Shareholders' Equity

9 Months Ended

Sep. 30, 2023

Stockholders' Equity Note [Abstract]

Shareholders' Equity [Text Block]

Shareholders' Equity

On October 31, 2023, the Company declared a quarterly cash dividend of $0.55 per common share payable on or about November 30, 2023 to shareholders of record as of November 15, 2023.

Dividends declared were $0.54 and $1.62 per share during the three and nine months ended September 30, 2023 and $0.53 and $1.59 per share during the three and nine months ended September 30, 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)	(1,293,661)		—		—		(1,293,661)
Transfer of net unrealized loss from AFS to investment securities	267,509		(267,509)		—		—
Reclassification adjustments included in earnings:
Interest revenue, Investment securities	—		24,130		—		24,130
Operating expense, Personnel	—		—		(3,483)		(3,483)
Gain on available for sale securities, net	(3,017)		—		—		(3,017)
Other comprehensive loss, before income taxes	(1,029,169)		(243,379)		(3,483)		(1,276,031)
Federal and state income taxes	(240,868)		(56,960)		(887)		(298,715)
Other comprehensive loss, net of income taxes	(788,301)		(186,419)		(2,596)		(977,316)
Balance, September 30, 2022	$	(718,526)	$	(186,419)	$	—	$	(904,945)
Balance, Dec. 31, 2022	$	(664,618)	$	(172,337)	$	—	$	(836,955)
Net change in unrealized gain (loss)	(171,977)		—		—		(171,977)
Reclassification adjustments included in earnings:
Interest revenue, Investment securities	—		46,996		—		46,996
Loss on available for sale securities, net	3,010		—		—		3,010
Other comprehensive income (loss), before income taxes	(168,967)		46,996		—		(121,971)
Federal and state income taxes	(40,735)		10,794		—		(29,941)
Other comprehensive income (loss), net of income taxes	(128,232)		36,202		—		(92,030)
Balance, September 30, 2023	$	(792,850)	$	(136,135)	$	—	$	(928,985)