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Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended
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Sep. 30, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] |
Schedule of accumulated other comprehensive income (loss) by component | The changes in accumulated other comprehensive income (loss) by component are as follows (in thousands):
| Three Months Ended September 30, 2024
| Unrealized Gains (Losses) on Securities |  |  |  | Unrealized Gains (Losses) on Derivatives |  |  |  | Retirement Plans |  | Total
Beginning balance, net of tax | $ | (109,881) |  |  |  |  | $ | 17,444 |  |  |  |  | $ | (18,517) |  |  | $ | (110,954) |
Other comprehensive income (loss): |  |  |  |  |  |  |  |  |  |  |
Other comprehensive income (loss) before reclassifications | 6,593 |  |  |  |  | (13,658) |  |  |  |  | (1,002) |  |  | (8,067) |
Reclassification adjustments included in net income | 4,048 |  |  |  |  | (5,688) |  |  |  |  | 156 |  |  | (1,484) |
Income tax (expense) benefit | (2,235) |  |  |  |  | 4,063 |  |  |  |  | 178 |  |  | 2,006 |
Net current-period other comprehensive income (loss), net of tax | 8,406 |  |  |  |  | (15,283) |  |  |  |  | (668) |  |  | (7,545) |
Ending balance, net of tax | $ | (101,475) |  |  |  |  | $ | 2,161 |  |  |  |  | $ | (19,185) |  |  | $ | (118,499) |
| Nine Months Ended September 30, 2024
| Unrealized Gains (Losses) on Securities |  |  |  | Unrealized Gains (Losses) on Derivatives |  |  |  | Retirement Plans |  | Total
Beginning balance, net of tax | $ | (107,499) |  |  |  |  | $ | 12,803 |  |  |  |  | $ | (18,766) |  |  | $ | (113,462) |
Other comprehensive income (loss): |  |  |  |  |  |  |  |  |  |  |
Other comprehensive (loss) income before reclassifications | (1,094) |  |  |  |  | 4,641 |  |  |  |  | (1,002) |  |  | 2,545 |
Reclassification adjustments included in net income | 8,720 |  |  |  |  | (18,112) |  |  |  |  | 471 |  |  | (8,921) |
Income tax (expense) benefit | (1,602) |  |  |  |  | 2,829 |  |  |  |  | 112 |  |  | 1,339 |
Net current-period other comprehensive income (loss), net of tax | 6,024 |  |  |  |  | (10,642) |  |  |  |  | (419) |  |  | (5,037) |
Ending balance, net of tax | $ | (101,475) |  |  |  |  | $ | 2,161 |  |  |  |  | $ | (19,185) |  |  | $ | (118,499) |
| Three Months Ended September 30, 2023
| Unrealized Gains (Losses) on Securities |  |  |  | Unrealized Gains (Losses) on Derivatives |  |  |  | Retirement Plans |  | Total
Beginning balance, net of tax | $ | (125,929) |  |  |  |  | $ | 29,439 |  |  |  |  | $ | (19,203) |  |  | $ | (115,693) |
Other comprehensive income (loss): |  |  |  |  |  |  |  |  |  |  |
Other comprehensive income (loss) before reclassifications | (52,882) |  |  |  |  | 7,377 |  |  |  |  | — |  |  | (45,505) |
Reclassification adjustments included in net income | 1,997 |  |  |  |  | (6,408) |  |  |  |  | 189 |  |  | (4,222) |
Income tax (expense) benefit | 10,686 |  |  |  |  | (203) |  |  |  |  | (40) |  |  | 10,443 |
Net current-period other comprehensive income (loss), net of tax | (40,199) |  |  |  |  | 766 |  |  |  |  | 149 |  |  | (39,284) |
Ending balance, net of tax | $ | (166,128) |  |  |  |  | $ | 30,205 |  |  |  |  | $ | (19,054) |  |  | $ | (154,977) |
| Nine Months Ended September 30, 2023
| Unrealized Gains (Losses) on Securities |  |  |  | Unrealized Gains (Losses) on Derivatives |  |  |  | Retirement Plans |  | Total
Beginning balance, net of tax | $ | (149,181) |  |  |  |  | $ | 31,227 |  |  |  |  | $ | (19,502) |  |  | $ | (137,456) |
Other comprehensive income (loss): |  |  |  |  |  |  |  |  |  |  |
Other comprehensive income (loss) before reclassifications | (33,032) |  |  |  |  | 16,277 |  |  |  |  | — |  |  | (16,755) |
Reclassification adjustments included in net income | 11,579 |  |  |  |  | (17,570) |  |  |  |  | 567 |  |  | (5,424) |
Income tax (expense) benefit | 4,506 |  |  |  |  | 271 |  |  |  |  | (119) |  |  | 4,658 |
Net current-period other comprehensive income (loss), net of tax | (16,947) |  |  |  |  | (1,022) |  |  |  |  | 448 |  |  | (17,521) |
Ending balance, net of tax | $ | (166,128) |  |  |  |  | $ | 30,205 |  |  |  |  | $ | (19,054) |  |  | $ | (154,977) |
Reclassifications out of accumulated other comprehensive income | The reclassification adjustments out of accumulated other comprehensive income (loss) included in net income are presented below (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Unrealized gains and losses on securities transferred: |  |  |  |  |  |  |
Amortization of unrealized gains and losses (1) | $ | (2,119) |  |  | $ | (2,008) |  |  | $ | (6,210) |  |  | $ | (5,989) |
Tax benefit | 445 |  |  | 422 |  |  | 1,304 |  |  | 1,258 |
Net of tax | (1,674) |  |  | (1,586) |  |  | (4,906) |  |  | (4,731) |
Unrealized gains and losses on available for sale securities: |  |  |  |  |  |  |
Realized net gain (loss) on sale of securities (2) | (1,929) |  |  | 11 |  |  | (2,510) |  |  | (5,590) |
Tax (expense) benefit | 405 |  |  | (2) |  |  | 527 |  |  | 1,174 |
Net of tax | (1,524) |  |  | 9 |  |  | (1,983) |  |  | (4,416) |
Derivatives: |  |  |  |  |  |  |
Realized net gain (loss) on interest rate swap derivatives (3) | 5,688 |  |  | 6,408 |  |  | 18,112 |  |  | 17,570 |
Tax benefit | (1,195) |  |  | (1,346) |  |  | (3,804) |  |  | (3,690) |
Net of tax | 4,493 |  |  | 5,062 |  |  | 14,308 |  |  | 13,880 |
Amortization of pension plan: |  |  |  |  |  |  |
Net actuarial loss (4) | (156) |  |  | (189) |  |  | (471) |  |  | (567) |
Tax benefit | 33 |  |  | 40 |  |  | 99 |  |  | 119 |
Net of tax | (123) |  |  | (149) |  |  | (372) |  |  | (448) |
Total reclassifications for the period, net of tax | $ | 1,172 |  |  | $ | 3,336 |  |  | $ | 7,047 |  |  | $ | 4,285 |
(1) Included in interest income on the consolidated statements of income. (2) Listed as net gain (loss) on sale of securities AFS on the consolidated statements of income. (3) Included in interest expense for FHLB borrowings, other borrowings and deposits on the consolidated statements of income. (4) These AOCI components are included in the computation of net periodic pension cost (income) presented in “Note 8 – Employee Benefit Plans.”

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