Other Comprehensive Income (Tables)

6 Months Ended

Jun. 30, 2024

Statement of Other Comprehensive Income [Abstract]

Schedule of Comprehensive Income (Loss)

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

	Three Months Ended June 30, 2024						Six Months Ended June 30, 2024
	Pre Tax Amount		Tax Benefit (Expense)		After Tax Amount		Pre Tax Amount		Tax Benefit (Expense)		After Tax Amount
	(In thousands)
Unrealized losses on securities available for sale:
Change in fair value of securities available for sale	$	(11,303)	$	5,446	$	(5,857)	$	(48,388)	$	14,972	$	(33,416)
Less: reclassification adjustment for losses included in net income	(7,557)		2,094		(5,463)		(7,557)		2,094		(5,463)
Net change in fair value of securities available for sale	(3,746)		3,352		(394)		(40,831)		12,878		(27,953)
Unrealized losses on cash flow hedges:
Change in fair value of cash flow hedges	(11,996)		3,323		(8,673)		(51,551)		14,279		(37,272)
Less: net cash flow hedge losses reclassified into interest income	(14,062)		3,895		(10,167)		(28,103)		7,784		(20,319)
Net change in fair value of cash flow hedges	2,066		(572)		1,494		(23,448)		6,495		(16,953)
Defined benefit pension plans:
Change in actuarial net loss	—		—		—		—		—		—
Less: amortization of actuarial net loss	(1,775)		492		(1,283)		(3,550)		984		(2,566)
Less: accretion of prior service credit	2,489		(690)		1,799		4,977		(1,379)		3,598
Net change in other comprehensive income for defined benefit postretirement plans	(714)		198		(516)		(1,427)		395		(1,032)
Total other comprehensive income (loss)	$	(2,394)	$	2,978	$	584	$	(65,706)	$	19,768	$	(45,938)

	Three Months Ended June 30, 2023						Six Months Ended June 30, 2023
	Pre Tax Amount		Tax Benefit (Expense)		After Tax Amount		Pre Tax Amount		Tax Benefit (Expense)		After Tax Amount
	(In thousands)
Unrealized losses on securities available for sale:
Change in fair value of securities available for sale	$	(78,810)	$	20,324	$	(58,486)	$	(36,509)	$	11,514	$	(24,995)
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	(78,810)		20,324		(58,486)		296,661		(63,116)		233,545
Unrealized losses on cash flow hedges:
Change in fair value of cash flow hedges	(56,892)		16,060		(40,832)		(37,146)		11,602		(25,544)
Less: net cash flow hedge losses reclassified into interest income	(11,929)		3,368		(8,561)		(20,834)		5,883		(14,951)
Net change in fair value of cash flow hedges	(44,963)		12,692		(32,271)		(16,312)		5,719		(10,593)
Defined benefit pension plans:
Change in actuarial net loss	—		—		—		—		—		—
Less: amortization of actuarial net loss	(2,468)		697		(1,771)		(4,936)		1,394		(3,542)
Less: accretion of prior service credit	2,970		(838)		2,132		5,940		(1,656)		4,284
Net change in other comprehensive income for defined benefit postretirement plans	(502)		141		(361)		(1,004)		262		(742)
Total other comprehensive (loss) income	$	(124,275)	$	33,157	$	(91,118)	$	279,345	$	(57,135)	$	222,210

Schedule of Accumulated Other Comprehensive Loss

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	(33,416)		(37,272)		—		(70,688)
Less: Amounts reclassified from accumulated other comprehensive loss	(5,463)		(20,319)		1,032		(24,750)
Net current-period other comprehensive loss	(27,953)		(16,953)		(1,032)		(45,938)
Ending Balance: June 30, 2024	$	(612,196)	$	(48,524)	$	6,430	$	(654,290)
Beginning Balance: January 1, 2023	$	(880,156)	$	(50,159)	$	7,123	$	(923,192)
Other comprehensive loss before reclassifications	(24,995)		(25,544)		—		(50,539)
Less: Amounts reclassified from accumulated other comprehensive loss	(258,540)		(14,951)		742		(272,749)
Net current-period other comprehensive income (loss)	233,545		(10,593)		(742)		222,210
Ending Balance: June 30, 2023	$	(646,611)	$	(60,752)	$	6,381	$	(700,982)