Equity (Tables)

3 Months Ended

Mar. 31, 2023

Changes to Accumulated Other Comprehensive Income by Component

The following table provides a summary of changes to Accumulated other comprehensive income (loss) by component for the three months ended March 31, 2023 and 2022.

Table 18.1 – Changes in Accumulated Other Comprehensive Income (Loss) by Component


	Three Months Ended March 31, 2023				Three Months Ended March 31, 2022
(In Thousands)	Available-for-Sale Securities		Interest Rate Agreements Accounted for as Cash Flow Hedges		Available-for-Sale Securities		Interest Rate Agreements Accounted for as Cash Flow Hedges
Balance at beginning of period	$	3,435	$	(72,303)	$	67,503	$	(76,430)
Other comprehensive income (loss) before reclassifications	5,007		—		(17,873)		—
Amounts reclassified from other accumulated comprehensive income (loss)	(193)		1,018		(692)		1,018
Net current-period other comprehensive income (loss)	4,814		1,018		(18,565)		1,018
Balance at End of Period	$	8,249	$	(71,285)	$	48,938	$	(75,412)

Reclassifications out of Accumulated Other Comprehensive Income

The following table provides a summary of reclassifications out of Accumulated other comprehensive income (loss) for the three months ended March 31, 2023 and 2022.

Table 18.2 – Reclassifications Out of Accumulated Other Comprehensive Income (Loss)



		Amount Reclassified From Accumulated Other Comprehensive (Loss)
	Affected Line Item in the	Three Months Ended March 31,
(In Thousands)	Income Statement	2023		2022
Net Realized (Gain) Loss on AFS Securities
Increase (decrease) in allowance for credit losses on AFS securities	Investment fair value changes, net	$	28	$	705
Gain on sale of AFS securities	Realized gains, net	(221)		(1,397)

		$	(193)	$	(692)
Net Realized Loss on Interest Rate Agreements Designated as Cash Flow Hedges
Amortization of deferred loss	Interest expense	$	1,018	$	1,018
		$	1,018	$	1,018

Basic and Diluted Earnings Per Common Share

The following table provides the basic and diluted earnings per common share computations for the three months ended March 31, 2023 and 2022.

Table 18.3 – Basic and Diluted Earnings per Common Share


	Three Months Ended March 31,
(In Thousands, except Share Data)	2023		2022
Basic Earnings per Common Share:
Net income available to common stockholders	$	3,201	$	30,915
Less: Dividends and undistributed earnings allocated to participating securities	(1,404)		(1,209)
Net income allocated to common stockholders	$	1,797	$	29,706
Basic weighted average common shares outstanding	113,678,911		119,884,172
Basic Earnings per Common Share	$	0.02	$	0.25
Diluted Earnings per Common Share:
Net income available to common stockholders	$	3,201	$	30,915
Less: Dividends and undistributed earnings allocated to participating securities	(1,404)		(1,348)
Add back: Interest expense on convertible notes for the period, net of tax	—		4,582
Net income allocated to common stockholders	$	1,797	$	34,149
Weighted average common shares outstanding	113,678,911		119,884,172
Net effect of dilutive equity awards	455,645		290,831
Net effect of assumed convertible notes conversion to common shares	—		20,331,154
Diluted weighted average common shares outstanding	114,134,556		140,506,157
Diluted Earnings per Common Share	$	0.02	$	0.24