Shareholders' Equity and Other Comprehensive Income (Tables)

12 Months Ended

Dec. 31, 2021

Stockholders' Equity Note [Abstract]

Schedule of Change in Preferred and Common Shares Issued and Common Shares Held as Treasury Shares

The following table shows the changes in shares of preferred and common stock issued and common stock held as treasury shares for the years ended December 31, 2021, 2020, and 2019.


(shares in thousands)	Series D Preferred Stock Issued	Series E Preferred Stock Issued	Total Preferred Stock Issued	Common Stock Issued	Treasury Stock Held	Common Stock Outstanding
Balance at December 31, 2018	8,000	—	8,000	143,300	27,434	115,866
FCB acquisition:
Issuance of common stock for acquisition	—	—	—	22,043	—	22,043
Common stock reissued	—	—	—	—	(27,434)	27,434
Warrants exercised and common stock reissued	—	—	—	—	(260)	260
Issuance of preferred stock	—	14,000	14,000	—	—	—
Issuance of common stock for earnout payment	—	—	—	344	—	344
Restricted share unit activity	—	—	—	302	—	302
Stock options exercised	—	—	—	812	—	812
Repurchase of common stock	—	—	—	—	19,903	(19,903)
Balance at December 31, 2019	8,000	14,000	22,000	166,801	19,643	147,158
Issuance of common stock for earnout payment	—	—	—	379	—	379
Restricted share unit activity	—	—	—	389	—	389
Stock options exercised	—	—	—	564	—	564
Repurchase of common stock	—	—	—	—	450	(450)
Balance at December 31, 2020	8,000	14,000	22,000	168,133	20,093	148,040
Warrants exercised and common stock reissued	—	—	—	—	(3)	3
Common stock reissued for earnout payment	—	—	—	—	(125)	125
Restricted share unit activity	—	—	—	355	—	355
Stock options exercised	—	—	—	896	—	896
Repurchase of common stock	—	—	—	—	4,409	(4,409)
Balance at December 31, 2021	8,000	14,000	22,000	169,384	24,374	145,010

Schedule of Preferred Stock

The following table presents a summary of Preferred Stock as of December 31, 2021, 2020, and 2019.

Issuance Date

Public Offering Amount

Net Proceeds

Earliest Redemption Date

Dividend Rate(1)

Liquidation Preference

Series D

June 21, 2018

$200.0

million

$195.1

million

June 21, 2023

6.300

(2)

$25 per share

Series E

July 1, 2019

$350.0

million

$342.0

million

July 1, 2024

5.875

(3)

$25 per share

(1) Dividends on all series of Preferred Stock are non-cumulative and, if declared, will accrue and be payable in arrears, quarterly.

(2) Dividends, if declared, will be paid quarterly at a rate per annum equal to 6.300% for each dividend period from the original issue date to, but excluding, June 21, 2023. From and including June 21, 2023, the dividend rate will change to a floating rate equal to the three-month LIBOR plus a spread of 3.352% per annum.

(3) Dividends, if declared, will be paid quarterly at a rate per annum equal to 5.875% for each dividend period from the original issue date to, but excluding, July 1, 2024. From and including July 1, 2024, the dividend rate will change and reset every five years on July 1 at a rate equal to the five-year U.S. Treasury Rate plus 4.127% per annum.

Schedule of Changes in Accumulated Other Comprehensive Income (Loss)

The following table illustrates activity within the balances in AOCI by component, and is shown for the years ended December 31, 2021, 2020, and 2019.


Changes in Accumulated Other Comprehensive Income (Loss) by Component (Net of Income Taxes)
(in thousands)	Net Unrealized Gains (Losses) on Investment Securities Available for Sale(1)		Net Unrealized Gains (Losses) on Cash Flow Hedges(1)		Post-Retirement Unfunded Health Benefit		Total
Balance at December 31, 2018	$	(83,179)	$	(12,137)	$	896	$	(94,420)
Other comprehensive income (loss) before reclassifications	161,170		(6,350)		(378)		154,442
Amounts reclassified from accumulated other comprehensive income (loss)	5,675		—		(56)		5,619
Net current period other comprehensive income (loss)	166,845		(6,350)		(434)		160,061
Balance at December 31, 2019	$	83,666	$	(18,487)	$	462	$	65,641
Other comprehensive income (loss) before reclassifications	80,491		73,502		—		153,993
Amounts reclassified from accumulated other comprehensive income (loss)	(58,488)		(2,049)		(462)		(60,999)
Net current period other comprehensive income (loss)	22,003		71,453		(462)		92,994
Balance at December 31, 2020	$	105,669	$	52,966	$	—	$	158,635
Other comprehensive income (loss) before reclassifications	(174,246)		(57,705)		—		(231,951)
Amounts reclassified from accumulated other comprehensive income (loss)	597		(9,602)		—		(9,005)
Net current period other comprehensive income (loss)	(173,649)		(67,307)		—		(240,956)
Balance at December 31, 2021	$	(67,980)	$	(14,341)	$	—	$	(82,321)

(1) For all periods presented, the ending balance in net unrealized gains (losses) on investment securities available for sale and cash flow hedges includes unrealized losses of $13.3 million and $12.1 million, respectively, related to residual tax effects remaining in OCI due to previously established deferred tax asset valuation allowances in 2010 and 2011. In accordance with ASC 740-20-45-11(b), under the portfolio approach, these unrealized losses are realized at the time the entire portfolio is sold or disposed.