XML 23 R16.htm IDEA: XBRL DOCUMENT
v3.24.2.u1

Stockholders' Equity | 6 Months Ended
--- | ---
Jun. 30, 2024
Stockholders' Equity Note [Abstract] |
Stockholders' Equity | 7. Stockholders’ Equity Common Shares Outstanding Common shares outstanding excludes treasury shares totaling 6.3 million at both June 30, 2024 and December 31, 2023, with a first-in-first-out cost basis of $241.9 million and $236.7 million at June 30, 2024 and December 31, 2023, respectively. Shares outstanding also excludes unvested restricted share awards totaling $0.3 million at both June 30, 2024 and December 31, 2023. Stock Buyback Program On January 26, 2023, the Company’s board of directors approved a stock buyback program whereby the Company is authorized to repurchase up to approximately 4.3 million shares of its outstanding common stock through the program’s expiration date of December 31, 2024. The program allows the Company to repurchase its common shares in the open market, by block purchase, through accelerated share repurchase programs, in privately negotiated transactions, or otherwise, in one or more transactions from time to time, depending on market conditions and other factors, and in accordance with applicable regulations of the Securities and Exchange Commission. The Company is not obligated to purchase any shares under this program, and the board of directors has the ability to terminate or amend the program at any time prior to the expiration date. Under this program, the Company has repurchased 312,993 shares of its common stock at an average cost of $46.72 per share, inclusive of commissions, all of which were repurchased during the second quarter of 2024. Accumulated Other Comprehensive Income (Loss) A roll-forward of the components of Accumulated Other Comprehensive Income (Loss) is presented in the table that follows:
($ in thousands) | Available for Sale Securities |  | HTM Securities Transferred from AFS |  | Employee Benefit Plans |  | Cash Flow Hedges |  | Equity Method Investment |  | Total |
Balance, December 31, 2023 | $ | (450,748 | ) | $ | (9,385 | ) | $ | (103,061 | ) | $ | (58,306 | ) | $ | 373 |  | $ | (621,127 | )
Net change in unrealized loss |  | (59,111 | ) |  | — |  |  | — |  |  | (38,696 | ) |  | (344 | ) |  | (98,151 | )
Reclassification of net loss realized and included in earnings |  | — |  |  | — |  |  | 2,254 |  |  | 25,471 |  |  | — |  |  | 27,725 |
Valuation adjustments to employee benefit plans |  | — |  |  | — |  |  | 22,014 |  |  | — |  |  | — |  |  | 22,014 |
Amortization of unrealized net loss on securities transferred to HTM |  | — |  |  | 818 |  |  | — |  |  | — |  |  | — |  |  | 818 |
Income tax (expense) benefit |  | 13,450 |  |  | (184 | ) |  | (5,453 | ) |  | 2,972 |  |  | — |  |  | 10,785 |
Balance, June 30, 2024 | $ | (496,409 | ) | $ | (8,751 | ) | $ | (84,246 | ) | $ | (68,559 | ) | $ | 29 |  | $ | (657,936 | )
Balance, December 31, 2022 | $ | (584,408 | ) | $ | (10,734 | ) | $ | (97,952 | ) | $ | (79,093 | ) | $ | 5 |  | $ | (772,182 | )
Net change in unrealized gain (loss) |  | 17,678 |  |  | — |  |  | — |  |  | (20,943 | ) |  | 706 |  |  | (2,559 | )
Reclassification of net loss realized and included in earnings |  | — |  |  | — |  |  | 3,272 |  |  | 17,493 |  |  | — |  |  | 20,765 |
Valuation adjustments to employee benefit plans |  | — |  |  | — |  |  | (7,521 | ) |  | — |  |  | — |  |  | (7,521 | )
Amortization of unrealized net loss on securities transferred to HTM |  | — |  |  | 922 |  |  | — |  |  | — |  |  | — |  |  | 922 |
Income tax (expense) benefit |  | (3,737 | ) |  | (207 | ) |  | 956 |  |  | 777 |  |  | — |  |  | (2,211 | )
Balance, June 30, 2023 | $ | (570,467 | ) | $ | (10,019 | ) | $ | (101,245 | ) | $ | (81,766 | ) | $ | 711 |  | $ | (762,786 | )
