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Shareholders' Equity (Tables)

12 Months Ended

Dec. 31, 2023

Stockholders' Equity Note [Abstract]

Schedule of Minimum Required Capital Amounts and Ratios for Well Capitalized Institutions and The Actual Capital Amounts and Ratios for The Company and The Bank

The table below sets forth the minimum required capital amounts and ratios for well capitalized institutions and the actual capital amounts and ratios for the Company and the Bank as of December 31, 2023, and December 31, 2022:


(dollars in thousands)	Well Capitalized Minimum Ratio			Company			Bank
As of December 31, 2023
Common Shareholders’ Equity				$	1,238,756		$	1,369,733
Common Equity Tier 1 Capital					1,611,645			1,754,222
Tier 1 Capital					1,787,132			1,754,222
Total Capital					1,935,532			1,902,622
Common Equity Tier 1 Capital Ratio		6.5	%		11.33	%		12.33	%
Tier 1 Capital Ratio		8.0	%		12.56	%		12.33	%
Total Capital Ratio		10.0	%		13.60	%		13.38	%
Tier 1 Leverage Ratio		5.0	%		7.51	%		7.38	%

As of December 31, 2022
Common Shareholders’ Equity				$	1,141,507		$	1,279,736
Common Equity Tier 1 Capital					1,554,741			1,704,570
Tier 1 Capital					1,730,228			1,704,570
Total Capital					1,875,430			1,849,772
Common Equity Tier 1 Capital Ratio		6.5	%		10.92	%		11.98	%
Tier 1 Capital Ratio		8.0	%		12.15	%		11.98	%
Total Capital Ratio		10.0	%		13.17	%		13.00	%
Tier 1 Leverage Ratio		5.0	%		7.37	%		7.27	%

Components of Other Comprehensive Income

The following table presents the components of other comprehensive income (loss), net of tax:


(dollars in thousands)	Before Tax			Tax Effect			Net of Tax
Year Ended December 31, 2023
Net Unrealized Gains (Losses) on Investment Securities:
Net Unrealized Gains (Losses) Arising During the Period 2	$	17,692		$	4,661		$	13,031
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) that (Increase) Decrease Net Income:
(Gain) Loss on Sale		4,582			1,237			3,345
Amortization of Unrealized Holding (Gains) Losses on Held-to-Maturity Securities 1		26,909			7,133			19,776
Net Unrealized Gains (Losses) on Investment Securities		49,183			13,031			36,152
Defined Benefit Plans:
Net Actuarial Gains (Losses) Arising During the Period		1,968			521			1,447
Amortization of Net Actuarial Losses (Gains)		751			199			552
Amortization of Prior Service Credit		(246	)		(65	)		(181	)
Defined Benefit Plans, Net		2,473			655			1,818
Other Comprehensive Income (Loss)	$	51,656		$	13,686		$	37,970

Year Ended December 31, 2022
Net Unrealized Gains (Losses) on Investment Securities:
Net Unrealized Gains (Losses) Arising During the Period	$	(523,221	)	$	(138,678	)	$	(384,543	)
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) that (Increase) Decrease Net Income:
Amortization of Unrealized Holding (Gains) Losses on Held-to-Maturity Securities 1		10,680			2,831			7,849
Net Unrealized Gains (Losses) on Investment Securities		(512,541	)		(135,847	)		(376,694	)
Defined Benefit Plans:
Net Actuarial Gains (Losses) Arising During the Period		9,525			2,525			7,000
Amortization of Net Actuarial Losses (Gains)		2,175			576			1,599
Amortization of Prior Service Credit		(246	)		(65	)		(181	)
Defined Benefit Plans, Net		11,454			3,036			8,418
Other Comprehensive Income (Loss)	$	(501,087	)	$	(132,811	)	$	(368,276	)

Year Ended December 31, 2021
Net Unrealized Gains (Losses) on Investment Securities:
Net Unrealized Gains (Losses) Arising During the Period	$	(111,084	)	$	(29,440	)	$	(81,644	)
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) that (Increase) Decrease Net Income:
(Gain) Loss on Sale		(3,798	)		(1,007	)		(2,791	)
Amortization of Unrealized Holding (Gains) Losses on Held-to-Maturity Securities 1		648			171			477
Net Unrealized Gains (Losses) on Investment Securities		(114,234	)		(30,276	)		(83,958	)
Defined Benefit Plans:
Net Actuarial Gains (Losses) Arising During the Period		10,842			2,874			7,968
Amortization of Net Actuarial Losses (Gains)		2,676			709			1,967
Amortization of Prior Service Credit		(246	)		(65	)		(181	)
Defined Benefit Plans, Net		13,272			3,518			9,754
Other Comprehensive Income (Loss)	$	(100,962	)	$	(26,758	)	$	(74,204	)

