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Accumulated Other Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2024

Accumulated Other Comprehensive Income (Loss)

Accumulated Other Comprehensive Income (Loss)

11. Accumulated Other Comprehensive Income (Loss)

​

Accumulated other comprehensive income (loss) is defined as the revenues, expenses, gains and losses that are included in comprehensive income, but excluded from net income. The Company’s significant items of accumulated other comprehensive income (loss) are pension and other benefits, net unrealized gains or losses on investment securities and net unrealized gains or losses on cash flow derivative hedges. Changes in accumulated other comprehensive income (loss) for the years ended December 31, 2024, 2023 and 2022 are presented below:

​

​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	Income		​	​	​
​	​	​	​	​	Tax		​	​	​
​	​	Pre-tax		​	Benefit		​	Net of
(dollars in thousands)		Amount			(Expense)			Tax
Accumulated other comprehensive loss at December 31, 2023	​	$	(723,100)	​	$	192,890	​	$	(530,210)
Year ended December 31, 2024	​	​	​	​	​	​	​	​	​
Pension and other benefits:	​	​	​	​	​	​	​	​	​
Net actuarial gains arising during the year	​	​	3,939	​	​	(1,051)	​	​	2,888
Amortization of net loss included in net income	​	​	826	​	​	(220)	​	​	606
Net change in pension and other benefits	​	​	4,765	​	​	(1,271)	​	​	3,494
Investment securities:	​	​	​	​	​	​	​	​	​
Unrealized net gains arising during the year	​	​	13,236	​	​	(3,532)	​	​	9,704
Reclassification of net losses to net income:	​	​	​	​	​	​	​	​	​
Amortization of unrealized holding losses on held-to-maturity securities	​	​	45,155	​	​	(12,045)	​	​	33,110
Investment securities losses, net	​	​	26,171	​	​	(6,981)	​	​	19,190
Net change in investment securities	​	​	84,562	​	​	(22,558)	​	​	62,004
Cash flow derivative hedges:	​	​	​	​	​	​	​	​	​
Unrealized net losses arising during the year	​	​	(845)	​	​	225	​	​	(620)
Reclassification of net losses included in net income	​	​	1,825	​	​	(487)	​	​	1,338
Net change in cash flow derivative hedges	​	​	980	​	​	(262)	​	​	718
Other comprehensive income	​	​	90,307	​	​	(24,091)	​	​	66,216
Accumulated other comprehensive loss at December 31, 2024	​	$	(632,793)	​	$	168,799	​	$	(463,994)

​

​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	Income		​	​	​
​	​	​	​	​	Tax		​	​	​
​	​	Pre-tax		​	Benefit		​	Net of
(dollars in thousands)		Amount			(Expense)			Tax
Accumulated other comprehensive loss at December 31, 2022	​	$	(871,813)	​	$	232,559	​	$	(639,254)
Year ended December 31, 2023	​	​	​	​	​	​	​	​	​
Pension and other benefits:	​	​	​	​	​	​	​	​	​
Net actuarial losses arising during the year	​	​	(1,063)	​	​	284	​	​	(779)
Amortization of net loss included in net income	​	​	1,142	​	​	(305)	​	​	837
Net change in pension and other benefits	​	​	79	​	​	(21)	​	​	58
Investment securities:	​	​	​	​	​	​	​	​	​
Unrealized net gains arising during the year	​	​	55,141	​	​	(14,709)	​	​	40,432
Reclassification of net losses to net income:	​	​	​	​	​	​	​	​	​
Amortization of unrealized holding losses on held-to-maturity securities	​	​	48,190	​	​	(12,855)	​	​	35,335
Investment securities losses, net	​	​	39,986	​	​	(10,666)	​	​	29,320
Net change in investment securities	​	​	143,317	​	​	(38,230)	​	​	105,087
Cash flow derivative hedges:	​	​	​	​	​	​	​	​	​
Unrealized net losses arising during the year	​	​	(940)	​	​	251	​	​	(689)
Reclassification of net losses included in net income	​	​	6,257	​	​	(1,669)	​	​	4,588
Net change in cash flow derivative hedges	​	​	5,317	​	​	(1,418)	​	​	3,899
Other comprehensive income	​	​	148,713	​	​	(39,669)	​	​	109,044
Accumulated other comprehensive loss at December 31, 2023	​	$	(723,100)	​	$	192,890	​	$	(530,210)

