | $ | (290,140) |  |  | $ | (26,587) |  |  |  |  | $ | (2,741) |  |  | $ | (319,468) |
OCI before reclassifications | (14,199) |  |  | 2,256 |  |  |  |  | — |  |  | (11,943) |
Amounts reclassified from AOCI | 15,688 |  |  | 3,891 |  |  |  |  | (105) |  |  | 19,474 |
Amortization of net unrealized gains on AFS securities transferred to HTM | 1,403 |  |  | — |  |  |  |  | — |  |  | 1,403 |
Balance at June 30, 2024 | $ | (287,248) |  |  | $ | (20,440) |  |  |  |  | $ | (2,846) |  |  | $ | (310,534) |
Three months ended June 30, 2023 |  |  |  |  |  |  |  |  |
Balance at March 31, 2023 | $ | (282,095) |  |  | $ | (61,453) |  |  |  |  | $ | (7,444) |  |  | $ | (350,992) |
OCI before reclassifications | (31,219) |  |  | (5,586) |  |  |  |  | — |  |  | (36,805) |
Amounts reclassified from AOCI | (3) |  |  | 7,010 |  |  |  |  | 3 |  |  | 7,010 |
Amortization of net unrealized losses on AFS securities transferred to HTM | 1,501 |  |  | — |  |  |  |  | — |  |  | 1,501 |
Balance at June 30, 2023 | $ | (311,816) |  |  | $ | (60,029) |  |  |  |  | $ | (7,441) |  |  | $ | (379,286) |
Six months ended June 30, 2024 |  |  |  |  |  |  |  |  |
Balance at December 31, 2023 | $ | (274,862) |  |  | $ | (34,783) |  |  |  |  | $ | (2,635) |  |  | $ | (312,280) |
OCI before reclassifications | (30,864) |  |  | 6,553 |  |  |  |  | — |  |  | (24,311) |
Amounts reclassified from AOCI | 15,688 |  |  | 7,790 |  |  |  |  | (211) |  |  | 23,267 |
Amortization of net unrealized gains on AFS securities transferred to HTM | 2,790 |  |  | — |  |  |  |  | — |  |  | 2,790 |
Balance at June 30, 2024 | $ | (287,248) |  |  | $ | (20,440) |  |  |  |  | $ | (2,846) |  |  | $ | (310,534) |
Six months ended June 30, 2023 |  |  |  |  |  |  |  |  |
Balance at December 31, 2022 | $ | (316,231) |  |  | $ | (61,776) |  |  |  |  | $ | (7,469) |  |  | $ | (385,476) |
OCI before reclassifications | 1,422 |  |  | (12,406) |  |  |  |  | — |  |  | (10,984) |
Amounts reclassified from AOCI | 14 |  |  | 14,153 |  |  |  |  | 28 |  |  | 14,195 |
Amortization of net unrealized losses on AFS securities transferred to HTM | 2,979 |  |  | — |  |  |  |  | — |  |  | 2,979 |
Balance at June 30, 2023 | $ | (311,816) |  |  | $ | (60,029) |  |  |  |  | $ | (7,441) |  |  | $ | (379,286) |

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