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Shareholders' Equity and Earnings Per Share
 6 Months Ended
Jun. 30, 2022
Equity [Abstract]  
Shareholders' Equity and Earnings Per Share Shareholders’ Equity and Earnings Per Share
Common Stock Offering

In June 2022, the Company sold a total of 3,450,000 shares of its common stock through a public offering. Net proceeds to the Company totaled approximately $285.7 million, net of estimated issuance costs.

Series D Preferred Stock

In June 2015, the Company issued and sold 5,000,000 shares of fixed-to-floating rate non-cumulative perpetual preferred stock, Series D, liquidation preference $25 per share (the “Series D Preferred Stock”) for $125.0 million in a public offering. When, as and if declared, dividends on the Series D Preferred Stock are payable quarterly in arrears at a fixed rate of 6.50% per annum from the original issuance date to, but excluding, July 15, 2025, and from (and including) that date at a floating rate equal to three-month LIBOR plus a spread of 4.06% per annum.

Series E Preferred Stock

In May 2020, the Company issued 11,500 shares of fixed-rate reset non-cumulative perpetual preferred stock, Series E, liquidation preference $25,000 per share (the “Series E Preferred Stock”) as part of a $287.5 million public offering of 11,500,000 depositary shares, each representing a 1/1,000th interest in a share of Series E Preferred Stock. When, as and if declared, dividends on the Series E Preferred Stock are payable quarterly in arrears at a fixed rate of 6.875% per annum from October 15, 2020 to, but excluding, July 15, 2025, and from (and including) July 15, 2025 at a floating rate equal to the Five-Year Treasury Rate (as defined in the certificate of designations for the Series E Preferred Stock) plus 6.507%.

Other

At the January 2022 meeting of the board of directors of the Company (the “Board of Directors”), a quarterly cash dividend of $0.34 per share ($1.36 on an annualized basis) was declared. It was paid on February 24, 2022 to shareholders of record as of February 10, 2022. At the April 2022 Board of Directors meeting, a quarterly cash dividend of $0.34 per share ($1.36 on an annualized basis) was declared. It was paid on May 26, 2022 to shareholders of record as of May 12, 2022.
Accumulated Other Comprehensive Income (Loss)

