| Accumulated Other Comprehensive Income or Loss and Earnings Per Share |
Accumulated Other Comprehensive Income or Loss and Earnings Per Share Accumulated Other Comprehensive Income or Loss
The following tables summarize the components of other comprehensive income or loss, including the related income tax effects, and the related amount reclassified to net income for the periods presented: | | | | | | | | | | | | | | | | | | | | | | | | | (In thousands) | Accumulated
Unrealized (Losses) Gains
on Securities | | Accumulated
Unrealized Gains (Losses) on
Derivative
Instruments | | Accumulated
Foreign
Currency
Translation
Adjustments | | Total
Accumulated
Other
Comprehensive (Loss) Income | | Balance at January 1, 2023 | $ | (386,057) | | | $ | 7,381 | | | $ | (48,960) | | | $ | (427,636) | | | Other comprehensive income during the period, net of tax, before reclassifications | 34,503 | | | 22,808 | | | 710 | | | 58,021 | | | Amount reclassified from accumulated other comprehensive loss into net income, net of tax | (409) | | | 2,620 | | | — | | | 2,211 | | | Amount reclassified from accumulated other comprehensive income or loss 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 income during the period, net of tax | $ | 34,062 | | | $ | 25,428 | | | $ | 710 | | | $ | 60,200 | | | Balance at March 31, 2023 | $ | (351,995) | | | $ | 32,809 | | | $ | (48,250) | | | $ | (367,436) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 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 | (151,114) | | | 25,023 | | | 2,288 | | | (123,803) | | | Amount reclassified from accumulated other comprehensive income or loss into net income, net of tax | (183) | | | 3,926 | | | — | | | 3,743 | | | Amount reclassified from accumulated other comprehensive loss related to amortization of unrealized gains on investment securities transferred to held-to-maturity from available-for-sale, net of tax | (31) | | | — | | | — | | | (31) | | | Net other comprehensive (loss) income during the period, net of tax | $ | (151,328) | | | $ | 28,949 | | | $ | 2,288 | | | $ | (120,091) | | | Balance at March 31, 2022 | $ | (142,604) | | | $ | 56,060 | | | $ | (29,455) | | | $ | (115,999) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | (In thousands) | | Amount Reclassified from Accumulated Other Comprehensive Income (Loss) for the | | | | Details Regarding the Component of Accumulated Other Comprehensive Income (Loss) | | Three Months Ended | | | | Impacted Line on the
Consolidated Statements of Income | | March 31, | | | | | 2023 | | 2022 | | | | | | | Accumulated unrealized gains on securities | | | | | | | | | | Gains included in net income | | $ | 560 | | | $ | 250 | | | | | | | Gains (losses) on investment securities, net | | | 560 | | | 250 | | | | | | | Income before taxes | | Tax effect | | (151) | | | (67) | | | | | | | Income tax expense | | Net of tax | | $ | 409 | | | $ | 183 | | | | | | | Net income | | | | | | | | | | | | | Accumulated unrealized gains on derivative instruments | | | | | | | | | | | | Amount reclassified to interest income on loans | | $ | 9,072 | | | $ | — | | | | | | | Interest on Loans | | Amount reclassified to interest expense on deposits | | $ | (5,588) | | | $ | 4,819 | | | | | | | Interest on deposits | | Amount reclassified to interest expense on other borrowings | | 88 | | | 534 | | | | | | | Interest on other borrowings | | | | | | | | | | | | | | (3,572) | | | (5,353) | | | | | | | Income before taxes | | Tax effect | | 952 | | | 1,427 | | | | | | | Income tax expense | | Net of tax | | $ | (2,620) | | | $ | (3,926) | | | | | | | Net income |
Earnings per Share
The following table shows the computation of basic and diluted earnings per share for the periods indicated: | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | | | (In thousands, except per share data) | | | March 31,
2023 | | March 31,
2022 | | | | | | Net income | | | $ | 180,198 | | | $ | 127,391 | | | | | | | Less: Preferred stock dividends | | | 6,991 | | | 6,991 | | | | | | | Net income applicable to common shares | (A) | | $ | 173,207 | | | $ | 120,400 | | | | | | | | | | | | | | | | | Weighted average common shares outstanding | (B) | | 60,950 | | | 57,196 | | | | | | | Effect of dilutive potential common shares | | | | | | | | | | | Common stock equivalents | | | 873 | | | 862 | | | | | | | Weighted average common shares and effect of dilutive potential common shares | (C) | | 61,823 | | | 58,058 | | | | | | | Net income per common share: | | | | | | | | | | | Basic | (A/B) | | $ | 2.84 | | | $ | 2.11 | | | | | | | Diluted | (A/C) | | $ | 2.80 | | | $ | 2.07 | | | | | |
Potentially dilutive common shares can result from stock options, restricted stock unit awards 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. At the January 2023 meeting of the board of directors of the Company (the “Board of Directors”), a quarterly cash dividend of $0.40 per share ($1.60 on an annualized basis) was declared. It was paid on February 23, 2023 to shareholders of record as of February 9, 2023.
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