Accumulated Other Comprehensive Loss

6 Months Ended

Jun. 30, 2022

Accumulated Other Comprehensive Loss

Accumulated Other Comprehensive Loss

8. Accumulated Other Comprehensive Loss

Accumulated other comprehensive loss is defined as the revenues, expenses, gains and losses that are included in comprehensive loss but excluded from net income. The Company’s significant items of accumulated other comprehensive loss are pension and other benefits, net unrealized gains or losses on investment securities and net unrealized gains or losses on cash flow derivative hedges.

Changes in accumulated other comprehensive loss for the three and six months ended June 30, 2022 and 2021 are presented below:

			Income
			Tax
	Pre-tax		Benefit		Net of
(dollars in thousands)	Amount		(Expense)		Tax
Accumulated other comprehensive loss at March 31, 2022	$	(705,768)	$	188,266	$	(517,502)
Three months ended June 30, 2022
Investment securities:
Unrealized net losses arising during the period		(91,352)		24,369		(66,983)
Reclassification of net losses to net income:
Amortization of unrealized holding losses on held-to-maturity securities		19,929		(5,317)		14,612
Net change in investment securities		(71,423)		19,052		(52,371)
Cash flow derivative hedges:
Unrealized net losses arising during the period		(1,523)		407		(1,116)
Reclassification of net gains included in net income		(638)		170		(468)
Net change in cash flow derivative hedges		(2,161)		577		(1,584)
Other comprehensive loss		(73,584)		19,629		(53,955)
Accumulated other comprehensive loss at June 30, 2022	$	(779,352)	$	207,895	$	(571,457)

			Income
			Tax
	Pre-tax		Benefit		Net of
(dollars in thousands)	Amount		(Expense)		Tax
Accumulated other comprehensive loss at December 31, 2021	$	(165,967)	$	44,274	$	(121,693)
Six months ended June 30, 2022
Investment securities:
Unrealized net losses arising during the period		(629,437)		167,903		(461,534)
Reclassification of net losses to net income:
Amortization of unrealized holding losses on held-to-maturity securities		19,929		(5,317)		14,612
Net change in investment securities		(609,508)		162,586		(446,922)
Cash flow derivative hedges:
Unrealized net losses arising during the period		(3,239)		865		(2,374)
Reclassification of net gains included in net income		(638)		170		(468)
Net change in cash flow derivative hedges		(3,877)		1,035		(2,842)
Other comprehensive loss		(613,385)		163,621		(449,764)
Accumulated other comprehensive loss at June 30, 2022	$	(779,352)	$	207,895	$	(571,457)

			Income
			Tax
	Pre-tax		Benefit		Net of
(dollars in thousands)	Amount		(Expense)		Tax
Accumulated other comprehensive loss at March 31, 2021	$	(59,238)	$	15,803	$	(43,435)
Three months ended June 30, 2021
Investment securities:
Unrealized net gains arising during the period		18,831		(5,023)		13,808
Reclassification of net gains to net income:
Investment securities gains, net		(102)		27		(75)
Net change in investment securities		18,729		(4,996)		13,733
Other comprehensive income		18,729		(4,996)		13,733
Accumulated other comprehensive loss at June 30, 2021	$	(40,509)	$	10,807	$	(29,702)

			Income
			Tax
	Pre-tax		Benefit		Net of
(dollars in thousands)	Amount		(Expense)		Tax
Accumulated other comprehensive income at December 31, 2020	$	43,098	$	(11,494)	$	31,604
Six months ended June 30, 2021
Investment securities:
Unrealized net losses arising during the period		(83,505)		22,274		(61,231)
Reclassification of net gains to net income:
Investment securities gains, net		(102)		27		(75)
Net change in investment securities		(83,607)		22,301		(61,306)
Other comprehensive loss		(83,607)		22,301		(61,306)
Accumulated other comprehensive loss at June 30, 2021	$	(40,509)	$	10,807	$	(29,702)

The following table summarizes changes in accumulated other comprehensive loss, net of tax, for the periods indicated:

	Pensions								Accumulated
	and		Available-for-Sale		Held-to-Maturity		Cash Flow		Other
	Other		Investment		Investment		Derivative		Comprehensive
(dollars in thousands)	Benefits		Securities		Securities		Hedges		Loss
Three Months Ended June 30, 2022
Balance at beginning of period	$	(24,390)	$	(491,854)	$	—	$	(1,258)	$	(517,502)
Unrealized net losses related to the transfer of securities from available-for-sale to held-to-maturity		—		338,816		(338,816)		—		—
Other comprehensive (loss) income		—		(66,983)		14,612		(1,584)		(53,955)
Balance at end of period	$	(24,390)	$	(220,021)	$	(324,204)	$	(2,842)	$	(571,457)
Six Months Ended June 30, 2022
Balance at beginning of year	$	(24,390)	$	(97,303)	$	—	$	—	$	(121,693)
Unrealized net losses related to the transfer of securities from available-for-sale to held-to-maturity		—		338,816		(338,816)		—		—
Other comprehensive (loss) income		—		(461,534)		14,612		(2,842)		(449,764)
Balance at end of period	$	(24,390)	$	(220,021)	$	(324,204)	$	(2,842)	$	(571,457)
Three Months Ended June 30, 2021
Balance at beginning of period	$	(31,737)	$	(11,698)	$	—	$	—	$	(43,435)
Other comprehensive income		—		13,733		—		—		13,733
Balance at end of period	$	(31,737)	$	2,035	$	—	$	—	$	(29,702)
Six Months Ended June 30, 2021
Balance at beginning of year	$	(31,737)	$	63,341	$	—	$	—	$	31,604
Other comprehensive loss		—		(61,306)		—		—		(61,306)
Balance at end of period	$	(31,737)	$	2,035	$	—	$	—	$	(29,702)