Note 16 - Stockholders' Equity

6 Months Ended

Jun. 30, 2016

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

1

6

. Stockholders’ Equity

Total equity was $1.76 billion as of June 30, 2016, an increase of $11.3 million, from $1.75 billion as of December 31, 2015, primarily due to net income of $81.0 million and other comprehensive income of $9.6 million offset by purchases of treasury stock of $54.4 million and common stock cash dividends of $28.4 million.

Activity in accumulated other comprehensive income, net of tax, and reclassification out of accumulated other comprehensive income for the three months and six months ended June 30, 2016, and June 30, 2015, was as follows:

	Three months ended June 30, 2016									Three months ended June 30, 2015
	Pre-tax			Tax expense/ (benefit)			Net-of-tax			Pre-tax			Tax expense/ (benefit)			Net-of-tax
	(In thousands)
Beginning balance, gain/(loss), net of tax
Securities available-for-sale							$	5,042								$	3,339
Cash flow hedge derivatives								(6,115	)								(3,985	)
Total							$	(1,073	)							$	(646	)
Net unrealized gains/(losses) arising during the period
Securities available-for-sale	$	7,688		$	3,232		$	4,456		$	(11,034	)	$	(4,639	)	$	(6,395	)
Cash flow hedge derivatives		(2,212	)		(930	)		(1,282	)		4,017			1,689			2,328
Total		5,476			2,302			3,174			(7,017	)		(2,950	)	$	(4,067	)
Reclassification adjustment for net (gains)/losses in net income
Securities available-for-sale		(1,655	)		(696	)		(959	)		3,332			1,401			1,931
Cash flow hedge derivatives		-			-			-			-			-			-
Total		(1,655	)		(696	)		(959	)		3,332			1,401			1,931
Total other comprehensive income/(loss)
Securities available-for-sale		6,033			2,536			3,497			(7,702	)		(3,238	)		(4,464	)
Cash flow hedge derivatives		(2,212	)		(930	)		(1,282	)		4,017			1,689			2,328
Total	$	3,821		$	1,606		$	2,215		$	(3,685	)	$	(1,549	)	$	(2,136	)
Ending balance, gain/(loss), net of tax
Securities available-for-sale							$	8,539								$	(1,125	)
Cash flow hedge derivatives								(7,397	)								(1,657	)
Total							$	1,142								$	(2,782	)

	Six months ended June 30, 2016									Six months ended June 30, 2015
	Pre-tax			Tax expense/ (benefit)			Net-of-tax			Pre-tax		Tax expense/ (benefit)		Net-of-tax
Beginning balance, loss, net of tax	(In thousands)
Securities available-for sale							$	(5,431	)					$	(3,172	)
Cash flow hedge derivatives								(2,995	)						(2,397	)
Total							$	(8,426	)					$	(5,569	)
Net unrealized gains/(losses) arising during the period
Securities available-for sale	$	25,552		$	10,742		$	14,810		$	177	$	73	$	104
Cash flow hedge derivatives		(7,595	)		(3,193	)		(4,402	)		1,277		537		740
Total		17,957			7,549			10,408			1,454		610	$	844
Reclassification adjustment for net (gains)/losses in net income
Securities available-for sale		(1,449	)		(609	)		(840	)		3,353		1,410		1,943
Cash flow hedge derivatives		-			-			-			-		-		-
Total		(1,449	)		(609	)		(840	)		3,353		1,410		1,943
Total other comprehensive income/(loss)
Securities available-for sale		24,103			10,133			13,970			3,530		1,483		2,047
Cash flow hedge derivatives		(7,595	)		(3,193	)		(4,402	)		1,277		537		740
Total	$	16,508		$	6,940		$	9,568		$	4,807	$	2,020	$	2,787
Ending balance, gain/(loss), net of tax
Securities available-for sale							$	8,539						$	(1,125	)
Cash flow hedge derivatives								(7,397	)						(1,657	)
Total							$	1,142						$	(2,782	)