Shareholders' Equity and Other Comprehensive Income (Loss) (Tables)

9 Months Ended

Sep. 30, 2022

Schedule of Changes in Accumulated Other Comprehensive Income (Loss) by Component (Net of Income Taxes)

The following tables illustrate activity within the balances in accumulated other comprehensive income (loss) by component for the three and nine months ended September 30, 2022 and 2021.


Changes in Accumulated Other Comprehensive Income (Loss) by Component (Net of Income Taxes)
(in thousands)	Net unrealized gains (losses) on investment securities available for sale(1)		Net unrealized gains (losses) on cash flow hedges(1)		Total
Balance at June 30, 2022	$	(869,519)	$	(157,186)	$	(1,026,705)
Other comprehensive income (loss) before reclassifications	(430,453)		(84,967)		(515,420)
Amounts reclassified from AOCI	—		7,811		7,811
Net current period other comprehensive income (loss)	(430,453)		(77,156)		(507,609)
Balance at September 30, 2022	$	(1,299,972)	$	(234,342)	$	(1,534,314)

Balance at June 30, 2021	$	19,301	$	26,425	$	45,726
Other comprehensive income (loss) before reclassifications	(41,437)		(6,037)		(47,474)
Amounts reclassified from AOCI	(719)		(2,995)		(3,714)
Net current period other comprehensive income (loss)	(42,156)		(9,032)		(51,188)
Balance at September 30, 2021	$	(22,855)	$	17,393	$	(5,462)

Balance, December 31, 2021	$	(67,980)	$	(14,341)	$	(82,321)
Other comprehensive income (loss) before reclassifications	(1,231,992)		(216,531)		(1,448,523)
Amounts reclassified from AOCI	—		(3,470)		(3,470)
Net current period other comprehensive income (loss)	(1,231,992)		(220,001)		(1,451,993)
Balance at September 30, 2022	$	(1,299,972)	$	(234,342)	$	(1,534,314)

Balance, December 31, 2020	$	105,669	$	52,966	$	158,635
Other comprehensive income (loss) before reclassifications	(129,280)		(28,657)		(157,937)
Amounts reclassified from AOCI	756		(6,916)		(6,160)
Net current period other comprehensive income (loss)	(128,524)		(35,573)		(164,097)
Balance at September 30, 2021	$	(22,855)	$	17,393	$	(5,462)

(1) For all periods presented, the ending balance in net unrealized gains (losses) on investment securities available for sale and cash flow hedges includes unrealized losses of $13.3 million and $12.1 million, respectively, related to residual tax effects remaining in OCI due to previously established deferred tax asset valuation allowances in 2010 and 2011. In accordance with ASC 740-20-45-11(b), under the portfolio approach, these unrealized losses are realized at the time the entire portfolio is sold or disposed.