Equity (Tables)

6 Months Ended

Jun. 30, 2023

Schedule of Changes to Accumulated Other Comprehensive Income by Component

The following table provides a summary of changes to Accumulated other comprehensive income (loss) by component for the three and six months ended June 30, 2023 and 2022.

Table 18.1 – Changes in Accumulated Other Comprehensive Income (Loss) by Component


	Three Months Ended June 30, 2023				Three Months Ended June 30, 2022
(In Thousands)	Available-for-Sale Securities		Interest Rate Agreements Accounted for as Cash Flow Hedges		Available-for-Sale Securities		Interest Rate Agreements Accounted for as Cash Flow Hedges
Balance at beginning of period	$	8,249	$	(71,285)	$	48,938	$	(75,412)
Other comprehensive loss before reclassifications	(688)		—		(33,409)		—
Amounts reclassified from other accumulated comprehensive income (loss)	604		1,029		1,066		1,029
Net current-period other comprehensive income (loss)	(84)		1,029		(32,343)		1,029
Balance at End of Period	$	8,165	$	(70,256)	$	16,595	$	(74,383)


	Six Months Ended June 30, 2023				Six Months Ended June 30, 2022
(In Thousands)	Available-for-Sale Securities		Interest Rate Agreements Accounted for as Cash Flow Hedges		Available-for-Sale Securities		Interest Rate Agreements Accounted for as Cash Flow Hedges
Balance at beginning of period	$	3,435	$	(72,303)	$	67,503	$	(76,430)
Other comprehensive income (loss) before reclassifications	4,319		—		(51,282)		—
Amounts reclassified from other accumulated comprehensive income (loss)	411		2,047		374		2,047
Net current-period other comprehensive income (loss)	4,730		2,047		(50,908)		2,047
Balance at End of Period	$	8,165	$	(70,256)	$	16,595	$	(74,383)

Schedule of Reclassifications out of Accumulated Other Comprehensive Income

The following table provides a summary of reclassifications out of Accumulated other comprehensive income (loss) for the three and six months ended June 30, 2023 and 2022.

Table 18.2 – Reclassifications Out of Accumulated Other Comprehensive Income (Loss)



		Amount Reclassified From Accumulated Other Comprehensive (Loss)
	Affected Line Item in the	Three Months Ended June 30,
(In Thousands)	Income Statement	2023		2022
Net Realized Loss on AFS Securities
Increase in allowance for credit losses on AFS securities	Investment fair value changes, net	$	71	$	1,066
Loss on sale of AFS securities	Realized gains, net	533		—

		$	604	$	1,066
Net Realized Loss on Interest Rate Agreements Designated as Cash Flow Hedges
Amortization of deferred loss	Interest expense	$	1,029	$	1,029
		$	1,029	$	1,029



		Amount Reclassified From Accumulated Other Comprehensive (Loss)
	Affected Line Item in the	Six Months Ended June 30,
(In Thousands)	Income Statement	2023		2022
Net Realized (Gain) Loss on AFS Securities
Increase in allowance for credit losses on AFS securities	Investment fair value changes, net	$	99	$	1,771
Loss (gain) on sale of AFS securities	Realized gains, net	312		(1,397)

		$	411	$	374
Net Realized Loss on Interest Rate Agreements Designated as Cash Flow Hedges
Amortization of deferred loss	Interest expense	$	2,047	$	2,047
		$	2,047	$	2,047

Schedule of Basic and Diluted Earnings Per Common Share

The following table provides the basic and diluted earnings per common share computations for the three and six months ended June 30, 2023 and 2022.

Table 18.3 – Basic and Diluted Earnings per Common Share


	Three Months Ended June 30,				Six Months Ended June 30,
(In Thousands, except Share Data)	2023		2022		2023		2022
Basic Earnings per Common Share:
Net income available to common stockholders	$	1,115	$	(99,966)	$	4,316	$	(69,051)
Less: Dividends and undistributed earnings allocated to participating securities	(876)		(1,159)		(2,280)		(2,286)
Net income allocated to common stockholders	$	239	$	(101,125)	$	2,036	$	(71,337)
Basic weighted average common shares outstanding	114,051,017		119,660,173		113,830,347		119,771,554
Basic Earnings per Common Share	$	—	$	(0.85)	$	0.02	$	(0.60)
Diluted Earnings per Common Share:
Net income available to common stockholders	$	1,115	$	(99,966)	$	4,316	$	(69,051)
Less: Dividends and undistributed earnings allocated to participating securities	(876)		(1,159)		(2,280)		(2,286)
Add back: Interest expense on convertible notes for the period, net of tax	—		—		—		—
Net income allocated to common stockholders	$	239	$	(101,125)	$	2,036	$	(71,337)
Weighted average common shares outstanding	114,051,017		119,660,173		113,830,347		119,771,554
Net effect of dilutive equity awards	394,245		—		424,945		—
Net effect of assumed convertible notes conversion to common shares	—		—		—		—
Diluted weighted average common shares outstanding	114,445,262		119,660,173		114,255,292		119,771,554
Diluted Earnings per Common Share	$	—	$	(0.85)	$	0.02	$	(0.60)