Shareholders' Equity

3 Months Ended

Mar. 31, 2023

Stockholders' Equity Note [Abstract]

Shareholders' Equity [Text Block]

Shareholders' Equity

On May 2, 2023, the Company declared a quarterly cash dividend of $0.54 per common share payable on or about May 30, 2023 to shareholders of record as of May 15, 2023.

Dividends declared were $0.54 per share during the three months ended March 31, 2023 and $0.53 per share during the three months ended March 31, 2022.

Accumulated Other Comprehensive Income (Loss)

AOCI includes unrealized gains and losses on available for sale ("AFS") securities. AOCI also includes unrealized losses on AFS securities that were transferred from AFS to investment securities in the second quarter of 2022. Such amounts are being amortized over the estimated remaining life of the security as an adjustment to yield, offsetting the related amortization of premium on the transferred securities. 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		Investment Securities Transferred from AFS		Employee Benefit Plans		Total
Balance, Dec. 31, 2021	$	69,775	$	—	$	2,596	$	72,371
Net change in unrealized gain (loss)	(639,041)		—		—		(639,041)
Reclassification adjustments included in earnings:
Gain on available for sale securities, net	(937)		—		—		(937)
Other comprehensive loss, before income taxes	(639,978)		—		—		(639,978)
Federal and state income taxes	(149,781)		—		—		(149,781)
Other comprehensive loss, net of income taxes	(490,197)		—		—		(490,197)
Balance, March 31, 2022	$	(420,422)	$	—	$	2,596	$	(417,826)
Balance, Dec. 31, 2022	$	(664,618)	$	(172,337)	$	—	$	(836,955)
Net change in unrealized gain (loss)	124,045		—		—		124,045
Interest revenue, Investment securities	—		16,051		—		16,051
Other comprehensive loss, before income taxes	124,045		16,051		—		140,096
Federal and state income taxes	28,179		3,516		—		31,695
Other comprehensive income, net of income taxes	95,866		12,535		—		108,401
Balance, March 31, 2023	$	(568,752)	$	(159,802)	$	—	$	(728,554)