​

​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	Income		​	​	​
​	​	​	​	​	Tax		​	​	​
​	​	Pre-tax		​	Benefit		​	Net of
(dollars in thousands)		Amount			(Expense)			Tax
Accumulated other comprehensive loss at December 31, 2021	​	$	(165,967)	​	$	44,274	​	$	(121,693)
Year ended December 31, 2022	​	​	​	​	​	​	​	​	​
Pension and other benefits:	​	​	​	​	​	​	​	​	​
Net actuarial gains arising during the year	​	​	20,710	​	​	(5,524)	​	​	15,186
Amortization of net loss included in net income	​	​	5,146	​	​	(1,373)	​	​	3,773
Net change in pension and other benefits	​	​	25,856	​	​	(6,897)	​	​	18,959
Investment securities:	​	​	​	​	​	​	​	​	​
Unrealized net losses arising during the year	​	​	(773,667)	​	​	206,376	​	​	(567,291)
Reclassification of net losses to net income:	​	​	​	​	​	​	​	​	​
Amortization of unrealized holding losses on held-to-maturity securities	​	​	48,378	​	​	(12,905)	​	​	35,473
Net change in investment securities	​	​	(725,289)	​	​	193,471	​	​	(531,818)
Cash flow derivative hedges:	​	​	​	​	​	​	​	​	​
Unrealized net losses arising during the year	​	​	(6,710)	​	​	1,790	​	​	(4,920)
Reclassification of net losses included in net income:	​	​	297	​	​	(79)	​	​	218
Net change in cash flow derivative hedges	​	​	(6,413)	​	​	1,711	​	​	(4,702)
Other comprehensive loss	​	​	(705,846)	​	​	188,285	​	​	(517,561)
Accumulated other comprehensive loss at December 31, 2022	​	$	(871,813)	​	$	232,559	​	$	(639,254)

​

The following table summarizes changes in accumulated other comprehensive income (loss), net of tax, for the years indicated:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pensions

​

​

​

​

​

​

​

Accumulated

​

​

and

​

Available-for-Sale

​

Held-to-Maturity

​

Cash Flow

​

Other

​

​

Other

​

Investment

​

Investment

​

Derivative

​

Comprehensive

(dollars in thousands)

Benefits

Securities

Securities

Hedges

Income (Loss)

Year Ended December 31, 2024

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Balance at beginning of year

​

$

(5,373)

​

$

(222,423)

​

$

(301,611)

​

$

(803)

​

$

(530,210)

Other comprehensive income

​

​

3,494

​

​

28,894

​

​

33,110

​

​

718

​

​

66,216

Balance at end of year

​

$

(1,879)

​

$

(193,529)

​

$

(268,501)

​

$

(85)

​

$

(463,994)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31, 2023

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Balance at beginning of year

​

$

(5,431)

​

$

(292,175)

​

$

(336,946)

​

$

(4,702)

​

$

(639,254)

Other comprehensive income

​

​

58

​

​

69,752

​

​

35,335

​

​

3,899

​

​

109,044

Balance at end of year

​

$

(5,373)

​

$

(222,423)

​

$

(301,611)

​

$

(803)

​

$

(530,210)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31, 2022

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Balance at beginning of year

​

$

(24,390)

​

$

(97,303)

​

$

—

​

$

—

​

$

(121,693)

Unrealized net losses related to the transfer of securities from available-for-sale to held-to-maturity

​

​

—

​

​

372,419

​

​

(372,419)

​

​

—

​

​

—

Other comprehensive income (loss)

​

​

18,959

​

​

(567,291)

​

​

35,473

​

​

(4,702)

​

​

(517,561)

Balance at end of year

​

$

(5,431)

​

$

(292,175)

​

$

(336,946)

​

$

(4,702)

​

$

(639,254)

​

As of December 31, 2024, 2023 and 2022, the Company did not have any available-for-sale debt securities in an unrealized loss position with the intent to sell and determined it was not more likely than not that the Company would be required to sell the securities prior to recovery of the amortized cost basis. Thus, for the years ended December 31, 2024, 2023 and 2022, there was no incremental non-credit-related impairment loss recognized in earnings on these securities.

X

- References

No definition available.

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X

- 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

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