| Accumulated Other Comprehensive Income (Loss) |
8. Accumulated Other Comprehensive Loss Accumulated other comprehensive income (loss) is defined as the revenues, expenses, gains and losses that are included in comprehensive income (loss), but excluded from net income. The Company’s significant items of accumulated other comprehensive income (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. The Company utilizes a security-by-security approach to releasing income tax effects from accumulated other comprehensive loss. Changes in accumulated other comprehensive income (loss) for the three and six months ended June 30, 2026 and 2025 are presented below: | | | | | | | | | | | | | | | Income | | | | | | | | | Tax | | | | | | Pre-tax | | Benefit | | Net of | (dollars in thousands) | | Amount | | (Expense) | | Tax | Accumulated other comprehensive loss at March 31, 2026 | | $ | (508,386) | | $ | 135,639 | | $ | (372,747) | Three months ended June 30, 2026 | | | | | | | | | | Investment securities: | | | | | | | | | | Unrealized net gains arising during the period | | | 9,650 | | | (2,575) | | | 7,075 | Reclassification of net losses to net income: | | | | | | | | | | Amortization of unrealized holding losses on held-to-maturity securities | | | 9,704 | | | (2,588) | | | 7,116 | Net change in investment securities | | | 19,354 | | | (5,163) | | | 14,191 | Cash flow derivative hedges: | | | | | | | | | | Unrealized net losses arising during the period | | | (30) | | | 8 | | | (22) | Amounts excluded from the assessment of hedge effectiveness | | | (1,671) | | | 456 | | | (1,215) | Net change in cash flow derivative hedges | | | (1,701) | | | 464 | | | (1,237) | Other comprehensive income | | | 17,653 | | | (4,699) | | | 12,954 | Accumulated other comprehensive loss at June 30, 2026 | | $ | (490,733) | | $ | 130,940 | | $ | (359,793) |
| | | | | | | | | | | | | | | Income | | | | | | | | | Tax | | | | | | Pre-tax | | Benefit | | Net of | (dollars in thousands) | | Amount | | (Expense) | | Tax | Accumulated other comprehensive loss at December 31, 2025 | | $ | (502,104) | | $ | 133,964 | | $ | (368,140) | Six months ended June 30, 2026 | | | | | | | | | | Investment securities: | | | | | | | | | | Unrealized net losses arising during the period | | | (10,655) | | | 2,842 | | | (7,813) | Reclassification of net losses to net income: | | | | | | | | | | Amortization of unrealized holding losses on held-to-maturity securities | | | 23,618 | | | (6,300) | | | 17,318 | Net change in investment securities | | | 12,963 | | | (3,458) | | | 9,505 | Cash flow derivative hedges: | | | | | | | | | | Unrealized net losses arising during the period | | | (75) | | | 20 | | | (55) | Amounts excluded from the assessment of hedge effectiveness | | | (1,517) | | | 414 | | | (1,103) | Net change in cash flow derivative hedges | | | (1,592) | | | 434 | | | (1,158) | Other comprehensive income | | | 11,371 | | | (3,024) | | | 8,347 | Accumulated other comprehensive loss at June 30, 2026 | | $ | (490,733) | | $ | 130,940 | | $ | (359,793) |
| | | | | | | | | | | | | | | Income | | | | | | | | | Tax | | | | | | Pre-tax | | Benefit | | Net of | (dollars in thousands) | | Amount | | (Expense) | | Tax | Accumulated other comprehensive loss at March 31, 2025 | | $ | (591,574) | | $ | 157,805 | | $ | (433,769) | Three months ended June 30, 2025 | | | | | | | | | | Investment securities: | | | | | | | | | | Unrealized net gains arising during the period | | | 26,354 | | | (7,030) | | | 19,324 | Reclassification of net losses to net income: | | | | | | | | | | Amortization of unrealized holding losses on held-to-maturity securities | | | 9,982 | | | (2,663) | | | 