Shareholders' Equity

9 Months Ended

Sep. 30, 2020

Stockholders' Equity Note [Abstract]

Shareholders' Equity

On November 3, 2020, the Company declared a quarterly cash dividend of $0.52 per common share payable on or about November 24, 2020 to shareholders of record as of November 16, 2020.

Dividends declared were $0.51 and $1.53 per share during the three and nine months ended September 30, 2020 and $0.50 and $1.50 per share during the three and nine months ended September 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)	274,441		—		274,441
Reclassification adjustments included in earnings:

Gain on available for sale securities, net	(1,110)		—		(1,110)
Other comprehensive income, before income taxes	273,331		—		273,331
Federal and state income taxes1	66,993		—		66,993
Other comprehensive income, net of income taxes	206,338		—		206,338
Balance, September 30, 2019	$	135,339	$	(1,586)	$	133,753

Balance, Dec. 31, 2019	$	104,996	$	(73)	$	104,923
Net change in unrealized gain (loss)	347,985		—		347,985
Reclassification adjustments included in earnings:
Gain on available for sale securities, net	(5,571)		—		(5,571)
Other comprehensive income, before income taxes	342,414		—		342,414
Federal and state income taxes1	82,167		—		82,167
Other comprehensive income, net of income taxes	260,247		—		260,247
Balance, September 30, 2020	$	365,243	$	(73)	$	365,170

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