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UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY - USD ($)
$ in Thousands
Total
Cumulative effect accounting adjustment
[1]
Common Stock
Additional Paid in Capital
Retained Earnings
Retained Earnings
Cumulative effect accounting adjustment
[1]
Accumulated Other Comprehensive Loss
Unallocated Common Stock Held by ESOP
Beginning balance (in shares) at Dec. 31, 2022     172,172,073          
Beginning Balance at Dec. 31, 2022 $ 2,471,790 $ 822 $ 1,762 $ 1,649,141 $ 1,881,775 $ 822 $ (923,192) $ (137,696)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Dividends to common shareholders [2] (16,332)       (16,332)      
Issuance of common stock under share-based compensation arrangements (in shares) [3]     156,353          
Issuance of common stock under share-based compensation arrangements [3] (1,163)   $ 2 (1,165)        
Share-based compensation 3,044     3,044        
Net loss (194,096)       (194,096)      
Other comprehensive income, net of tax 313,328           313,328  
ESOP shares committed to be released 1,730     504       1,226
Ending balance (in shares) at Mar. 31, 2023     172,328,426          
Ending balance at Mar. 31, 2023 $ 2,579,123   $ 1,764 1,651,524 1,672,169   (609,864) (136,470)
Beginning balance (in shares) at Dec. 31, 2023 176,426,993   176,426,993          
Beginning Balance at Dec. 31, 2023 $ 2,974,855   $ 1,767 1,666,441 2,047,754   (608,352) (132,755)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Dividends to common shareholders [2] (18,086)       (18,086)      
Issuance of common stock under share-based compensation arrangements (in shares)     204,484          
Issuance of common stock under share-based compensation arrangements (1,262) [3]   $ 2 (1,264)        
Share-based compensation 3,589     3,589        
Net loss 38,647       38,647      
Other comprehensive income, net of tax (46,522)           (46,522)  
ESOP shares committed to be released $ 1,610     367       1,243
Ending balance (in shares) at Mar. 31, 2024 176,631,477   176,631,477          
Ending balance at Mar. 31, 2024 $ 2,952,831   $ 1,769 $ 1,669,133 $ 2,068,315   $ (654,874) $ (131,512)
[1] Represents gross transition adjustment amount of $1.1 million, net of taxes of $0.3 million, to reflect the cumulative impact on retained earnings pursuant to the Company’s adoption of Accounting Standards Update 2022-02. Refer to Note 4, “Loans and Allowance for Credit Losses” within the Notes to the Unaudited Consolidated Financial Statements included in Part I, Item 1 in this Quarterly Report on Form 10-Q for additional discussion.
[2] The Company declared quarterly cash dividends of $0.11 and $0.10 per share of common stock during the three months ended March 31, 2024 and 2023, respectively.
[3] Represents shares issued, net of employee tax withheld upon the vesting of restricted stock units. Refer to Note 8, “Employee Benefits” within the Notes to the Unaudited Consolidated Financial Statements included in Part I, Item 1 in this Quarterly Report on Form 10-Q for additional discussion.