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Accumulated Other Comprehensive Income (Loss) (Tables)
 9 Months Ended
Sep. 30, 2023
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]  
Components of Other Comprehensive Income

The following table presents the components of other comprehensive income (loss) for the three and nine months ended September 30, 2023, and September 30, 2022:

 

(dollars in thousands)

 

Before Tax

 

 

Tax Effect

 

 

Net of Tax

 

Three Months Ended September 30, 2023

 

 

 

 

 

 

 

 

 

Net Unrealized Gains (Losses) on Investment Securities:

 

 

 

 

 

 

 

 

 

Net Unrealized Gains (Losses) Arising During the Period

 

$

(38,035

)

 

$

(11,439

)

 

$

(26,596

)

Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)
   that (Increase) Decrease Net Income:

 

 

 

 

 

 

 

 

 

(Gain) Loss on Sale

 

 

4,582

 

 

 

1,237

 

 

 

3,345

 

Amortization of Unrealized Holding (Gains) Losses on Held-to-
   Maturity Securities 1

 

 

6,787

 

 

 

1,800

 

 

 

4,987

 

Net Unrealized Gains (Losses) on Investment Securities

 

 

(26,666

)

 

 

(8,402

)

 

 

(18,264

)

Defined Benefit Plans:

 

 

 

 

 

 

 

 

 

Amortization of Net Actuarial Losses (Gains)

 

 

177

 

 

 

46

 

 

 

131

 

Amortization of Prior Service Credit

 

 

(62

)

 

 

(15

)

 

 

(47

)

Defined Benefit Plans, Net

 

 

115

 

 

 

31

 

 

 

84

 

Other Comprehensive Income (Loss)

 

$

(26,551

)

 

$

(8,371

)

 

$

(18,180

)

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30, 2022

 

 

 

 

 

 

 

 

 

Net Unrealized Gains (Losses) on Investment Securities:

 

 

 

 

 

 

 

 

 

Net Unrealized Gains (Losses) Arising During the Period

 

$

(111,338

)

 

$

(29,506

)

 

$

(81,832

)

Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)
   that (Increase) Decrease Net Income:

 

 

 

 

 

 

 

 

 

Amortization of Unrealized Holding (Gains) Losses on Held-to-
   Maturity Securities 1

 

 

3,037

 

 

 

805

 

 

 

2,232

 

Net Unrealized Gains (Losses) on Investment Securities

 

 

(108,301

)

 

 

(28,701

)

 

 

(79,600

)

Defined Benefit Plans:

 

 

 

 

 

 

 

 

 

Amortization of Net Actuarial Losses (Gains)

 

 

542

 

 

 

143

 

 

 

399

 

Amortization of Prior Service Credit

 

 

(61

)

 

 

(16

)

 

 

(45

)

Defined Benefit Plans, Net

 

 

481

 

 

 

127

 

 

 

354

 

Other Comprehensive Income (Loss)

 

$

(107,820

)

 

$

(28,574

)

 

$

(79,246

)

 

 

 

 

 

 

 

 

 

 

Nine Months Ended September 30, 2023

 

 

 

 

 

 

 

 

 

Net Unrealized Gains (Losses) on Investment Securities:

 

 

 

 

 

 

 

 

 

Net Unrealized Gains (Losses) Arising During the Period

 

$

(36,702

)

 

$

(11,086

)

 

$

(25,616

)

Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)
   that (Increase) Decrease Net Income:

 

 

 

 

 

 

 

 

 

(Gain) Loss on Sale

 

 

4,582

 

 

 

1,237

 

 

 

3,345

 

Amortization of Unrealized Holding (Gains) Losses on Held-to-
   Maturity Securities 1

 

 

20,500

 

 

 

5,434

 

 

 

15,066

 

Net Unrealized Gains (Losses) on Investment Securities

 

 

(11,620

)

 

 

(4,415

)

 

 

(7,205

)

Defined Benefit Plans:

 

 

 

 

 

 

 

 

 

Amortization of Net Actuarial Losses (Gains)

 

 

528

 

 

 

140

 

 

 

388

 

Amortization of Prior Service Credit

 

 

(184

)

 

 

(48

)

 

 

(136

)

Defined Benefit Plans, Net

 

 

344

 

 

 

92

 

 

 

252

 

Other Comprehensive Income (Loss)

 

$

(11,276

)

 

$

(4,323

)

 

$

(6,953

)

 

 

 

 

 

 

 

 

 

 

Nine Months Ended September 30, 2022

 

 

 

 

 

 

 

 

 

Net Unrealized Gains (Losses) on Investment Securities:

 

 

 

 

 

 

 

 

 

