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Shareholders' Equity and Earnings Per Share | 3 Months Ended
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Mar. 31, 2022
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 from October 15, 2020 to, but excluding, July 15, 2025, and from (and including) July 15, 2025 at a floating rate equal to the Five-Year Treasury Rate (as defined in the certificate of designations for the Series E Preferred Stock) plus 6.507%. Other At the January 2022 Board of Directors meeting, a quarterly cash dividend of $0.34 per share ($1.36 on an annualized basis) was declared. It was paid on February 24, 2022 to shareholders of record as of February 10, 2022. 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 January 1, 2022 | $ | 8,724 |  |  | $ | 27,111 |  |  | $ | (31,743) |  |  | $ | 4,092 |
Other comprehensive (loss) income during the period, net of tax, before reclassifications | (151,114) |  |  | 25,023 |  |  | 2,288 |  |  | (123,803) |
Amount reclassified from accumulated other comprehensive income (loss) into net income, net of tax | (183) |  |  | 3,926 |  |  | — |  |  | 3,743 |
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 | (31) |  |  | — |  |  | — |  |  | (31) |
Net other comprehensive (loss) income during the period, net of tax | $ | (151,328) |  |  | $ | 28,949 |  |  | $ | 2,288 |  |  | $ | (120,091) |
Balance at March 31, 2022 | $ | (142,604) |  |  | $ | 56,060 |  |  | $ | (29,455) |  |  | $ | (115,999) |
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 | (44,519) |  |  | 32,345 |  |  | 2,180 |  |  | (9,994) |
Amount reclassified from accumulated other comprehensive income (loss) into net income, net of tax | (154) |  |  | 4,912 |  |  | — |  |  | 4,758 |
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 | (42) |  |  | — |  |  | — |  |  | (42) |
Net other comprehensive (loss) income during the period, net of tax | $ | (44,715) |  |  | $ | 37,257 |  |  | $ | 2,180 |  |  | $ | (5,278) |
Balance at March 31, 2021 | $ | 26,022 |  |  | $ | 14,167 |  |  | $ | (30,085) |  |  | $ | 10,104 |
|  | Amount Reclassified from Accumulated Other Comprehensive Income (Loss) for the |  |
Details Regarding the Component of Accumulated Other Comprehensive Income (Loss) |  | Three Months Ended |  |  |  | Impacted Line on the Consolidated Statements of Income
| March 31, |  |  |
| 2022 |  | 2021 |  |  |  |  |
Accumulated unrealized gains on securities |  |  |  |  |  |  |  |  |  |
Gains included in net income |  | $ | 250 |  |  | $ | 210 |  |  |  |  |  |  | (Losses) gains on investment securities, net
|  | 250 |  |  | 210 |  |  |  |  |  |  | Income before taxes
Tax effect |  | (67) |  |  | (56) |  |  |  |  |  |  | Income tax expense
Net of tax |  | $ | 183 |  |  | $ | 154 |  |  |  |  |  |  | Net income
Accumulated unrealized losses on derivative instruments |  |  |  |  |  |  |  |  |  |
Amount reclassified to interest expense on deposits |  | $ | 4,819 |  |  | $ | 4,897 |  |  |  |  |  |  | Interest on deposits
Amount reclassified to interest expense on other borrowings |  | 534 |  |  | 669 |  |  |  |  |  |  | Interest on other borrowings
Amount reclassified to interest expense on junior subordinated debentures |  | — |  |  | 1,130 |  |  |  |  |  |  | Interest on junior subordinated debentures
|  | (5,353) |  |  | (6,696) |  |  |  |  |  |  | Income before taxes
Tax effect |  | 1,427 |  |  | 1,784 |  |  |  |  |  |  | Income tax expense
Net of tax |  | $ | (3,926) |  |  | $ | (4,912) |  |  |  |  |  |  | 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 |  |
(In thousands, except per share data) |  |  | March 31, 2022 |  | March 31, 2021 |  |  |  |
Net income |  |  | $ | 127,391 |  |  | $ | 153,148 |  |  |  |  |
Less: Preferred stock dividends |  |  | 6,991 |  |  | 6,991 |  |  |  |  |
Net income applicable to common shares | (A) |  | $ | 120,400 |  |  | $ | 146,157 |  |  |  |  |
Weighted average common shares outstanding | (B) |  | 57,196 |  |  | 56,904 |  |  |  |  |
Effect of dilutive potential common shares |  |  |  |  |  |  |  |  |
Common stock equivalents |  |  | 862 |  |  | 681 |  |  |  |  |
Weighted average common shares and effect of dilutive potential common shares | (C) |  | 58,058 |  |  | 57,585 |  |  |  |  |
Net income per common share: |  |  |  |  |  |  |  |  |
Basic | (A/B) |  | $ | 2.11 |  |  | $ | 2.57 |  |  |  |  |
Diluted | (A/C) |  | $ | 2.07 |  |  | $ | 2.54 |  |  |  |  |
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 of inclusion would either reduce the loss per share or increase the income per share.

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