Shareholders' Equity

6 Months Ended

Jun. 30, 2024

Stockholders' Equity Note [Abstract]

Shareholders' Equity [Text Block]

Shareholders' Equity

On July 30, 2024, the Company declared a quarterly cash dividend of $0.55 per common share payable on or about August 30, 2024 to shareholders of record as of August 15, 2024.

Dividends declared were $0.55 and $1.10 per share during the three and six months ended June 30, 2024 and $0.54 and $1.08 per share during the three and six months ended June 30, 2023.

Accumulated Other Comprehensive Income (Loss)

AOCI includes unrealized gains and losses on 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		Total
Balance, Dec. 31, 2022	$	(664,618)	$	(172,337)	(836,955)
Net change in unrealized gain (loss)	(36,363)		—		(36,363)
Reclassification adjustments included in earnings:
Interest revenue, Investment securities	—		32,084		32,084
Loss on available for sale securities, net	3,010		—		3,010
Other comprehensive income (loss), before income taxes	(33,353)		32,084		(1,269)
Federal and state income taxes	(8,839)		7,287		(1,552)
Other comprehensive income (loss), net of income taxes	(24,514)		24,797		283
Balance, June 30, 2023	$	(689,132)	$	(147,540)	$	(836,672)
Balance, Dec. 31, 2023	$	(473,212)	$	(125,888)	$	(599,100)
Net change in unrealized gain (loss)	(77,749)		—		(77,749)
Reclassification adjustments included in earnings:
Interest revenue, Investment securities	—		24,210		24,210
Loss on available for sale securities, net	45,137		—		45,137
Other comprehensive income (loss), before income taxes	(32,612)		24,210		(8,402)
Federal and state income taxes	(7,695)		5,695		(2,000)
Other comprehensive income (loss), net of income taxes	(24,917)		18,515		(6,402)
Balance, June 30, 2024	$	(498,129)	$	(107,373)	$	(605,502)