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Stockholders' Equity
 6 Months Ended
Jun. 30, 2023
Equity [Abstract]  
Stockholders’ Equity Stockholders’ Equity
Total stockholders’ equity at June 30, 2023, was $2.07 billion, compared with $2.02 billion at December 31, 2022.
In January 2022, the Company’s Board of Directors approved a share repurchase program that authorized the Company to repurchase up to $50.0 million of its common stock, of which an estimated $35.3 million remained available at June 30, 2023. During the six months ended June 30, 2023, the Company did not repurchase any shares of common stock as part of this program (see Part II, Item 2—“Unregistered Sales of Equity Securities and Use of Proceeds” for additional information).
For the three months ended June 30, 2023 and 2022, the Company paid cash dividends of $0.14 per common share. For the six months ended June 30, 2023 and 2022, the Company paid dividends of $0.28 per common share.
The following table presents the changes to accumulated other comprehensive income for the three and six months ended June 30, 2023 and 2022:
Three Months Ended June 30,Six Months Ended June 30,
2023202220232022
(Dollars in thousands)
Balance at beginning of period$(214,257)$(108,165)$(230,857)$(11,412)
Unrealized net (losses) gains on securities available for sale(31,071)(55,658)144 (196,931)
Unrealized net losses on securities available for sale transferred to held to maturity— (36,576)— (36,576)
Unrealized net gains on interest rate contracts used for cash flow hedge13,653 2,006 7,715 6,008 
Reclassification adjustments for net (gains) losses realized in net income
(3,322)(38)(5,060)26 
Tax effect6,113 26,724 (826)67,178 
Other comprehensive (loss) income, net of tax(14,627)(63,542)1,973 (160,295)
Balance at end of period$(228,884)$(171,707)$(228,884)$(171,707)

Reclassifications for net gains and losses realized in net income for the three and six months ended June 30, 2023 and 2022, related to net gains on interest rate contracts designated as cash flow hedges and amortization on unrealized loss from transferred investment securities to HTM. Gains and losses on interest rate contracts are recorded in interest expense in the Consolidated Statements of Income. The unrealized holding loss at the date of transfer on securities HTM will continue to be reported, net of taxes, in accumulated other comprehensive income (“AOCI”) as a component of stockholders’ equity and be amortized over the remaining life of the securities as an adjustment of yield, offsetting the impact on yield of the corresponding discount amortization.
For the three and six months ended June 30, 2023, the Company recorded reclassification adjustments of $4.1 million and $6.9 million, respectively, from other comprehensive income to interest expense. For the three and six months ended June 30, 2022, the Company recorded reclassification adjustments of $114 thousand and $50 thousand, respectively, from other comprehensive income to interest expense.
For the three and six months ended June 30, 2023, the Company recorded reclassification adjustments of $806 thousand and $1.8 million, respectively, from other comprehensive income to a reduction of interest income to amortize transferred unrealized losses to investment securities HTM, compared with $76 thousand for the three and six months ended June 30, 2022, respectively.