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Shareholders' Equity | 12 Months Ended
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Dec. 31, 2023
Accumulated Other Comprehensive Income [Abstract] |
Stockholders' Equity |
NOTE 15 - SHAREHOLDERS' EQUITY
Preferred Stock On October 29, 2020, the Corporation issued 8.0 million depositary shares ("Depositary Shares"), each representing a 1/40 th interest in a share of the Corporation's 5.125% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A, of which 200,000 are authorized and issued, with a liquidation preference of $1,000 per share (equivalent to $25.00 per Depositary Share), for an aggregate offering amount of $200 million. The preferred stock is redeemable, at the Corporation's option, in whole or in part, on and after January 15, 2026, and redeemable in whole, but not in part, prior to January 15, 2026 within 90 days following the occurrence of a regulatory capital treatment event. Stock Reissuance On July 1, 2022, the Corporation reissued 6,208,516 shares of common stock that had been held as Treasury stock in connection with the Merger. Accumulated Other Comprehensive Income (Loss) The following table presents the components of other comprehensive income (loss) for the years ended December 31:
| Before-Tax Amount |  | Tax Effect |  | Net of Tax Amount
| (dollars in thousands)
2023 |  |  |  |  |
Unrealized gain (loss) on securities | $ | 46,572 |  |  | $ | (10,549) |  |  | $ | 36,023 |
Reclassification adjustment for securities gains (losses) included in net income(1) | (733) |  |  | 166 |  |  | (567) |
Amortization of net unrealized gains (losses) on AFS transferred to HTM(2) | 7,644 |  |  | (1,731) |  |  | 5,913 |
Net unrealized holding gains (loss) arising during the period on interest rate derivatives used in cash flow hedges | 9,048 |  |  | (2,050) |  |  | 6,998 |
Reclassification adjustment for net loss (gain) realized in net income on interest rate derivatives used in cash flow hedges | 25,850 |  |  | (5,855) |  |  | 19,995 |
Unrecognized pension and postretirement income (cost) | 6,162 |  |  | (1,385) |  |  | 4,777 |
Amortization of net unrecognized pension and postretirement items(3) | 73 |  |  | (16) |  |  | 57 |
Total Other Comprehensive Income | $ | 94,616 |  |  | $ | (21,420) |  |  | $ | 73,196 |
2022 |  |  |  |  |
Unrealized gain (loss) on securities | $ | (403,606) |  |  | $ | 91,437 |  |  | $ | (312,169) |
Reclassification adjustment for securities gains (losses) included in net income(1) | (27) |  |  | 7 |  |  | (20) |
Amortization of net unrealized gains (losses) on AFS transferred to HTM(2) | (57,509) |  |  | 13,026 |  |  | (44,483) |
Net unrealized holding gain (loss) arising during the period on interest rate derivatives used in cash flow hedges | (81,400) |  |  | 18,437 |  |  | (62,963) |
Reclassification adjustment for net loss (gain) realized in net income on interest rate derivatives used in cash flow hedges | 7,761 |  |  | (1,757) |  |  | 6,004 |
Unrecognized pension and postretirement income (cost) | 825 |  |  | (181) |  |  | 644 |
Amortization of net unrecognized pension and postretirement items(3) | 128 |  |  | (28) |  |  | 100 |
Total Other Comprehensive (Loss) | $ | (533,828) |  |  | $ | 120,941 |  |  | $ | (412,887) |
2021 |  |  |  |  |
Unrealized gain (loss) on securities | $ | (23,222) |  |  | $ | 5,274 |  |  | $ | (17,948) |
Reclassification adjustment for securities gains (losses) included in net income(1) | (33,516) |  |  | 7,611 |  |  | (25,905) |
Amortization of net unrealized gains (losses) on AFS transferred to HTM(2) | 3,485 |  |  | (795) |  |  | 2,690 |
Net unrealized holding gains (loss) arising during the period on interest rate derivatives used in cash flow hedges | (3,452) |  |  | 782 |  |  | (2,670) |
Reclassification adjustment for net loss realized in net income on interest rate swaps used in cash flow hedges | (2,776) |  |  | 629 |  |  | (2,147) |
Unrecognized pension and postretirement income (cost) | 9,147 |  |  | (2,003) |  |  | 7,144 |
Amortization of net unrecognized pension and postretirement items(3) | 1,480 |  |  | (324) |  |  | 1,156 |
Total Other Comprehensive Income (Loss) | $ | (48,854) |  |  | $ | 11,174 |  |  | $ | (37,680) |