Accumulated Other Comprehensive Income or Loss (“AOCI”) is reported as a component of stockholders’ equity. AOCI can include, among other items, unrealized holding gains and losses on securities available for sale (“AFS”), including the Company’s share of unrealized gains and losses reported by a partnership accounted for under the equity method, gains and losses associated with pension or other post-retirement benefits that are not recognized immediately as a component of net periodic benefit cost, and gains and losses on derivative instruments that are designated as, and qualify as, cash flow hedges. Net unrealized gains and losses on AFS securities reclassified as securities held to maturity (“HTM”) also continue to be reported as a component of AOCI and will be amortized over the estimated remaining life of the securities as an adjustment to interest income. Subject to certain thresholds, unrealized losses on employee benefit plans will be reclassified into income as pension and post-retirement costs are recognized over the remaining service period of plan participants. Accumulated gains or losses on cash flow hedges of variable rate loans described in Note 6 - Derivatives will be reclassified into income over the life of the hedge. Accumulated other comprehensive loss resulting from the terminated interest rate swaps are being amortized over the remaining maturities of the designated instruments. Gains and losses within AOCI are net of deferred income taxes, where applicable. The following table shows the line items in the consolidated statements of income affected by amounts reclassified from AOCI.
﻿ |  | Six Months Ended |  |  |
Amount reclassified from AOCI (a) |  | June 30, |  |  | Affected line item on
($ in thousands) |  | 2024 |  |  | 2023 |  |  | the statement of income
Amortization of unrealized net loss on securities transferred to HTM |  | $ | (818 | ) |  | $ | (922 | ) |  | Interest income
Tax effect |  |  | 184 |  |  |  | 207 |  |  | Income taxes
Net of tax |  |  | (634 | ) |  |  | (715 | ) |  | Net income
Amortization of defined benefit pension and post-retirement items |  |  | (2,254 | ) |  |  | (3,272 | ) |  | Other noninterest expense (b)
Tax effect |  |  | 506 |  |  |  | 736 |  |  | Income taxes
Net of tax |  |  | (1,748 | ) |  |  | (2,536 | ) |  | Net income
Reclassification of unrealized loss on cash flow hedges |  |  | (25,281 | ) |  |  | (21,994 | ) |  | Interest income
Tax effect |  |  | 5,681 |  |  |  | 4,953 |  |  | Income taxes
Net of tax |  |  | (19,600 | ) |  |  | (17,041 | ) |  | Net income
Amortization of gain (loss) on terminated cash flow hedges |  |  | (190 | ) |  |  | 4,501 |  |  | Interest income
Tax effect |  |  | 43 |  |  |  | (1,014 | ) |  | Income taxes
Net of tax |  |  | (147 | ) |  |  | 3,487 |  |  | Net income
Total reclassifications, net of tax |  | $ | (22,129 | ) |  | $ | (16,805 | ) |  | Net income
(a) Amounts in parentheses indicate reduction in net income. (b) These AOCI components are included in the computation of net periodic pension and post-retirement cost that is reported with other noninterest expense (see Note 11 – Retirement Plans for additional details).

X
- References No definition available. + Details
Name: | us-gaap_StockholdersEquityNoteAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for equity. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-13 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-13 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-14 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 235 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481062/946-235-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 235 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481062/946-235-50-2 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 505 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481004/946-505-50-6 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480237/815-40-50-6 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(e)(1)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//505/tableOfContent Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-13 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-13 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-13 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-14 Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-14 Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 16 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-16 Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 18 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-18 Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 18 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-18 Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 18 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-18 + Details
Name: | us-gaap_StockholdersEquityNoteDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration