Shareholders' Equity

6 Months Ended

Jun. 30, 2020

Stockholders' Equity Note [Abstract]

Shareholders' Equity

On August 4, 2020, the Company declared a quarterly cash dividend of $0.51 per common share payable on or about August 26, 2020 to shareholders of record as of August 17, 2020.

Dividends declared were $0.51 and $1.02 per share during the three and six months ended June 30, 2020 and $0.50 and $1.00 per share during the three and six months ended June 30, 2019.

Accumulated Other Comprehensive Income (Loss)

AOCI includes unrealized gains and losses on available for sale ("AFS") securities and non-credit related unrealized losses on AFS securities for which an other-than-temporary impairment has been recorded in earnings. Unrealized losses on employee benefit plans will be reclassified into income as pension plan costs are recognized over the remaining service period of plan participants. Gains and losses in AOCI are net of deferred income taxes.

A rollforward of the components of accumulated other comprehensive income (loss) is included as follows (in thousands):


	Unrealized Gain (Loss) on
	Available for Sale Securities		Employee Benefit Plans		Total
Balance, Dec. 31, 2018	$	(70,999)	$	(1,586)	$	(72,585)
Net change in unrealized gain (loss)	228,156		—		228,156
Reclassification adjustments included in earnings:

Gain on available for sale securities, net	(1,105)		—		(1,105)
Other comprehensive income, before income taxes	227,051		—		227,051
Federal and state income taxes¹	55,897		—		55,897
Other comprehensive income, net of income taxes	171,154		—		171,154
Balance, June 30, 2019	$	100,155	$	(1,586)	$	98,569

Balance, Dec. 31, 2019	$	104,996	$	(73)	$	104,923
Net change in unrealized gain (loss)	354,765		—		354,765
Reclassification adjustments included in earnings:
Gain on available for sale securities, net	(5,580)		—		(5,580)
Other comprehensive income, before income taxes	349,185		—		349,185
Federal and state income taxes¹	83,792		—		83,792
Other comprehensive income, net of income taxes	265,393		—		265,393
Balance, June 30, 2020	$	370,389	$	(73)	$	370,316

¹ Calculated using a 25 percent blended federal and state statutory tax rate.