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UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY - USD ($)
$ in Thousands
Total
Cumulative effect accounting adjustment
[1]
Common Stock
Additional Paid in Capital
Retained Earnings
Retained Earnings
Cumulative effect accounting adjustment
[1]
Accumulated Other Comprehensive Loss
Unallocated Common Stock Held by ESOP
Beginning balance (in shares) at Dec. 31, 2022     176,172,073          
Beginning Balance at Dec. 31, 2022 $ 2,471,790 $ 822 $ 1,762 $ 1,649,141 $ 1,881,775 $ 822 $ (923,192) $ (137,696)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Dividends to common shareholders [2] (32,688)       (32,688)      
Issuance of restricted stock awards (in shares)     47,820          
Issuance of restricted stock awards 0   $ 1 (1)        
Issuance of common stock under share-based compensation arrangements (in shares) [3]     156,782          
Issuance of common stock under share-based compensation arrangements [3] (1,164)   $ 3 (1,167)        
Share-based compensation 7,712     7,712        
Net income (loss) (145,439)       (145,439)      
Other comprehensive income (loss), net of tax 222,210           222,210  
ESOP shares committed to be released 3,529     1,065       2,464
Ending balance (in shares) at Jun. 30, 2023     176,376,675          
Ending balance at Jun. 30, 2023 2,526,772   $ 1,766 1,656,750 1,704,470   (700,982) (135,232)
Beginning balance (in shares) at Mar. 31, 2023     176,328,426          
Beginning Balance at Mar. 31, 2023 2,579,123   $ 1,764 1,651,524 1,672,169   (609,864) (136,470)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Dividends to common shareholders [4] (16,356)       (16,356)      
Issuance of restricted stock awards (in shares)     47,820          
Issuance of restricted stock awards 0   $ 1 (1)        
Issuance of common stock under share-based compensation arrangements (in shares)     429          
Issuance of common stock under share-based compensation arrangements (1)   $ 1 (2)        
Share-based compensation 4,668     4,668        
Net income (loss) 48,657       48,657      
Other comprehensive income (loss), net of tax (91,118)           (91,118)  
ESOP shares committed to be released 1,799     561       1,238
Ending balance (in shares) at Jun. 30, 2023     176,376,675          
Ending balance at Jun. 30, 2023 $ 2,526,772   $ 1,766 1,656,750 1,704,470   (700,982) (135,232)
Beginning balance (in shares) at Dec. 31, 2023 176,426,993   176,426,993          
Beginning Balance at Dec. 31, 2023 $ 2,974,855   $ 1,767 1,666,441 2,047,754   (608,352) (132,755)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Dividends to common shareholders [2] (36,166)       (36,166)      
Issuance of restricted stock awards (in shares)     56,352          
Issuance of restricted stock awards 0   $ 1 (1)        
Issuance of common stock under share-based compensation arrangements (in shares) [3]     204,484          
Issuance of common stock under share-based compensation arrangements [3] (1,262)   $ 2 (1,264)        
Share-based compensation 7,831     7,831        
Net income (loss) 64,978       64,978      
Other comprehensive income (loss), net of tax (45,938)           (45,938)  
ESOP shares committed to be released $ 3,175     715       2,460
Ending balance (in shares) at Jun. 30, 2024 176,687,829   176,687,829          
Ending balance at Jun. 30, 2024 $ 2,967,473   $ 1,770 1,673,722 2,076,566   (654,290) (130,295)
Beginning balance (in shares) at Mar. 31, 2024     176,631,477          
Beginning Balance at Mar. 31, 2024 2,952,831   $ 1,769 1,669,133 2,068,315   (654,874) (131,512)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Dividends to common shareholders [4] (18,080)       (18,080)      
Issuance of restricted stock awards (in shares)     56,352          
Issuance of restricted stock awards 0   $ 1 (1)        
Issuance of common stock under share-based compensation arrangements 0              
Share-based compensation 4,242     4,242        
Net income (loss) 26,331       26,331      
Other comprehensive income (loss), net of tax 584           584  
ESOP shares committed to be released $ 1,565     348       1,217
Ending balance (in shares) at Jun. 30, 2024 176,687,829   176,687,829          
Ending balance at Jun. 30, 2024 $ 2,967,473   $ 1,770 $ 1,673,722 $ 2,076,566   $ (654,290) $ (130,295)
[1] Represents gross transition adjustment amount of $1.1 million, net of taxes of $0.3 million, to reflect the cumulative impact on retained earnings pursuant to the Company’s adoption of Accounting Standards Update 2022-02. Refer to Note 4, “Loans and Allowance for Credit Losses” within the Notes to the Unaudited Consolidated Financial Statements included in Part I, Item 1 in this Quarterly Report on Form 10-Q for additional discussion.
[2] The Company declared cumulative cash dividends of $0.22 and $0.20 per share of common stock during the six months ended June 30, 2024 and 2023, respectively
[3] Represents shares issued, net of employee tax withheld upon the vesting of restricted stock units. Refer to Note 8, “Employee Benefits” within the Notes to the Unaudited Consolidated Financial Statements included in Part I, Item 1 in this Quarterly Report on Form 10-Q for additional discussion.
[4] The Company declared quarterly cash dividends of $0.11 and $0.10 per share of common stock during the three months ended June 30, 2024 and 2023, respectively.