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Stockholders' Equity
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Stockholders’ Equity STOCKHOLDERS’ EQUITY
Total stockholders’ equity at December 31, 2024, was $2.13 billion, compared with $2.12 billion at December 31, 2023. The increase in stockholders’ equity was due primarily to increases in retained earnings from income earned during the year, offset partially by decreases from cash dividends paid and changes to AOCI.
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 $35.3 million remained available at December 31, 2024. During the year ended December 31, 2024, the Company did not repurchase any shares of common stock as part of this program (see Part II, Item 5 “Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities” for additional information). Repurchased shares were recorded as treasury stock and reduced the total number of common stock outstanding.
Dividends
The Company’s Board of Directors approved and the Company paid quarterly dividends of $0.14 per common share in each quarter of 2024 and 2023. The Company paid aggregate dividends of $67.5 million and $67.1 million to common stockholders in 2024 and 2023, respectively.
Accumulated Other Comprehensive Income (Loss)
The following table presents the changes to AOCI for the years ended December 31, 2024, 2023, and 2022:
Year Ended December 31,
202420232022
(Dollars in thousands)
Balance at beginning of period$(204,738)$(230,857)$(11,412)
Unrealized net losses on securities AFS(13,752)32,543 (297,919)
Unrealized net losses on securities AFS transferred to HTM— — (36,576)
Unrealized net (losses) gains on interest rate swaps used for cash flow hedges(10,312)17,024 23,062 
Reclassification adjustments for net (gains) losses realized in net income
(8,710)(12,514)253 
Tax effect9,640 (10,934)91,735 
Other comprehensive (loss) income, net of tax(23,134)26,119 (219,445)
Balance at end of period$(227,872)$(204,738)$(230,857)
Reclassifications for net gains and losses realized in net income for the years ended December 31, 2024, 2023, and 2022, related to net gains on interest rate contracts designated as cash flow hedges and amortization on unrealized losses from transferred investment securities to HTM and net gains on sales of securities AFS. Gains and losses on interest rate contracts are recorded in interest income, interest expense and noninterest income under other income and fees in the Consolidated Statements of Income. The unrealized holding losses at the date of transfer on securities HTM will continue to be reported, net of taxes, in 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 year ended December 31, 2024, the Company reclassified net gains of $11.3 million on interest rate contracts designated as cash flow hedges from other comprehensive loss to net interest income, compared with net gains of $16.3 million and net gains of $2.0 million for the same periods in 2023 and 2022, respectively.
For the year ended December 31, 2024, the Company recorded reclassification adjustments of $3.5 million from other comprehensive loss to a reduction of interest income, to amortize transferred unrealized losses to investment securities HTM, compared with $3.8 million and $2.3 million for the same periods in 2023 and 2022, respectively.
For the year ended December 31, 2024 the Company reclassified net gains of $936 thousand on the sale of investment securities from other comprehensive loss to noninterest income, compared with $0 for the same periods in 2023 and 2022.