Other Comprehensive Income

3 Months Ended

Mar. 31, 2024

Statement of Other Comprehensive Income [Abstract]

The following tables present a reconciliation of the changes in the components of other comprehensive (loss) income for the dates indicated including the amount of income tax (expense) benefit allocated to each component of other comprehensive (loss) income:


	For the Three Months Ended March 31,
	2024						2023
	Pre Tax Amount		Tax Benefit (Expense)		After Tax Amount		Pre Tax Amount		Tax (Expense) Benefit		After Tax Amount
	(In thousands)
Unrealized (losses) gains on securities available for sale:
Change in fair value of securities available for sale	$	(37,085)	$	9,526	$	(27,559)	$	42,301	$	(8,810)	$	33,491
Less: reclassification adjustment for losses included in net income	—		—		—		(333,170)		74,630		(258,540)
Net change in fair value of securities available for sale	(37,085)		9,526		(27,559)		375,471		(83,440)		292,031
Unrealized (losses) gains on cash flow hedges:
Change in fair value of cash flow hedges	(39,555)		10,956		(28,599)		19,746		(4,458)		15,288
Less: net cash flow hedge losses reclassified into interest income	(14,041)		3,889		(10,152)		(8,905)		2,515		(6,390)
Net change in fair value of cash flow hedges	(25,514)		7,067		(18,447)		28,651		(6,973)		21,678
Defined benefit pension plans:
Change in actuarial net loss	—		—		—		—		—		—
Less: amortization of actuarial net loss	(1,775)		492		(1,283)		(2,468)		697		(1,771)
Less: accretion of prior service credit	2,488		(689)		1,799		2,970		(818)		2,152
Net change in other comprehensive income for defined benefit postretirement plans	(713)		197		(516)		(502)		121		(381)
Total other comprehensive (loss) income	$	(63,312)	$	16,790	$	(46,522)	$	403,620	$	(90,292)	$	313,328

The following table illustrates the changes in the balances of each component of accumulated other comprehensive loss, net of tax:


	Unrealized Gains and (Losses) on Available for Sale Securities		Unrealized Gains and (Losses) on Cash Flow Hedges		Defined Benefit Pension Plans		Total
	(In thousands)
Beginning Balance: January 1, 2024	$	(584,243)	$	(31,571)	$	7,462	$	(608,352)
Other comprehensive loss before reclassifications	(27,559)		(28,599)		—		(56,158)
Less: Amounts reclassified from accumulated other comprehensive loss	—		(10,152)		516		(9,636)
Net current-period other comprehensive loss	(27,559)		(18,447)		(516)		(46,522)
Ending Balance: March 31, 2024	$	(611,802)	$	(50,018)	$	6,946	$	(654,874)
Beginning Balance: January 1, 2023	$	(880,156)	$	(50,159)	$	7,123	$	(923,192)
Other comprehensive loss before reclassifications	33,491		15,288		—		48,779
Less: Amounts reclassified from accumulated other comprehensive loss	(258,540)		(6,390)		381		(264,549)
Net current-period other comprehensive income (loss)	292,031		21,678		(381)		313,328
Ending Balance: March 31, 2023	$	(588,125)	$	(28,481)	$	6,742	$	(609,864)