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Comprehensive Income (Tables)
 12 Months Ended
Dec. 31, 2023
Equity [Abstract]  
Components of Total Comprehensive Income
The changes in accumulated other comprehensive income are as follows:
 
    
For the Years Ended December 31
  
(In thousands)
   
2023
     
2022
     
2021
  
Net Income
   
$
366,313
 
   
$
379,627
 
   
$
367,738
 
Available for sale (“AFS”) securities:
         
Change in net unrealized gains (losses) on AFS securities arising during the period
      98,627        (481,007 )       (72,257 ) 
Related income tax effect
      (22,980 )       112,075        16,836  
Net reclassification adjustment for losses (gains) included in net income
      7,659        (2 )       (1,552 ) 
Related income tax effect
      (1,785 )       0        362  
  
 
 
     
 
 
     
 
 
  
  
 
81,521
 
   
 
(368,934
) 
   
 
(56,611
) 
  
 
 
     
 
 
     
 
 
  
Net effect of AFS securities on other comprehensive income
   
 
81,521
 
   
 
(368,934
) 
   
 
(56,611
) 
Cash flow hedge derivatives:
         
Unrealized gain on cash flow hedge before reclassification to interest expense
      6,548        53,572        15,597  
Related income tax effect
      (1,526 )       (12,482 )       (3,634 ) 
Net reclassification adjustment for (gains) losses included in net income
      (23,574 )       (5,782 )       1,354  
Related income tax effect
      5,493        1,347        (316 ) 
  
 
 
     
 
 
     
 
 
  
Net effect of cash flow hedge derivatives on other comprehensive income
   
 
(13,059
) 
   
 
36,655
 
   
 
13,001
 
Defined benefit pension plan:
         
Net actuarial gain during the period
      2,635        2,195        14,286  
Related income tax expense
      (613 )       (512 )       (483 ) 
Amortization of net actuarial loss recognized in net income
      3,347        3,645        6,770  
Related income tax effect
      (780 )       (893 )       (4,221 ) 
  
 
 
     
 
 
     
 
 
  
Net effect of change in defined benefit pension plan on other comprehensive income
   
 
4,589
 
   
 
4,435
 
   
 
16,352
 
  
 
 
     
 
 
     
 
 
  
Total change in other comprehensive income, net of tax
   
 
73,051
 
   
 
(327,844
) 
   
 
(27,258
) 
  
 
 
     
 
 
     
 
 
  
Total Comprehensive Income
   
$
439,364
 
   
$
51,783
 
   
$
340,480
 
  
 
 
     
 
 
     
 
 
  
Components of Accumulated Other Comprehensive Income
The components of accumulated other comprehensive income for the year ended December 31, 2023 are as follows:
 
Changes in Accumulated Other Comprehensive Income (AOCI) by Component
(a)
For the Year Ended December 31, 2023
  
(Dollars in thousands)
   
Unrealized

Gains/Losses

on AFS

Securities
     
Unrealized

Gains/Losses

on Cash Flow

Hedges
     
Defined

Benefit

Pension

Items
     
Total
  
Balance at January 1, 2023
    $ (360,340 )     $ 53,014      $ (25,406 )     $ (332,732 ) 
Other comprehensive income before reclassification
      75,647        5,022        0        80,669  
Amounts reclassified from accumulated other comprehensive income
      5,874        (18,081 )       4,589        (7,618 ) 
  
 
 
     
 
 
     
 
 
     
 
 
  
Net current-period other comprehensive income (loss), net of tax
      81,521        (13,059 )       4,589        73,051  
  
 
 
     
 
 
     
 
 
     
 
 
  
Balance at December 31, 2023
    $ (278,819 )     $ 39,955      $ (20,817 )     $ (259,681 ) 
  
 
 
     
 
 
     
 
 
     
 
 
  
 
(a)
All amounts are
net-of-tax.
Reclassifications Out of Accumulated Other Comprehensive Income
Reclassifications out of Accumulated Other Comprehensive Income (AOCI)
For the Year Ended December 31, 2023
(In thousands)
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
    $ 7,659     
Net investment securities gains
  
 
 
     
     7,659     
Total before tax
Related income tax effect
      (1,785 )    
Tax expense
  
 
 
     
     5,874     
Net of tax
Reclassifications out of Accumulated Other Comprehensive Income (AOCI)
For the Year Ended December 31, 2023
(In thousands)
Details about AOCI Components
   
Amount

Reclassified

from AOCI
     
Affected Line Item in the Statement Where
Net Income is Presented
Cash flow hedge:
      
Net reclassification adjustment for gains included in net income
    $  (23,574 )    
Interest expense
  
 
 
     
     (23,574 )    
Total before tax
Related income tax effect
      5,493     
Tax expense
  
 
 
     
     (18,081 )    
Net of tax
  
 
 
     
Pension plan:
      
Recognized net actuarial gain
      2,635      (a)
Amortization of net actuarial loss
      3,347      (b)
  
 
 
     
     5,982     
Total before tax
Related income tax effect
      (1,393 )    
Tax expense
  
 
 
     
     4,589     
Net of tax
  
 
 
     
Total reclassifications for the period
    $   (7,618 )    
  
 
 
     
 
(a)
This AOCI component is included in the computation of changes in plan assets (see Note O, Employee Benefit Plans)
(b)
This AOCI component is included in the computation of net periodic pension cost (see Note O, Employee Benefit Plans)