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Shareholders' Equity and Earnings Per Share
 9 Months Ended
Sep. 30, 2021
Earnings Per Share, Basic and Diluted, Other Disclosures [Abstract]  
Shareholders' Equity and Earnings Per Share Shareholders’ Equity and Earnings Per Share
Series D Preferred Stock

In June 2015, the Company issued and sold 5,000,000 shares of fixed-to-floating non-cumulative perpetual preferred stock, Series D, liquidation preference $25 per share (the “Series D Preferred Stock”) for $125.0 million in a public offering. When, as and if declared, dividends on the Series D Preferred Stock are payable quarterly in arrears at a fixed rate of 6.50% per annum from the original issuance date to, but excluding, July 15, 2025, and from (and including) that date at a floating rate equal to three-month LIBOR plus a spread of 4.06% per annum.

Series E Preferred Stock

In May 2020, the Company issued 11,500 shares of fixed-rate reset non-cumulative perpetual preferred stock, Series E, liquidation preference $25,000 per share (the “Series E Preferred Stock”) as part of a $287.5 million public offering of 11,500,000 depositary shares, each representing a 1/1,000th interest in a share of Series E Preferred Stock. When, as and if declared, dividends on the Series E Preferred Stock are payable quarterly in arrears at a fixed rate of 6.875% per annum starting on October 15, 2020.

Other

At the January 2021 Board of Directors meeting, a quarterly cash dividend of $0.31 per share ($1.24 on an annualized basis) was declared. It was paid on February 25, 2021 to shareholders of record as of February 11, 2021. At the April 2021 Board of Directors meeting, a quarterly cash dividend of $0.31 per share ($1.24 on an annualized basis) was declared. It was paid on May 20, 2021 to shareholders of record as of May 6, 2021. At the July 2021 Board of Directors meeting, a quarterly cash dividend of $0.31 per share ($1.24 on an annualized basis) was declared. It was paid on August 19, 2021 to shareholders of record as of August 5, 2021.
Accumulated Other Comprehensive Income (Loss)

The following tables summarize the components of other comprehensive income (loss), including the related income tax effects, and the related amount reclassified to net income for the periods presented (in thousands).
Accumulated
Unrealized
Gains (Losses)
on Securities		Accumulated
Unrealized Gains (Losses) on
Derivative
Instruments		Accumulated
Foreign
Currency
Translation
Adjustments		Total
Accumulated
Other
Comprehensive
Income (Loss)
Balance at July 1, 2021$30,189 $7,720 $(27,776)$10,133 
Other comprehensive (loss) income during the period, net of tax, before reclassifications(10,374)1,631 (4,650)(13,393)
Amount reclassified from accumulated other comprehensive income (loss) into net income, net of tax(256)4,973 — 4,717 
Amount reclassified from accumulated other comprehensive income (loss) related to amortization of unrealized gains on investment securities transferred to held-to-maturity from available-for-sale, net of tax(40)— — (40)
Net other comprehensive (loss) income during the period, net of tax$(10,670)$6,604 $(4,650)$(8,716)
Balance at September 30, 2021$19,519 $14,324 $(32,426)$1,417 
Balance at January 1, 2021$70,737 $(23,090)$(32,265)$15,382 
Other comprehensive (loss) income during the period, net of tax, before reclassifications(50,265)22,493 (161)(27,933)
Amount reclassified from accumulated other comprehensive income (loss) into net income, net of tax(837)14,921 — 14,084 
Amount reclassified from accumulated other comprehensive income (loss) related to amortization of unrealized gains on investment securities transferred to held-to-maturity from available-for-sale, net of tax(116)— — (116)
Net other comprehensive (loss) income during the period, net of tax$(51,218)$37,414 $(161)$(13,965)
Balance at September 30, 2021$19,519 $14,324 $(32,426)$1,417 
Balance at July 1, 2020 $85,506 $(43,606)$(42,497)$(597)
Other comprehensive (loss) income during the period, net of tax, before reclassifications(10,682)3,466 2,891 (4,325)
Amount reclassified from accumulated other comprehensive income (loss) into net income, net of tax(36)4,157 — 4,121 
Amount reclassified from accumulated other comprehensive income (loss) related to amortization of unrealized gains on investment securities transferred to held-to-maturity from available-for-sale, net of tax(40)— — (40)
Net other comprehensive (loss) income during the period, net of tax$(10,758)$7,623 $2,891 $(244)
Balance at September 30, 2020$74,748 $(35,983)$(39,606)$(841)
Balance at January 1, 2020$14,982 $(13,141)$(36,519)$(34,678)
Other comprehensive income (loss) during the period, net of tax, before reclassifications60,043 (31,796)(3,087)25,160 
Amount reclassified from accumulated other comprehensive income (loss) into net income, net of tax(146)8,954 — 8,808 
Amount reclassified from accumulated other comprehensive income (loss) related to amortization of unrealized gains on investment securities transferred to held-to-maturity from available-for-sale, net of tax(131)— — (131)
Net other comprehensive income (loss) during the period, net of tax$59,766 $(22,842)$(3,087)$33,837 
Balance at September 30, 2020$74,748 $(35,983)$(39,606)$(841)
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) for the
Details Regarding the Component of Accumulated Other Comprehensive Income (Loss)Three Months EndedNine Months EndedImpacted Line on the
Consolidated Statements of Income
September 30,September 30,
2021202020212020
Accumulated unrealized gains on securities
Gains included in net income$350 $50 $1,144 $200 Gains (losses) on investment securities, net
350 50 1,144 200 Income before taxes
Tax effect(94)(14)(307)(54)Income tax expense
Net of tax$256 $36 $837 $146 Net income
Accumulated unrealized gains on derivative instruments
Amount reclassified to interest expense on deposits$4,947 $3,884 $14,898 $8,806 Interest on deposits
Amount reclassified to interest expense on other borrowings636 740 1,958 1,458 Interest on other borrowings
Amount reclassified to interest expense on junior subordinated debentures1,197 1043 3,486 1944 Interest on junior subordinated debentures
(6,780)(5,667)(20,342)(12,208)Income before taxes
Tax effect1,807 1,510 5,421 3,254 Income tax expense
Net of tax$(4,973)$(4,157)$(14,921)$(8,954)Net income

Earnings per Share

The following table shows the computation of basic and diluted earnings per share for the periods indicated:
Three Months EndedNine Months Ended
(In thousands, except per share data)September 30,
2021		September 30,
2020		September 30,
2021		September 30,
2020
Net income$109,137 $107,315 $367,394 $191,786 
Less: Preferred stock dividends6,991 10,286 20,973 14,386 
Net income applicable to common shares(A)$102,146 $97,029 $346,421 $177,400 
Weighted average common shares outstanding(B)57,000 57,597 56,985 57,595 
Effect of dilutive potential common shares
Common stock equivalents753 449 728 469 
Weighted average common shares and effect of dilutive potential common shares(C)57,753 58,046 57,713 58,064 
Net income per common share:
Basic(A/B)$1.79 $1.68 $6.08 $3.08 
Diluted(A/C)$1.77 $1.67 $6.00 $3.06 

Potentially dilutive common shares can result from stock options, restricted stock unit awards, stock warrants and shares to be issued under the Employee Stock Purchase Plan and the Directors Deferred Fee and Stock Plan, being treated as if they had been either exercised or issued, computed by application of the treasury stock method. While potentially dilutive common shares are typically included in the computation of diluted earnings per share, potentially dilutive common shares are excluded from this computation in periods in which the effect would reduce the loss per share or increase the income per share.