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CHANGE IN ACCUMULATED OTHER COMPREHENSIVE LOSS | 9 Months Ended
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Sep. 30, 2024
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 |  | Net change in equity method investments |  | Total
Balance, June 30, 2024 |  | $ | (549,039) |  |  | $ | (84,046) |  |  | $ | (4,790) |  |  | $ | (5,423) |  |  | $ | 420 |  |  | $ | (642,878) |
Other comprehensive income (loss) |  | 128,223 |  |  | — |  |  | (4) |  |  | 10,722 |  |  | 4 |  |  | 138,945 |
Less: Amounts reclassified from accumulated other comprehensive loss |  | — |  |  | 3,965 |  |  | (49) |  |  | — |  |  | — |  |  | 3,916 |
Net current-period other comprehensive income (loss) |  | 128,223 |  |  | 3,965 |  |  | (53) |  |  | 10,722 |  |  | 4 |  |  | 142,861 |
Balance, September 30, 2024 |  | $ | (420,816) |  |  | $ | (80,081) |  |  | $ | (4,843) |  |  | $ | 5,299 |  |  | $ | 424 |  |  | $ | (500,017) |
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) |
(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, 2023 |  | $ | (499,932) |  |  | $ | (91,523) |  |  | $ | (4,614) |  |  | $ | 1,597 |  |  | $ | 481 |  |  | $ | (593,991) |
Other comprehensive income (loss) |  | 79,116 |  |  | — |  |  | (81) |  |  | 3,702 |  |  | (57) |  |  | 82,680 |
Less: Amounts reclassified from accumulated other comprehensive loss |  | — |  |  | 11,442 |  |  | (148) |  |  | — |  |  | — |  |  | 11,294 |
Net current-period other comprehensive income (loss) |  | 79,116 |  |  | 11,442 |  |  | (229) |  |  | 3,702 |  |  | (57) |  |  | 93,974 |
Balance, September 30, 2024 |  | $ | (420,816) |  |  | $ | (80,081) |  |  | $ | (4,843) |  |  | $ | 5,299 |  |  | $ | 424 |  |  | $ | (500,017) |
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) |
(1)Includes amortization of net gain for cash flow hedges terminated as of April 1, 2020.
The unaudited Consolidated Statements of Income were impacted by components of other comprehensive income (loss) as shown in the tables below:
|  | Three Months Ended September 30, |  | Affected line item in unaudited Consolidated Statements of Income
(Dollars in thousands) |  | 2024 |  | 2023 |  |
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 |  | 5,217 |  |  | 5,745 |  |  | Net interest income
Income taxes |  | (1,252) |  |  | (1,379) |  |  | Income tax provision
Net of tax |  | 3,965 |  |  | 4,366 |  |  |
Amortization of defined benefit pension plan-related items: |  |  |  |  |  |
Prior service credits |  | (19) |  |  | (19) |  |  |
Actuarial gains |  | (46) |  |  | (44) |  |  |
Total before tax |  | (65) |  |  | (63) |  |  | Salaries, benefits and other compensation
Income taxes |  | 16 |  |  | 15 |  |  | Income tax provision
Net of tax |  | (49) |  |  | (48) |  |  |
Net unrealized gains on terminated cash flow hedges: |  |  |  |  |  |
Amortization of net unrealized gains to income during the period |  | — |  |  | (37) |  |  | Interest and fees on loans and leases
Income taxes |  | — |  |  | 9 |  |  | Income tax provision
Net of tax |  | — |  |  | (28) |  |  |
Total reclassifications |  | $ | 3,916 |  |  | $ | 4,290 |  |  |
|  | Nine Months Ended September 30, |  | Affected line item in unaudited Consolidated Statements of Income
|  | 2024 |  | 2023 |  |
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 |  | 15,055 |  |  | 17,005 |  |  | Net interest income
Income taxes |  | (3,613) |  |  | (4,081) |  |  | Income tax provision
Net of tax |  | 11,442 |  |  | 12,924 |  |  |
Amortization of defined benefit pension plan-related items: |  |  |  |  |  |
Prior service credits |  | (57) |  |  | (57) |  |  |
Actuarial gains |  | (138) |  |  | (130) |  |  |
Total before tax |  | (195) |  |  | (187) |  |  | Salaries, benefits and other compensation
Income taxes |  | 47 |  |  | 45 |  |  | Income tax provision
Net of tax |  | (148) |  |  | (142) |  |  |
Net unrealized gains on terminated cash flow hedges: |  |  |  |  |  |
Amortization of net unrealized gains to income during the period |  | — |  |  | (141) |  |  | Interest and fees on loans and leases
Income taxes |  | — |  |  | 34 |  |  | Income tax provision
Net of tax |  | — |  |  | (107) |  |  |
Total reclassifications |  | $ | 11,294 |  |  | $ | 12,675 |  |  |

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- Definition The entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(19)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(21)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 942 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04(23)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/220/tableOfContent + Details
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