The amount relates to the amortization/accretion of unrealized gains and losses related to the Company's reclassification of available-for-sale investment securities to the held-to-maturity category. The unrealized net gains/losses will be amortized/accreted over the remaining life of the investment securities as an adjustment of yield.

Schedule of Accumulated Other Comprehensive Income (Loss)

The following table presents the changes in each component of accumulated other comprehensive income (loss), net of tax:


(dollars in thousands)		Investment Securities- Available- For-Sale		Investment Securities- Held-To- Maturities		Defined Benefit Plans		Accumulated Other Comprehensive Income (Loss)
Year Ended December 31, 2023
Balance at Beginning of Period	$	(240,783)	$	(168,797)	$	(25,078)	$	(434,658)
Other Comprehensive Income (Loss) Before Reclassifications		13,031		—		1,447		14,478
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)		3,345		19,776		371		23,492
Total Other Comprehensive Income (Loss)		16,376		19,776		1,818		37,970
Balance at End of Period	$	(224,407)	$	(149,021)	$	(23,260)	$	(396,688)

Year Ended December 31, 2022
Balance at Beginning of Period	$	(32,940)	$	54	$	(33,496)	$	(66,382)
Other Comprehensive Income (Loss) Before Reclassifications		(384,543)		—		7,000		(377,543)
Unrealized Net Losses Related to the Transfer of Securities from Available-for-Sale to Held-to-Maturity		176,700		(176,700)		—		—
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)		—		7,849		1,418		9,267
Total Other Comprehensive Income (Loss)		(207,843)		(168,851)		8,418		(368,276)
Balance at End of Period	$	(240,783)	$	(168,797)	$	(25,078)	$	(434,658)

Year Ended December 31, 2021
Balance at Beginning of Period	$	51,495	$	(423)	$	(43,250)	$	7,822
Other Comprehensive Income (Loss) Before Reclassifications		(81,644)		—		7,968		(73,676)
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)		(2,791)		477		1,786		(528)
Total Other Comprehensive Income (Loss)		(84,435)		477		9,754		(74,204)
Balance at End of Period	$	(32,940)	$	54	$	(33,496)	$	(66,382)

Reclassification out of Accumulated Other Comprehensive Income

The following table presents the amounts reclassified out of each component of accumulated other comprehensive income (loss):


Details about Accumulated Other Comprehensive Income (Loss) Components	Amount Reclassified from Accumulated Other Comprehensive Income (Loss)1									Affected Line Item in the Statement Where Net Income Is Presented
(dollars in thousands)	Year Ended December 31,
	2023			2022			2021
Amortization of Unrealized Holding Gains (Losses) on Investment Securities Held-to-Maturity	$	(26,909	)	$	(10,680	)	$	(648	)	Interest Income
		7,133			2,831			171		Provision for Income Tax
		(19,776	)		(7,849	)		(477	)	Net of Tax
Sales of Investment Securities Available-for-Sale		(4,582	)		—			3,798		Investment Securities Gains (Losses), Net
		1,237			—			(1,007	)	Provision for Income Tax
		(3,345	)		—			2,791		Net of Tax

Amortization of Defined Benefit Plans Items
Prior Service Credit 2		246			246			246
Net Actuarial Losses 2		(751	)		(2,175	)		(2,676	)
		(505	)		(1,929	)		(2,430	)	Total Before Tax
		134			511			644		Provision for Income Tax
		(371	)		(1,418	)		(1,786	)	Net of Tax

Total Reclassifications for the Period	$	(23,492	)	$	(9,267	)	$	528		Net of Tax

Amounts in parentheses indicate reductions to net income.

These accumulated other comprehensive income (loss) components are included in the computation of net periodic benefit cost and are included in Other Noninterest Expense on the consolidated statements of income (see Note 14 Pension Plans and Postretirement Benefit Plan for additional details).