| Schedule of Changes in Accumulated Other Comprehensive Income (Loss) by Component (Net of Income Taxes) |
The following table illustrates activity within the balances in accumulated other comprehensive income (loss) by component for the three and six months ended June 30, 2025 and 2024. | | | | | | | | | | | | | | | | | | | | | | | | | Changes in Accumulated Other Comprehensive Income (Loss) by Component (Net of Income Taxes) | | (in thousands) | Net unamortized holding (losses) gains on AFS investment securities transferred to HTM | | Net unrealized gains (losses) on investment securities AFS(1) | | Net unrealized gains (losses) on cash flow hedges(1) | | Total | | Balance at March 31, 2025 | $ | (480,314) | | | $ | (310,465) | | | $ | (35,939) | | | $ | (826,718) | | | Other comprehensive income (loss) before reclassifications | — | | | 39,623 | | | 21,115 | | | 60,738 | | | Amounts reclassified from AOCI | 14,151 | | | — | | | 12,608 | | | 26,759 | | | Net current period other comprehensive income (loss) | 14,151 | | | 39,623 | | | 33,723 | | | 87,497 | | | Balance at June 30, 2025 | $ | (466,163) | | | $ | (270,842) | | | $ | (2,216) | | | $ | (739,221) | | | | | | | | | | | Balance at March 31, 2024 | $ | — | | | $ | (1,116,309) | | | $ | (131,885) | | | $ | (1,248,194) | | | Other comprehensive income (loss) before reclassifications | (537,434) | | | 511,079 | | | (13,861) | | | (40,216) | | | Amounts reclassified from AOCI | 15,654 | | | 194,677 | | | 27,705 | | | 238,036 | | | Net current period other comprehensive income (loss) | (521,780) | | | 705,756 | | | 13,844 | | | 197,820 | | | Balance at June 30, 2024 | $ | (521,780) | | | $ | (410,553) | | | $ | (118,041) | | | $ | (1,050,374) | | | | | | | | | | | Balance at December 31, 2024 | $ | (492,828) | | | $ | (411,413) | | | $ | (66,524) | | | $ | (970,765) | | | Other comprehensive income (loss) before reclassifications | — | | | 140,571 | | | 37,666 | | | 178,237 | | | Amounts reclassified from AOCI | 26,665 | | | — | | | 26,642 | | | 53,307 | | | Net current period other comprehensive income (loss) | 26,665 | | | 140,571 | | | 64,308 | | | 231,544 | | | Balance at June 30, 2025 | $ | (466,163) | | | $ | (270,842) | | | $ | (2,216) | | | $ | (739,221) | | | | | | | | | | | Balance at December 31, 2023 | $ | — | | | $ | (998,259) | | | $ | (118,814) | | | $ | (1,117,073) | | | Other comprehensive income (loss) before reclassifications | (537,434) | | | 393,029 | | | (57,138) | | | (201,543) | | | Amounts reclassified from AOCI | 15,654 | | | 194,677 | | | 57,911 | | | 268,242 | | | Net current period other comprehensive income (loss) | (521,780) | | | 587,706 | | | 773 | | | 66,699 | | | Balance at June 30, 2024 | $ | (521,780) | | | $ | (410,553) | | | $ | (118,041) | | | $ | (1,050,374) | | | | | | | | | |
(1) For June 30, 2025 and 2024, the ending balance in net unrealized gains (losses) on investment securities available for sale and cash flow hedges includes unrealized losses of $10.2 million and $11.6 million, respectively, related to residual tax effects remaining in OCI primarily due to previously established deferred tax asset valuation allowances in 2010 and 2011 and state rate changes. In accordance with ASC 740-20-45-11(b), under the portfolio approach, these unrealized losses are realized at the time the entire portfolio is sold or disposed.
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