Comprehensive Income

6 Months Ended

Jun. 30, 2020

Equity [Abstract]

Comprehensive Income

18. COMPREHENSIVE INCOME

The components of total comprehensive income for the three and six months ended June 30, 2020 and 2019 are as follows:

	Three Months Ended						Six Months Ended
	June 30						June 30
	2020			2019			2020			2019
Net Income	$	52,686		$	67,207		$	92,869		$	130,849
Available for sale (“AFS”) securities:
AFS securities with OTTI charges during the period		0			(75	)		0			(75	)
Related income tax effect		0			17			0			17
Less: OTTI charges recognized in net income		0			75			0			75
Related income tax benefit		0			(17	)		0			(17	)
Reclassification of previous noncredit OTTI to credit OTTI		0			2,188			0			2,188
Related income tax benefit		0			(510	)		0			(510	)
Net unrealized (losses) gains on AFS securities with OTTI		0			1,678			0			1,678
AFS securities – all other:
Change in net unrealized gain on AFS securities arising during the period		37,756			21,141			60,859			43,379
Related income tax effect		(8,797	)		(4,925	)		(14,180	)		(10,107	)
Net reclassification adjustment for (gains) losses included in net income		(1,466	)		130			(1,641	)		(218	)
Related income tax expense (benefit)		341			(30	)		382			51
		27,834			16,316			45,420			33,105
Net effect of AFS securities on other comprehensive income		27,834			17,994			45,420			34,783
Cash flow hedge derivatives:
Unrealized loss on cash flow hedge		(1,659	)		0			(1,659	)		0
Related income tax effect		387			0			387			0
Net effect of cash flow hedge derivatives on other comprehensive income		(1,272	)		0			(1,272	)		0
Pension plan:
Recognized net actuarial loss		1,442			1,184			2,884			2,355
Related income tax benefit		(329	)		(275	)		(659	)		(536	)
Net effect of change in pension plan asset on other comprehensive income		1,113			909			2,225			1,819
Total change in other comprehensive income		27,675			18,903			46,373			36,602
Total Comprehensive Income	$	80,361		$	86,110		$	139,242		$	167,451

The components of accumulated other comprehensive income for the six months ended June 30, 2020 are as follows:

Changes in Accumulated Other Comprehensive Income (AOCI) by Component (a)

For the Six Months Ended June 30, 2020

	Unrealized Gains/Losses on AFS Securities			Unrealized Gains/Losses on Cash Flow Hedge			Defined Benefit Pension Items			Total
Balance at January 1, 2020	$	7,956		$	0		$	(42,825	)	$	(34,869	)
Other comprehensive income before reclassification		46,679			(1,272	)		0			45,407
Amounts reclassified from accumulated other comprehensive income		(1,259	)		0			2,225			966
Net current-period other comprehensive income, net of tax		45,420			(1,272	)		2,225			46,373
Balance at June 30, 2020	$	53,376		$	(1,272	)	$	(40,600	)	$	11,504

Reclassifications out of Accumulated Other Comprehensive Income (AOCI)

For the Six Months Ended June 30, 2020

Details about AOCI Components	Amount Reclassified from AOCI					Affected Line Item in the Statement Where Net Income is Presented
Available for sale (“AFS”) securities:
Net reclassification adjustment for losses (gains) included in net income	$	(1,641	)			Net investment securities (losses) gains
		(1,641	)			Total before tax
Related income tax effect		382				Tax expense
		(1,259	)			Net of tax
Cash flow hedge:
Net reclassification adjustment for losses (gains) included in net income	$	0				Other income (expense)
		0				Total before tax
Related income tax effect		0				Tax expense
Pension plan:
Recognized net actuarial loss		2,884		(a	)
		2,884				Total before tax
Related income tax effect		(659)				Tax expense
		2,225
Total reclassifications for the period	$	966

(a) This AOCI component is included in the computation of net periodic pension cost (see Note 16, Employee Benefit Plans)