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CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($)
$ in Thousands
Total
Cumulative effect adoption adjustment
Common Stock
Preferred Stock
Capital surplus (reduction)
Retained earnings
Retained earnings
Cumulative effect adoption adjustment
Treasury stock
Accumulated other comprehensive income (loss)
Beginning balance at Dec. 31, 2021 $ 5,969,397   $ 1,046 $ 22,143 $ 4,650,182 $ 2,973,745   $ (1,352,650) $ (325,069)
Increase Decrease In Stockholders Equity                  
Net income 845,502         845,502      
Issuance of stock 4,285       4,285        
Dividends declared:                  
Common stock [1] (124,168)         (124,168)      
Preferred stock (1,059)         (1,059)      
Common stock purchases [2] (637,520)       (5,882)     (631,638)  
Stock based compensation 17,663       3,923     13,740  
Other comprehensive loss, net of tax (2,399,262)               (2,399,262)
Ending balance at Sep. 30, 2022 3,674,838   1,046 22,143 4,652,508 3,694,020   (1,970,548) (2,724,331)
Beginning balance at Dec. 31, 2021 5,969,397   1,046 22,143 4,650,182 2,973,745   (1,352,650) (325,069)
Increase Decrease In Stockholders Equity                  
Accounting Standards Update   ASU 2022-02              
Ending balance at Dec. 31, 2022 4,093,425 $ 28,752 1,047 22,143 4,790,993 3,834,348 $ 28,752 (2,030,178) (2,524,928)
Beginning balance at Jun. 30, 2022 4,293,349   1,046 22,143 4,576,478 3,311,951   (1,665,253) (1,953,016)
Increase Decrease In Stockholders Equity                  
Net income 422,395         422,395      
Issuance of stock 1,550       1,550        
Dividends declared:                  
Common stock [3] (39,973)         (39,973)      
Preferred stock (353)         (353)      
Common stock purchases [4] (231,225)       74,118     (305,343)  
Stock based compensation 410       362     48  
Other comprehensive loss, net of tax (771,315)               (771,315)
Ending balance at Sep. 30, 2022 3,674,838   1,046 22,143 4,652,508 3,694,020   (1,970,548) (2,724,331)
Beginning balance at Dec. 31, 2022 4,093,425 $ 28,752 1,047 22,143 4,790,993 3,834,348 $ 28,752 (2,030,178) (2,524,928)
Increase Decrease In Stockholders Equity                  
Net income 446,748         446,748      
Issuance of stock 4,717   1   4,716        
Dividends declared:                  
Common stock [1] (118,924)         (118,924)      
Preferred stock (1,059)         (1,059)      
Common stock purchases (4,491)             (4,491)  
Stock based compensation 17,454       1,655     15,799  
Other comprehensive loss, net of tax (9,014)               (9,014)
Ending balance at Sep. 30, 2023 4,457,608   1,048 22,143 4,797,364 4,189,865   (2,018,870) (2,533,942)
Beginning balance at Jun. 30, 2023 4,565,009   1,047 22,143 4,795,581 4,093,284   (2,018,611) (2,328,435)
Increase Decrease In Stockholders Equity                  
Net income 136,609         136,609      
Issuance of stock 1,600   1   1,599        
Dividends declared:                  
Common stock [3] (39,675)         (39,675)      
Preferred stock (353)         (353)      
Common stock purchases (250)             (250)  
Stock based compensation 175       184     (9)  
Other comprehensive loss, net of tax (205,507)               (205,507)
Ending balance at Sep. 30, 2023 $ 4,457,608   $ 1,048 $ 22,143 $ 4,797,364 $ 4,189,865   $ (2,018,870) $ (2,533,942)
[1]
Dividends declared per common share during the nine months
 
ended September 30, 2023 - $
1.65
 
(2022 - $
1.65
).
[2]
During the
 
nine months
 
ended September
 
30, 2022,
 
the Corporation
 
completed a
 
$
400
 
million
 
accelerated share
 
repurchase transaction
 
with
respect to
 
its common
 
stock and
 
entered into
 
an additional
 
$
231
 
million accelerated
 
share repurchase
 
transaction
 
with respect
 
to its
 
common
stock. Both were accounted for as a treasury stock transaction.
 
Refer to Note 18 for additional information.
[3]
Dividends declared per common share during the quarter
 
ended September 30, 2023 - $
0.55
 
(2022 - $
0.55
).
[4]
During July 2022,
 
the Corporation completed
 
a $
400
 
million accelerated
 
share repurchase transaction
 
with respect to
 
its common stock.
 
During
August 2022, the Corporation
 
entered into a $
231
 
million accelerated share
 
repurchase transaction with
 
respect to its common
 
stock. Both were
accounted for as treasury stock transactions. Refer to Note
 
18 for additional information.