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

3 Months Ended

Mar. 31, 2023

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 months ended March 31, 2023 and 2022.


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 December 31, 2022	$	(1,220,263)	$	(221,854)	$	(1,442,117)
Other comprehensive income (loss) before reclassifications	115,821		7,566		123,387
Amounts reclassified from AOCI	(779)		30,182		29,403
Net current period other comprehensive income (loss)	115,042		37,748		152,790
Balance at March 31, 2023	$	(1,105,221)	$	(184,106)	$	(1,289,327)

Balance at December 31, 2021	$	(67,980)	$	(14,341)	$	(82,321)
Other comprehensive income (loss) before reclassifications	(474,459)		(103,617)		(578,076)
Amounts reclassified from AOCI	—		(1,668)		(1,668)
Net current period other comprehensive income (loss)	(474,459)		(105,285)		(579,744)
Balance at March 31, 2022	$	(542,439)	$	(119,626)	$	(662,065)

(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.