Net Unrealized Gains (Losses) Arising During the Period

 

$

(523,365

)

 

$

(138,715

)

 

$

(384,650

)

Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)
   that (Increase) Decrease Net Income:

 

 

 

 

 

 

 

 

 

Amortization of Unrealized Holding (Gains) Losses on Held-to-
   Maturity Securities 1

 

 

3,100

 

 

 

821

 

 

 

2,279

 

Net Unrealized Gains (Losses) on Investment Securities

 

 

(520,265

)

 

 

(137,894

)

 

 

(382,371

)

Defined Benefit Plans:

 

 

 

 

 

 

 

 

 

Amortization of Net Actuarial Losses (Gains)

 

 

1,626

 

 

 

431

 

 

 

1,195

 

Amortization of Prior Service Credit

 

 

(184

)

 

 

(48

)

 

 

(136

)

Defined Benefit Plans, Net

 

 

1,442

 

 

 

383

 

 

 

1,059

 

Other Comprehensive Income (Loss)

 

$

(518,823

)

 

$

(137,511

)

 

$

(381,312

)

 

1
These amounts relates to the amortization/accretion of unrealized net gains and losses related to the Company’s reclassification of available-for-sale investment securities to the held-to-maturity category. The unrealized net gains/losses will be amortized/accreted over the remaining life of the investment securities as an adjustment of yield.
Schedule of Accumulated Other Comprehensive Income (Loss)

The following table presents the changes in each component of accumulated other comprehensive income (loss), net of tax, for the three and nine months ended September 30, 2023, and September 30, 2022:

 

(dollars in thousands)

 

Investment
Securities-
Available-
for-Sale

 

 

Investment
Securities-
Held-to-Maturity

 

 

Defined Benefit
Plans

 

 

Accumulated
Other
Comprehensive
Income (Loss)

 

Three Months Ended September 30, 2023

 

 

 

 

 

 

 

 

 

 

 

 

Balance at Beginning of Period

 

$

(239,803

)

 

$

(158,718

)

 

$

(24,910

)

 

$

(423,431

)

Other Comprehensive Income (Loss) Before Reclassifications

 

 

(26,596

)

 

 

—

 

 

 

—

 

 

 

(26,596

)

Amounts Reclassified from Accumulated Other
   Comprehensive Income (Loss)

 

 

3,345

 

 

 

4,987

 

 

 

84

 

 

 

8,416

 

Total Other Comprehensive Income (Loss)

 

 

(23,251

)

 

 

4,987

 

 

 

84

 

 

 

(18,180

)

Balance at End of Period

 

$

(263,054

)

 

$

(153,731

)

 

$

(24,826

)

 

$

(441,611

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30, 2022

 

 

 

 

 

 

 

 

 

 

 

 

Balance at Beginning of Period

 

$

(335,758

)

 

$

101

 

 

$

(32,791

)

 

 

(368,448

)

Other Comprehensive Income (Loss) Before Reclassifications

 

 

(81,832

)

 

 

—

 

 

 

—

 

 

 

(81,832

)

Unrealized Net Losses Related to the Transfer of Securities from Available-for-Sale to Held-to-Maturity

 

 

176,700

 

 

 

(176,700

)

 

 

—

 

 

 

—

 

Amounts Reclassified from Accumulated Other
   Comprehensive Income (Loss)

 

 

—

 

 

 

2,232

 

 

 

354

 

 

 

2,586

 

Total Other Comprehensive Income (Loss)

 

 

94,868

 

 

 

(174,468

)

 

 

354

 

 

 

(79,246

)

Balance at End of Period

 

$

(240,890

)

 

$

(174,367

)

 

$

(32,437

)

 

$

(447,694

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended September 30, 2023

 

 

 

 

 

 

 

 

 

 

 

 

Balance at Beginning of Period

 

$

(240,783

)

 

$

(168,797

)

 

$

(25,078

)

 

$

(434,658

)

Other Comprehensive Income (Loss) Before Reclassifications

 

 

(25,616

)

 

 

—

 

 

 

—

 

 

 

(25,616

)

Amounts Reclassified from Accumulated Other
   Comprehensive Income (Loss)

 

 

3,345

 

 

 

15,066

 

 

 

252

 

 

 

18,663

 

Total Other Comprehensive Income (Loss)

 

 

(22,271

)

 

 

15,066

 

 

 

252

 

 

 

(6,953

)

Balance at End of Period

 

$

(263,054

)

 

$

(153,731

)

 

$

(24,826

)

 

$

(441,611

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended September 30, 2022

 

 

 

 

 

 

 

 

 

 

 

 

Balance at Beginning of Period

 

