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Other Comprehensive Income (Tables)
 9 Months Ended
Sep. 30, 2024
Equity [Abstract]  
Summary of Components of Other Comprehensive Income

The table below provides a summary of the components of other comprehensive income (“OCI”) for the periods presented.

 

 

 

Three Months Ended September 30,

 

 

 

2024

 

 

2023

 

 

 

Before-tax

 

 

Tax effect

 

 

After-tax

 

 

Before-tax

 

 

Tax effect

 

 

After-tax

 

 

 

(Dollars in thousands)

 

Investment securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net change in fair value recorded in accumulated OCI

 

$

108,634

 

 

$

(32,116

)

 

$

76,518

 

 

$

(130,768

)

 

$

38,660

 

 

$

(92,108

)

Net realized loss on investment securities reclassified into earnings

 

 

11,582

 

 

 

(3,424

)

 

 

8,158

 

 

 

—

 

 

 

—

 

 

 

—

 

Amortization of net unrealized losses on securities
   transferred from available-for-sale to held-to-maturity

 

 

174

 

 

 

(52

)

 

 

122

 

 

 

(3,096

)

 

 

3,234

 

 

 

138

 

Derivatives designated as hedging instruments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair value hedges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net change in fair value recorded in accumulated OCI

 

 

(28,688

)

 

 

8,258

 

 

 

(20,430

)

 

 

13,739

 

 

 

(4,031

)

 

 

9,708

 

Cash flow hedges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net change in fair value recorded in accumulated OCI

 

 

(6,913

)

 

 

2,044

 

 

 

(4,869

)

 

 

—

 

 

 

—

 

 

 

—

 

Net change

 

$

84,789

 

 

$

(25,290

)

 

$

59,499

 

 

$

(120,125

)

 

$

37,863

 

 

$

(82,262

)

 

 

 

Nine Months Ended September 30,

 

 

 

2024

 

 

2023

 

 

 

Before-tax

 

 

Tax effect

 

 

After-tax

 

 

Before-tax

 

 

Tax effect

 

 

After-tax

 

 

 

(Dollars in thousands)

 

Investment securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net change in fair value recorded in accumulated OCI

 

$

70,485

 

 

$

(20,838

)

 

$

49,647

 

 

$

(128,340

)

 

$

37,942

 

 

$

(90,398

)

Net realized loss on investment securities reclassified into earnings

 

 

11,582

 

 

 

(3,424

)

 

 

8,158

 

 

 

—

 

 

 

—

 

 

 

—

 

Amortization of net unrealized losses on securities
   transferred from available-for-sale to held-to-maturity

 

 

512

 

 

 

(152

)

 

 

360

 

 

 

714

 

 

 

(212

)

 

 

502

 

Derivatives designated as hedging instruments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair value hedges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net change in fair value recorded in accumulated OCI

 

 

(8,021

)

 

 

2,350

 

 

 

(5,671

)

 

 

24,868

 

 

 

(7,314

)

 

 

17,554

 

Cash flow hedges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net change in fair value recorded in accumulated OCI

 

 

(5,329

)

 

 

1,575

 

 

 

(3,754

)

 

 

—

 

 

 

—

 

 

 

—

 

Net change

 

$

69,229

 

 

$

(20,489

)

 

$

48,740

 

 

$

(102,758

)

 

$

30,416

 

 

$

(72,342

)