A (1) Amounts reclassified out of AOCI. Before-tax amounts included in "Investment securities gains, net" on the Consolidated Statements of Income. See "Note 4 - Investment Securities," for additional details. (2) Amounts reclassified out of AOCI. Before-tax amounts included as a reduction to "Interest Income" on the Consolidated Statements of Income. (3) Amounts reclassified out of AOCI. Before-tax amounts included in "Salaries and employee benefits" on the Consolidated Statements of Income. See "Note 17 - Employee Benefit Plans," for additional details. The following table presents changes in each component of accumulated other comprehensive income (loss), net of tax, for the years ended December 31:
| Unrealized Gains (Losses) on Investment Securities |  | Net Unrealized Gain (Loss) on Interest Rate Derivatives used in Cash Flow Hedges |  | Unrecognized Pension and Postretirement Plan Income (Costs) |  | Total
| (dollars in thousands)
Balance at December 31, 2020 | $ | 81,604 |  |  | $ | — |  |  | $ | (16,513) |  |  | $ | 65,091 |
OCI before reclassifications | (17,948) |  |  | — |  |  | 7,144 |  |  | (10,804) |
Amounts reclassified from AOCI gain (loss) | (25,905) |  |  | (4,817) |  |  | 1,156 |  |  | (29,566) |
Amortization of net unrealized gains (losses) on AFS securities transferred to HTM | 2,690 |  |  | — |  |  | — |  |  | 2,690 |
Balance at December 31, 2021 | 40,441 |  |  | (4,817) |  |  | (8,213) |  |  | 27,411 |
OCI before reclassifications | (312,169) |  |  | (62,963) |  |  | 644 |  |  | (374,488) |
Amounts reclassified from AOCI | (20) |  |  | 6,004 |  |  | 100 |  |  | 6,084 |
Amortization of net unrealized gains (losses) on AFS securities transferred to HTM | (44,483) |  |  | — |  |  | — |  |  | (44,483) |
Balance at December 31, 2022 | (316,231) |  |  | (61,776) |  |  | (7,469) |  |  | (385,476) |
OCI before reclassifications | 36,023 |  |  | 6,998 |  |  | 4,777 |  |  | 47,798 |
Amounts reclassified from AOCI | (567) |  |  | 19,995 |  |  | 57 |  |  | 19,485 |
Amortization of net unrealized gains (losses) on AFS securities transferred to HTM | 5,913 |  |  | — |  |  | — |  |  | 5,913 |
Balance at December 31, 2023 | $ | (274,862) |  |  | $ | (34,783) |  |  | $ | (2,635) |  |  | $ | (312,280) |
Common Stock Repurchase Programs On December 19, 2023, the Corporation announced that its Board of Directors approved the 2024 Repurchase Program. The 2024 Repurchase Program will expire on December 31, 2024. Under the 2024 Repurchase Program, the Corporation is authorized to repurchase up to $125.0 million of shares of its common stock. Under this authorization, up to $25.0 million of the $125 million authorization may be used to repurchase the Corporation's Preferred Stock and outstanding subordinated notes through December 31, 2024. The 2024 Repurchase Program may be discontinued at any time. On December 20, 2022, the Corporation announced that its Board of Directors approved the 2023 Repurchase Program. Under the 2023 Repurchase Program, the Corporation is authorized to repurchase up to $100.0 million of its common stock, or approximately 3.6% of its outstanding shares, through December 31, 2023. During 2023, 5.0 million shares were repurchased at a total cost of $77.1 million or $15.32 per share, under t he 2023 Repurchase Program. On March 21, 2022, the Corporation announced that its Board of Directors approved the repurchase of up to $75 million of shares of the Corporation's common stock commencing on April 1, 2022 and expiring on December 31, 2022. No shares of the Corporation's common stock were repurchased under this program during 2022. On February 9, 2021, the Corporation announced that its Board of Directors approved the share repurchase of up to $75.0 million of the Corporation's common stock through December 31, 2021. On November 19, 2021, the Corporation announced that its Board of Directors approved the extension of this program through March 31, 2022. During 2021, 2.8 million shares were repurchased at a total cost of $43.9 million, or $15.65 per share, under this program. No shares of the Corporation's common stock were repurchased under this program during 2022. Under these repurchase programs, repurchased shares are added to treasury stock, at cost. As permitted by securities laws and other legal requirements, and subject to market conditions and other factors, purchases may be made from time to time in open market or privately negotiated transactions, including, without limitation, through accelerated share repurchase transactions.

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