Stockholders' Equity

9 Months Ended

Sep. 30, 2023

Equity [Abstract]

Stockholders' Equity

Note 7    Stockholders’ Equity

Accumulated Other Comprehensive Income

Changes in other comprehensive income are summarized as follows for the periods indicated (in thousands):

	Three Months Ended September 30,
	2023						2022
	Before Tax		Tax Effect		Net of Tax		Before Tax		Tax Effect		Net of Tax
Unrealized gains (losses) on investment securities available for sale:
Net unrealized holding losses arising during the period	$	(44,397)	$	11,543	$	(32,854)	$	(158,514)	$	41,214	$	(117,300)
Amounts reclassified to gain on investment securities available for sale, net	(215)		56		(159)		(349)		91		(258)
Net change in unrealized gains (losses) on investment securities available for sale	(44,612)		11,599		(33,013)		(158,863)		41,305		(117,558)
Unrealized gains (losses) on derivative instruments:
Net unrealized holding gains arising during the period	16,771		(4,361)		12,410		41,209		(10,714)		30,495
Amounts reclassified to interest expense on deposits	(6,300)		1,638		(4,662)		(972)		253		(719)
Amounts reclassified to interest expense on borrowings	(13,442)		3,495		(9,947)		590		(154)		436
Amounts reclassified to interest income on loans	781		(203)		578		—		—		—
Net change in unrealized gains (losses) on derivative instruments	(2,190)		569		(1,621)		40,827		(10,615)		30,212
Other comprehensive loss	$	(46,802)	$	12,168	$	(34,634)	$	(118,036)	$	30,690	$	(87,346)

	Nine Months Ended September 30,
	2023						2022
	Before Tax		Tax Effect		Net of Tax		Before Tax		Tax Effect		Net of Tax
Unrealized gains (losses) on investment securities available for sale:
Net unrealized holding gains (losses) arising during the period	$	32,050	$	(8,333)	$	23,717	$	(635,446)	$	165,197	$	(470,249)
Amounts reclassified to gain on investment securities available for sale, net	(1,814)		472		(1,342)		(3,927)		1,021		(2,906)
Net change in unrealized gains (losses) on investment securities available for sale	30,236		(7,861)		22,375		(639,373)		166,218		(473,155)
Unrealized gains (losses) on derivative instruments:
Net unrealized holding gains arising during the period	57,565		(14,967)		42,598		100,559		(26,019)		74,540
Amounts reclassified to interest expense on deposits	(17,162)		4,462		(12,700)		205		(53)		152
Amounts reclassified to interest expense on borrowings	(30,935)		8,043		(22,892)		9,003		(2,341)		6,662
Amounts reclassified to interest income on loans	1,795		(467)		1,328		—		—		—
Net change in unrealized gains (losses) on derivative instruments	11,263		(2,929)		8,334		109,767		(28,413)		81,354
Other comprehensive income (loss)	$	41,499	$	(10,790)	$	30,709	$	(529,606)	$	137,805	$	(391,801)

The categories of AOCI and changes therein are presented below for the periods indicated (in thousands):

	Three Months Ended September 30,
	Unrealized Loss on Investment Securities Available for Sale		Unrealized Gain on Derivative Instruments		Total
Balance at June 30, 2023	$	(443,523)	$	70,961	$	(372,562)
Other comprehensive loss	(33,013)		(1,621)		(34,634)
Balance at September 30, 2023	$	(476,536)	$	69,340	$	(407,196)
Balance at June 30, 2022	$	(352,738)	$	32,343	$	(320,395)
Other comprehensive income (loss)	(117,558)		30,212		(87,346)
Balance at September 30, 2022	$	(470,296)	$	62,555	$	(407,741)

	Nine Months Ended September 30,
	Unrealized Gain (Loss) on Investment Securities Available for Sale		Unrealized Gain (Loss) on Derivative Instruments		Total
Balance at December 31, 2022	$	(498,911)	$	61,006	$	(437,905)
Other comprehensive income	22,375		8,334		30,709
Balance at September 30, 2023	$	(476,536)	$	69,340	$	(407,196)
Balance at December 31, 2021	$	2,859	$	(18,799)	$	(15,940)
Other comprehensive income (loss)	(473,155)		81,354		(391,801)
Balance at September 30, 2022	$	(470,296)	$	62,555	$	(407,741)