$

(32,940

)

 

$

54

 

 

$

(33,496

)

 

 

(66,382

)

Other Comprehensive Income (Loss) Before Reclassifications

 

 

(384,650

)

 

 

—

 

 

 

—

 

 

 

(384,650

)

Unrealized Net Losses Related to the Transfer of Securities from Available-for-Sale to Held-to-Maturity

 

 

176,700

 

 

 

(176,700

)

 

 

—

 

 

 

—

 

Amounts Reclassified from Accumulated Other
   Comprehensive Income (Loss)

 

 

—

 

 

 

2,279

 

 

 

1,059

 

 

 

3,338

 

Total Other Comprehensive Income (Loss)

 

 

(207,950

)

 

 

(174,421

)

 

 

1,059

 

 

 

(381,312

)

Balance at End of Period

 

$

(240,890

)

 

$

(174,367

)

 

$

(32,437

)

 

$

(447,694

)
Reclassification out of Accumulated Other Comprehensive Income

The following table presents the amounts reclassified out of each component of accumulated other comprehensive income (loss) for the three and nine months ended September 30, 2023, and September 30, 2022:

 

Details about Accumulated Other
Comprehensive Income (Loss) Components

 

Amount Reclassified from Accumulated
Other Comprehensive Income (Loss)1

 

 

Affected Line Item in the Statement
Where Net Income Is Presented

 

 

Three Months Ended September 30,

 

 

 

(dollars in thousands)

 

2023

 

 

2022

 

 

 

Amortization of Unrealized Holding Gains (Losses) on
   Investment Securities Held-to-Maturity

 

$

(6,787

)

 

$

(3,037

)

 

Interest Income

 

 

1,800

 

 

 

805

 

 

Provision for Income Tax

 

 

(4,987

)

 

 

(2,232

)

 

Net of Tax

Sale of Investment Securities Available-for-Sale

 

 

(4,582

)

 

 

—

 

 

Investment Securities Gains (Losses), Net

 

 

1,237

 

 

 

—

 

 

Provision for Income Tax

 

 

(3,345

)

 

 

—

 

 

Net of tax

 

 

 

 

 

 

 

 

Amortization of Defined Benefit Plan Items

 

 

 

 

 

 

 

 

Prior Service Credit 2

 

 

62

 

 

 

61

 

 

 

Net Actuarial Losses 2

 

 

(177

)

 

 

(542

)

 

 

 

 

(115

)

 

 

(481

)

 

Total Before Tax

 

 

31

 

 

 

127

 

 

Provision for Income Tax

 

 

(84

)

 

 

(354

)

 

Net of Tax

 

 

 

 

 

 

 

 

Total Reclassifications for the Period

 

$

(8,416

)

 

$

(2,586

)

 

Net of Tax

 

 

 

 

 

 

 

 

 

Details about Accumulated Other
Comprehensive Income (Loss) Components

 

Amount Reclassified from Accumulated
Other Comprehensive Income (Loss)1

 

 

Affected Line Item in the Statement
Where Net Income Is Presented

 

 

Nine Months Ended September 30,

 

 

 

(dollars in thousands)

 

2023

 

 

2022

 

 

 

Amortization of Unrealized Holding Gains (Losses) on
   Investment Securities Held-to-Maturity

 

$

(20,500

)

 

$

(3,100

)

 

Interest Income

 

 

5,434

 

 

 

821

 

 

Provision for Income Tax

 

 

(15,066

)

 

 

(2,279

)

 

Net of Tax

Sale of Investment Securities Available-for-Sale

 

 

(4,582

)

 

 

—

 

 

Investment Securities Gains (Losses), Net

 

 

1,237

 

 

 

—

 

 

Provision for Income Tax

 

 

(3,345

)

 

 

—

 

 

Net of tax

 

 

 

 

 

 

 

 

Amortization of Defined Benefit Plan Items

 

 

 

 

 

 

 

 

Prior Service Credit 2

 

 

184

 

 

 

184

 

 

 

Net Actuarial Losses 2

 

 

(528

)

 

 

(1,626

)

 

 

 

 

(344

)

 

 

(1,442

)

 

Total Before Tax

 

 

92

 

 

 

383

 

 

Provision for Income Tax

 

 

(252

)

 

 

(1,059

)

 

Net of Tax

 

 

 

 

 

 

 

 

Total Reclassifications for the Period

 

$

(18,663

)

 

$

(3,338

)

 

Net of Tax

 

1.
Amounts in parentheses indicate reductions to net income.
2.
These accumulated other comprehensive income (loss) components are included in the computation of net periodic benefit cost and are included in other noninterest expense on the consolidated statements of income.