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Stockholders' Equity
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Stockholders’ Equity STOCKHOLDERS’ EQUITY
Total stockholders’ equity at December 31, 2025, was $2.28 billion, compared with $2.13 billion at December 31, 2024. The increase in stockholders’ equity was primarily due to increases in retained earnings from income earned during the year and in AOCI, and stock issued in the Territorial acquisition, offset partially by a decrease from cash dividends paid.
On April 2, 2025, the Company acquired Territorial in an all-stock transaction. Pursuant to the Merger Agreement, Territorial shareholders received 0.8048 shares of the Company’s common stock in exchange for each share of Territorial common stock owned, with cash paid in lieu of fractional shares. The Company issued 6,976,754 shares of the Company’s common stock to Territorial shareholders valued at $73.3 million as part of the transaction, based on the closing price of the Company’s common stock on April 2, 2025. The pre-merger outstanding shares of the Company’s common stock remained outstanding and were not affected by the Merger. See Note 19 “Business Combinations” for additional information regarding the Merger.
In 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, 2025. During the year ended December 31, 2025, 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). In December 2025, the Board of Directors reaffirmed the stock repurchase program.
Dividends
The Company’s Board of Directors approved and the Company paid quarterly dividends of $0.14 per common share in each quarter of 2025 and 2024. The Company paid aggregate dividends of $70.7 million and $67.5 million to common stockholders in 2025 and 2024, respectively.
Accumulated Other Comprehensive Income (Loss)
The following table presents the changes to AOCI for the years ended December 31, 2025, 2024, and 2023:
Year Ended December 31,
202520242023
(Dollars in thousands)
Balance at beginning of period$(227,872)$(204,738)$(230,857)
Change in unrealized net holding gains (losses) on securities AFS76,440 (13,752)32,543 
Change in unrealized net holding (losses) gains on interest rate contracts used in cash flow hedges(1,354)(10,312)17,024 
Reclassification adjustments for net losses (gains) realized in net income36,640 (8,710)(12,514)
Tax effect(32,161)9,640 (10,934)
Other comprehensive income (loss), net of tax79,565 (23,134)26,119 
Balance at end of period$(148,307)$(227,872)$(204,738)
Reclassifications for net gains and losses realized in net income for the years ended December 31, 2025, 2024, and 2023, related to net gains and losses on interest rate contracts designated as cash flow hedges, amortization on unrealized losses from transferred investment securities to HTM and net gains and losses on sales of securities AFS. Gains and losses on interest rate contracts are recorded in interest income and interest expense 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 amortized over the remaining life of the securities as an adjustment to yield.
For the year ended December 31, 2025, the Company reclassified net gains of $4.6 million on interest rate contracts designated as cash flow hedges from other comprehensive loss to net interest income, compared with net gains of $11.3 million and net gains of $16.3 million for the same periods in 2024 and 2023, respectively.
For the year ended December 31, 2025, the Company recorded reclassification adjustments of $3.5 million from other comprehensive income to a reduction of interest income, to amortize transferred unrealized losses to investment securities HTM, compared with $3.5 million and $3.8 million for the same periods in 2024 and 2023, respectively.
For the year ended December 31, 2025 the Company reclassified net losses of $37.7 million on the sale of investment securities from other comprehensive income to noninterest income, compared with net gains of $936 thousand for the same period in 2024. There were no investment securities sold in 2023.