The following tables summarize the components of other comprehensive income (loss), including the related income tax effects, and the related amount reclassified to net income for the periods presented (in thousands).
Accumulated
Unrealized
Gains (Losses)
on Securities		Accumulated
Unrealized Gains (Losses) on
Derivative
Instruments		Accumulated
Foreign
Currency
Translation
Adjustments		Total
Accumulated
Other
Comprehensive
Income (Loss)
Balance at April 1, 2022$(142,604)$56,060 $(29,455)$(115,999)
Other comprehensive (loss) income during the period, net of tax, before reclassifications(122,154)999 (6,593)(127,748)
Amount reclassified from accumulated other comprehensive (loss) income into net income, net of tax— 742 — 742 
Amount reclassified from accumulated other comprehensive (loss) income related to amortization of unrealized gains on investment securities transferred to held-to-maturity from available-for-sale, net of tax(32)— — (32)
Net other comprehensive (loss) income during the period, net of tax$(122,186)$1,741 $(6,593)$(127,038)
Balance at June 30, 2022$(264,790)$57,801 $(36,048)$(243,037)
Balance at January 1, 2022$8,724 $27,111 $(31,743)$4,092 
Other comprehensive (loss) income during the period, net of tax, before reclassifications(273,268)26,022 (4,305)(251,551)
Amount reclassified from accumulated other comprehensive (loss) income into net income, net of tax(183)4,668 — 4,485 
Amount reclassified from accumulated other comprehensive (loss) income related to amortization of unrealized gains on investment securities transferred to held-to-maturity from available-for-sale, net of tax(63)— — (63)
Net other comprehensive (loss) income during the period, net of tax$(273,514)$30,690 $(4,305)$(247,129)
Balance at June 30, 2022$(264,790)$57,801 $(36,048)$(243,037)
Balance at April 1, 2021$26,022 $14,167 $(30,085)$10,104 
Other comprehensive income (loss) during the period, net of tax, before reclassifications4,628 (11,483)2,309 (4,546)
Amount reclassified from accumulated other comprehensive income (loss) into net income, net of tax(427)5,036 — 4,609 
Amount reclassified from accumulated other comprehensive income (loss) related to amortization of unrealized gains on investment securities transferred to held-to-maturity from available-for-sale, net of tax(34)— — (34)
Net other comprehensive income (loss) during the period, net of tax$4,167 $(6,447)$2,309 $29 
Balance at June 30, 2021$30,189 $7,720 $(27,776)$10,133 
Balance at January 1, 2021$70,737 $(23,090)$(32,265)$15,382 
Other comprehensive (loss) income during the period, net of tax, before reclassifications(39,891)20,862 4,489 (14,540)
Amount reclassified from accumulated other comprehensive income (loss) into net income, net of tax(581)9,948 — 9,367 
Amount reclassified from accumulated other comprehensive income (loss) related to amortization of unrealized gains on investment securities transferred to held-to-maturity from available-for-sale, net of tax(76)— — (76)
Net other comprehensive (loss) income during the period, net of tax$(40,548)$30,810 $4,489 $(5,249)
Balance at June 30, 2021$30,189 $7,720 $(27,776)$10,133 
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) for the
Details Regarding the Component of Accumulated Other Comprehensive Income (Loss)Three Months EndedSix Months EndedImpacted Line on the
Consolidated Statements of Income
June 30,June 30,
2022202120222021
Accumulated unrealized gains on securities
Gains included in net income$— $584 $250 $794 (Losses) gains on investment securities, net
— 584 250 794 Income before taxes
Tax effect— (157)(67)(213)Income tax expense
Net of tax$— $427 $183 $581 Net income
Accumulated unrealized losses on derivative instruments
Amount reclassified to interest expense on deposits$657 $5,054 $5,476 $9,951 Interest on deposits
Amount reclassified to interest expense on other borrowings355 653 889 1,322 Interest on other borrowings
Amount reclassified to interest expense on junior subordinated debentures— 1,159 — 2,289 Interest on junior subordinated debentures
(1,012)(6,866)(6,365)(13,562)Income before taxes
Tax effect270 1,830 1,697 3,614 Income tax expense
Net of tax$(742)$(5,036)$(4,668)$(9,948)Net income

Earnings per Share

The following table shows the computation of basic and diluted earnings per share for the periods indicated:
Three Months EndedSix Months Ended
(In thousands, except per share data)June 30,
2022		June 30,
2021		June 30,
2022		June 30,
2021
Net income$94,513 $105,109 $221,904 $258,257 
Less: Preferred stock dividends6,991 6,991 13,982 13,982 
Net income applicable to common shares(A)$87,522 $98,118 $207,922 $244,275 
Weighted average common shares outstanding(B)58,063 57,049 57,632 56,977 
Effect of dilutive potential common shares
Common stock equivalents775 726 823 691 
Weighted average common shares and effect of dilutive potential common shares(C)58,838 57,775 58,455 57,668 
Net income per common share:
Basic(A/B)$1.51 $1.72 $3.61 $4.29 
Diluted(A/C)$1.49 $1.70 $3.56 $4.24 

Potentially dilutive common shares can result from stock options, restricted stock unit awards, stock warrants and shares to be issued under the Employee Stock Purchase Plan and the Directors Deferred Fee and Stock Plan, being treated as if they had been either exercised or issued, computed by application of the treasury stock method. While potentially dilutive common shares are typically included in the computation of diluted earnings per share, potentially dilutive common shares are excluded from this computation in periods in which the effect of inclusion would either reduce the loss per share or increase the income per share.