Accumulated Other Comprehensive Income (Tables)

9 Months Ended

Sep. 30, 2021

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Components of Accumulated Other Comprehensive Income (Loss)

The table below shows the activity and accumulated balances for components of other comprehensive income. The largest component is the unrealized holding gains and losses on available for sale debt securities. Another component is the amortization from other comprehensive income of losses associated with pension benefits, which occurs as the losses are included in current net periodic pension cost. The remaining component is gains and losses in fair value on certain interest rate floors that have been designated as cash flow hedging instruments. The interest rate floors were terminated during 2020, and the realized gains will be amortized into interest income through the original maturity dates of the interest rate floors. Information about unrealized gains and losses on securities can be found in Note 3, and information about unrealized gains and losses on cash flow hedge derivatives is located in Note 11.

	Unrealized Gains (Losses) on Securities (1)		Pension Loss		Unrealized Gains (Losses) on Cash Flow Hedge Derivatives (2)		Total Accumulated Other Comprehensive Income (Loss)
(In thousands)
Balance January 1, 2021	$	263,801	$	(25,118)	$	92,694	$	331,377
Other comprehensive loss before reclassifications to current earnings	(213,362)		—		—		(213,362)
Amounts reclassified to current earnings from accumulated other comprehensive income	—		1,768		(18,024)		(16,256)
Current period other comprehensive income (loss), before tax	(213,362)		1,768		(18,024)		(229,618)
Income tax (expense) benefit	53,343		(442)		4,506		57,407
Current period other comprehensive income (loss), net of tax	(160,019)		1,326		(13,518)		(172,211)
Balance September 30, 2021	$	103,782	$	(23,792)	$	79,176	$	159,166
Balance January 1, 2020	$	102,073	$	(21,940)	$	30,311	$	110,444
Other comprehensive income before reclassifications to current earnings	237,583		—		94,702		332,285
Amounts reclassified to current earnings from accumulated other comprehensive income	(16,965)		1,384		(6,050)		(21,631)
Current period other comprehensive income, before tax	220,618		1,384		88,652		310,654
Income tax expense	(55,154)		(346)		(22,163)		(77,663)
Current period other comprehensive income, net of tax	165,464		1,038		66,489		232,991
Balance September 30, 2020	$	267,537	$	(20,902)	$	96,800	$	343,435

(1) The pre-tax amounts reclassified from accumulated other comprehensive income to current earnings are included in "investment securities gains (losses), net" in the consolidated statements of income.

(2) The pre-tax amounts reclassified from accumulated other comprehensive income to current earnings are included in "interest and fees on loans" in the consolidated statements of income.