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Accumulated Other Comprehensive (Loss) Income (Tables) | 9 Months Ended
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Sep. 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 September 30, 2024 |  |  |  |  |
Net unrealized gain on securities | $ | 88,637 |  |  | $ | (20,077) |  |  | $ | 68,560 |
Reclassification adjustment for securities net change included in net income(1) | 1 |  |  | — |  |  | 1 |
Amortization of net unrealized gains on AFS securities transferred to HTM(1) | 1,837 |  |  | (415) |  |  | 1,422 |
Net unrealized holding losses arising during the period on interest rate derivatives used in cash flow hedges | (8,564) |  |  | 1,940 |  |  | (6,624) |
Reclassification adjustment for net change realized in net income on interest rate derivatives used in cash flow hedges | 5,144 |  |  | (1,165) |  |  | 3,979 |
Amortization of net unrecognized pension and postretirement items(2) | (135) |  |  | 29 |  |  | (106) |
Total Other Comprehensive Income | $ | 86,920 |  |  | $ | (19,688) |  |  | $ | 67,232 |
Three months ended September 30, 2023 |  |  |  |  |
Net unrealized losses on securities | $ | (135,811) |  |  | $ | 30,761 |  |  | $ | (105,050) |
Reclassification adjustment for securities net change included in net income(3) | — |  |  | — |  |  | — |
Amortization of net unrealized gains on AFS securities transferred to HTM(1) | 1,932 |  |  | (438) |  |  | 1,494 |
Net unrealized holding gains arising during the period on interest rate derivatives used in cash flow hedges | 4,691 |  |  | (1,040) |  |  | 3,651 |
Reclassification adjustment for net change realized in net income on interest rate derivatives used in cash flow hedges | 6,248 |  |  | 172 |  |  | 6,420 |
Amortization of net unrecognized pension and postretirement items(2) | 18 |  |  | (3) |  |  | 15 |
Total Other Comprehensive Loss | $ | (122,922) |  |  | $ | 29,452 |  |  | $ | (93,470) |
Nine months ended September 30, 2024 |  |  |  |  |
Unrealized gain on securities | $ | 48,735 |  |  | $ | (11,039) |  |  | $ | 37,696 |
Reclassification adjustment for securities net change included in net income(3) | 20,283 |  |  | (4,594) |  |  | 15,689 |
Amortization of net unrealized gains on AFS securities transferred to HTM(1) | 5,445 |  |  | (1,233) |  |  | 4,212 |
Net unrealized holding losses arising during the period on interest rate derivatives used in cash flow hedges | (92) |  | 21 |  |  | (71) |
Reclassification adjustment for net change realized in net income on interest rate swaps used in cash flow hedges | 15,158 |  |  | (3,389) |  |  | 11,769 |
Amortization of net unrecognized pension and postretirement item(2) | (406) |  |  | 89 |  |  | (317) |
Total Other Comprehensive Income | $ | 89,123 |  |  | $ | (20,145) |  |  | $ | 68,978 |
Nine months ended September 30, 2023 |  |  |  |  |
Unrealized losses on securities | $ | (133,973) |  |  | $ | 30,345 |  |  | $ | (103,628) |
Reclassification adjustment for securities net change included in net income(3) | 19 |  |  | (5) |  |  | 14 |
Amortization of net unrealized gains on AFS securities transferred to HTM(1) | 5,783 |  |  | (1,310) |  |  | 4,473 |
Net unrealized holding gains arising during the period on interest rate derivatives used in cash flow hedges | 9,975 |  |  | (18,730) |  |  | (8,755) |
Reclassification adjustment for change realized in net income on interest rate swaps used in cash flow hedges | 20,437 |  |  | 136 |  |  | 20,573 |
Amortization of net unrecognized pension and postretirement items(2) | 55 |  |  | (12) |  |  | 43 |
Total Other Comprehensive Income | $ | (97,704) |  |  | $ | 10,424 |  |  | $ | (87,280) |
(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 September 30, 2024 |  |  |  |  |  |  |  |  |
Balance at June 30, 2024 | $ | (287,248) |  |  | $ | (20,440) |  |  |  |  | $ | (2,846) |  |  | $ | (310,534) |
OCI before reclassifications | 68,560 |  |  | (6,624) |  |  |  |  | — |  |  | 61,936 |
Amounts reclassified from AOCI | 1 |  |  | 3,979 |  |  |  |  | (106) |  |  | 3,874 |
Amortization of net unrealized gains on AFS securities transferred to HTM | 1,422 |  |  | — |  |  |  |  | — |  |  | 1,422 |
Balance at September 30, 2024 | $ | (217,265) |  |  | $ | (23,085) |  |  |  |  | $ | (2,952) |  |  | $ | (243,302) |
Three months ended September 30, 2023 |  |  |  |  |  |  |  |  |
Balance at June 30, 2023 | $ | (311,816) |  |  | $ | (60,029) |  |  |  |  | $ | (7,441) |  |  | $ | (379,286) |
OCI before reclassifications | (105,050) |  |  | 3,651 |  |  |  |  | — |  |  | (101,399) |
Amounts reclassified from AOCI | — |  |  | 6,420 |  |  |  |  | 15 |  |  | 6,435 |
Amortization of net unrealized losses on AFS securities transferred to HTM | 1,494 |  |  | — |  |  |  |  | — |  |  | 1,494 |
Balance at September 30, 2023 | $ | (415,372) |  |  | $ | (49,958) |  |  |  |  | $ | (7,426) |  |  | $ | (472,756) |
Nine months ended September 30, 2024 |  |  |  |  |  |  |  |  |
Balance at December 31, 2023 | $ | (274,862) |  |  | $ | (34,783) |  |  |  |  | $ | (2,635) |  |  | $ | (312,280) |
OCI before reclassifications | 37,696 |  |  | (71) |  |  |  |  | — |  |  | 37,625 |
Amounts reclassified from AOCI | 15,689 |  |  | 11,769 |  |  |  |  | (317) |  |  | 27,141 |
Amortization of net unrealized gains on AFS securities transferred to HTM | 4,212 |  |  | — |  |  |  |  | — |  |  | 4,212 |
Balance at September 30, 2024 | $ | (217,265) |  |  | $ | (23,085) |  |  |  |  | $ | (2,952) |  |  | $ | (243,302) |
Nine months ended September 30, 2023 |  |  |  |  |  |  |  |  |
Balance at December 31, 2022 | $ | (316,231) |  |  | $ | (61,776) |  |  |  |  | $ | (7,469) |  |  | $ | (385,476) |
OCI before reclassifications | (103,628) |  |  | (8,755) |  |  |  |  | — |  |  | (112,383) |
Amounts reclassified from AOCI | 14 |  |  | 20,573 |  |  |  |  | 43 |  |  | 20,630 |
Amortization of net unrealized losses on AFS securities transferred to HTM | 4,473 |  |  | — |  |  |  |  | — |  |  | 4,473 |
Balance at September 30, 2023 | $ | (415,372) |  |  | $ | (49,958) |  |  |  |  | $ | (7,426) |  |  | $ | (472,756) |

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