7,319 | Net change in investment securities | | | 36,336 | | | (9,693) | | | 26,643 | Cash flow derivative hedges: | | | | | | | | | | Unrealized net gains arising during the period | | | 113 | | | (29) | | | 84 | Amounts excluded from the assessment of hedge effectiveness | | | 47 | | | (13) | | | 34 | Net change in cash flow derivative hedges | | | 160 | | | (42) | | | 118 | Other comprehensive income | | | 36,496 | | | (9,735) | | | 26,761 | Accumulated other comprehensive loss at June 30, 2025 | | $ | (555,078) | | $ | 148,070 | | $ | (407,008) |
| | | | | | | | | | | | | | | Income | | | | | | | | | Tax | | | | | | Pre-tax | | Benefit | | Net of | (dollars in thousands) | | Amount | | (Expense) | | Tax | Accumulated other comprehensive loss at December 31, 2024 | | $ | (632,793) | | $ | 168,799 | | $ | (463,994) | Six months ended June 30, 2025 | | | | | | | | | | Investment securities: | | | | | | | | | | Unrealized net gains arising during the period | | | 57,717 | | | (15,395) | | | 42,322 | Reclassification of net losses to net income: | | | | | | | | | | Amortization of unrealized holding losses on held-to-maturity securities | | | 19,639 | | | (5,239) | | | 14,400 | Reclassification of net gains to net income: | | | | | | | | | | Investment securities gains, net | | | (37) | | | 10 | | | (27) | Net change in investment securities | | | 77,319 | | | (20,624) | | | 56,695 | Cash flow derivative hedges: | | | | | | | | | | Unrealized net gains arising during the period | | | 349 | | | (92) | | | 257 | Amounts excluded from the assessment of hedge effectiveness | | | 47 | | | (13) | | | 34 | Net change in cash flow derivative hedges | | | 396 | | | (105) | | | 291 | Other comprehensive income | | | 77,715 | | | (20,729) | | | 56,986 | Accumulated other comprehensive loss at June 30, 2025 | | $ | (555,078) | | $ | 148,070 | | $ | (407,008) |
The following table summarizes changes in accumulated other comprehensive income (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, 2026 | | | | | | | | | | | | | | | | Balance at beginning of period | | $ | (4,290) | | $ | (139,895) | | $ | (228,098) | | $ | (464) | | $ | (372,747) | Other comprehensive income (loss) | | | — | | | 7,075 | | | 7,116 | | | (1,237) | | | 12,954 | Balance at end of period | | $ | (4,290) | | $ | (132,820) | | $ | (220,982) | | $ | (1,701) | | $ | (359,793) | | | | | | | | | | | | | | | | | Six Months Ended June 30, 2026 | | | | | | | | | | | | | | | | Balance at beginning of period | | $ | (4,290) | | $ | (125,007) | | $ | (238,300) | | $ | (543) | | $ | (368,140) | Other comprehensive (loss) income | | | — | | | (7,813) | | | 17,318 | | | (1,158) | | | 8,347 | Balance at end of period | | $ | (4,290) | | $ | (132,820) | | $ | (220,982) | | $ | (1,701) | | $ | (359,793) | | | | | | | | | | | | | | | | | Three Months Ended June 30, 2025 | | | | | | | | | | | | | | | | Balance at beginning of period | | $ | (1,879) | | $ | (170,558) | | $ | (261,420) | | $ | 88 | | $ | (433,769) | Other comprehensive income | | | — | | | 19,324 | | | 7,319 | | | 118 | | | 26,761 | Balance at end of period | | $ | (1,879) | | $ | (151,234) | | $ | (254,101) | | $ | 206 | | $ | (407,008) | | | | | | | | | | | | | | | | | Six Months Ended June 30, 2025 | | | | | | | | | | | | | | | | Balance at beginning of period | | $ | (1,879) | | $ | (193,529) | | $ | (268,501) | | $ | (85) | | $ | (463,994) | Other comprehensive income | | | — | | | 42,295 | | | 14,400 | | | 291 | | | 56,986 | Balance at end of period | | $ | (1,879) | | $ | (151,234) | | $ | (254,101) | | $ | 206 | | $ | (407,008) | | | | | | | | | | | | | | | | |
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