Comprehensive Income

6 Months Ended

Jun. 30, 2022

18. COMPREHENSIVE INCOME

The components of total comprehensive income for the three and six months ended June 30, 2022 and 2021 are as

follows:


	Three Months Ended						Six Months Ended
	June 30						June 30
	2022			2021			2022			2021
Net Income	$	95,613		$	94,836		$	177,277		$	201,734
Available for sale (“AFS”) securities:
Change in net unrealized (loss) gain on AFS securities arising during the period		(149,552	)		18,040			(351,786	)		(27,927	)
Related income tax effect		34,845			(4,203	)		81,966			6,507
Net reclassification adjustment for gains included in net income		0			0			0			(1,444	)
Related income tax expense		0			0			0			336

Net effect of AFS securities on other comprehensive income		(114,707	)		13,837			(269,820	)		(22,528	)

Cash flow hedge derivatives:
Unrealized gain (loss) on cash flow hedge before reclassification to interest expense		11,216			(8,243	)		33,910			11,074
Related income tax effect		(2,613	)		1,921			(7,901	)		(2,580	)
Net reclassification adjustment for (gains) losses included in net income		(263	)		363			79			586
Related income tax effect		62			(85	)		(18	)		(137	)

Net effect of cash flow hedge derivatives on other comprehensive income		8,402			(6,044	)		26,070			8,943

Pension plan:
Recognized net actuarial loss		832			1,589			1,656			3,161
Related income tax benefit		(192	)		(720	)		(375	)		(1,423	)

Net effect of change in pension plan asset on other comprehensive income		640			869			1,281			1,738

Total change in other comprehensive income		(105,665	)		8,662			(242,469	)		(11,847	)

Total Comprehensive (Loss) Income	$	(10,052	)	$	103,498		$	(65,192	)	$	189,887

The components of accumulated other comprehensive income for the six months ended June 30, 2022 are as

follows:


Changes in Accumulated Other Comprehensive Income (AOCI) by Component (a) For the Six Months Ended June 30, 2022
	Unrealized Gains/Losses on AFS Securities			Unrealized Gains/Losses on Cash Flow Hedges		Defined Benefit Pension Items			Total
Balance at January 1, 2022	$	8,594		$	16,359	$	(29,841	)	$	(4,888	)
Other comprehensive income before reclassification		(269,820	)		26,009		0			(243,811	)
Amounts reclassified from accumulated other comprehensive income		0			61		1,281			1,342

Net current-period other comprehensive income, net of tax		(269,820	)		26,070		1,281			(242,469	)

Balance at June 30, 2022	$	(261,226	)	$	42,429	$	(28,560	)	$	(247,357	)

(a)	All amounts are net-of-tax.


Reclassifications out of Accumulated Other Comprehensive Income (AOCI) For the Six Months Ended June 30, 2022
Details about AOCI Components	Amount Reclassified from AOCI			Affected Line Item in the Statement Where Net Income is Presented
		0		Total before tax
Related income tax effect		0		Tax expense

		0		Net of tax
Cash flow hedge:
Net reclassification adjustment for losses included in net income	$	79		Interest expense

		79		Total before tax
Related income tax effect		(18	)	Tax expense

		61		Net of tax

Pension plan:
Recognized net actuarial loss		1,656	(a)

		1,656		Total before tax
Related income tax effect		(375	)	Tax expense

		1,281		Net of tax

Total reclassifications for the period	$	1,342

(a)	This AOCI component is included in the computation of changes in plan assets (see Note 16, Employee Benefit Plans)

Reclassifications out of Accumulated Other Comprehensive Income (AOCI)
For the Six Months Ended June 30, 2022

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
gains included in net income

Net investment securities gains