Accumulated Other Comprehensive Income or Loss and Earnings Per Share

3 Months Ended

Mar. 31, 2025

Equity [Abstract]

Accumulated Other Comprehensive Income or Loss and Earnings Per Share

Accumulated Other Comprehensive Income or Loss and Earnings Per Share

Accumulated Other Comprehensive Income or Loss

The following tables summarize the components of other comprehensive income or loss, including the related income tax effects, and the related amount reclassified to net income for the periods presented:

(In thousands)	Accumulated Unrealized (Losses) Gains on Securities		Accumulated Unrealized Gains (Losses) on Derivative Instruments		Accumulated Foreign Currency Translation Adjustments		Total Accumulated Other Comprehensive (Loss) Income
Balance at January 1, 2025	$	(429,580)	$	(11,227)	$	(67,528)	$	(508,335)
Other comprehensive income (loss) during the period, net of tax, before reclassifications	55,371		38,722		(240)		93,853
Amount reclassified from accumulated other comprehensive income or loss into net income, net of tax	223		4,252		—		4,475
Amount reclassified from accumulated other comprehensive income or loss related to amortization of unrealized losses on investment securities transferred to held-to-maturity from available-for-sale, net of tax	(8)		—		—		(8)
Net other comprehensive income (loss) during the period, net of tax	$	55,586	$	42,974	$	(240)	$	98,320
Balance at March 31, 2025	$	(373,994)	$	31,747	$	(67,768)	$	(410,015)

Balance at January 1, 2024	$	(350,697)	$	32,049	$	(42,583)	$	(361,231)
Other comprehensive loss during the period, net of tax, before reclassifications	(57,287)		(74,954)		(6,234)		(138,475)
Amount reclassified from accumulated other comprehensive income or loss into net income, net of tax	19		14,576		—		14,595
Amount reclassified from accumulated other comprehensive income or loss related to amortization of unrealized losses on investment securities transferred to held-to-maturity from available-for-sale, net of tax	(37)		—		—		(37)
Net other comprehensive loss during the period, net of tax	$	(57,305)	$	(60,378)	$	(6,234)	$	(123,917)
Balance at March 31, 2024	$	(408,002)	$	(28,329)	$	(48,817)	$	(485,148)

(In thousands)	Amount Reclassified from Accumulated Other Comprehensive Income or Loss for the
Details Regarding the Component of Accumulated Other Comprehensive Income or Loss	Three Months Ended				Impacted Line on the Consolidated Statements of Income
	March 31,
	2025		2024
Accumulated unrealized losses on securities
Losses included in net income	$	(301)	$	(26)	Gains on investment securities, net
	(301)		(26)		Income before taxes
Tax effect	78		7		Income tax expense
Net of tax	$	(223)	$	(19)	Net income
Accumulated unrealized losses on derivative instruments
Amount reclassified to interest income on loans	$	9,071	$	24,475	Interest on Loans
Amount reclassified to interest expense on deposits	(3,325)		(4,657)		Interest on deposits
	(5,746)		(19,818)		Income before taxes
Tax effect	1,494		5,242		Income tax expense
Net of tax	$	(4,252)	$	(14,576)	Net income

Earnings per Share

The following table shows the computation of basic and diluted earnings per share for the periods indicated:

		Three Months Ended
(Dollars in thousands, except per share data)		March 31, 2025		March 31, 2024
Net income		$	189,039	$	187,294
Less: Preferred stock dividends		6,991		6,991
Net income applicable to common shares	(A)	$	182,048	$	180,303
Weighted average common shares outstanding	(B)	66,726		61,481
Effect of dilutive potential common shares
Common stock equivalents		923		928
Weighted average common shares and effect of dilutive potential common shares	(C)	67,649		62,409
Net income per common share:
Basic	(A/B)	$	2.73	$	2.93
Diluted	(A/C)	$	2.69	$	2.89

Potentially dilutive common shares can result from stock options, restricted stock unit awards 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 of inclusion would either reduce the loss per share or increase the income per share.

At the January 2025 meeting of the board of directors of the Company (the “Board of Directors”), a quarterly cash dividend of $0.50 per share ($2.00 on an annualized basis) was declared. It was paid on February 20, 2025 to shareholders of record as of February 6, 2025