Note 17 - Stockholders' Equity

9 Months Ended

Sep. 30, 2017

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

1

7

.

Stockholders’ Equity

Total equity was $

2.0

billion as of

September 30, 2017,

an increase of

$140.2

million, from

$1.8

billion as of

December 31, 2016,

primarily due to net income of

$150.1

million and equity consideration for the acquisition of SinoPac Bancorp of

$34.9

million partially offset by common stock cash dividends of

$50.5

million and shares withheld related to net share settlement of RSUs of

$5.1

million.

The U.S. Treasury received warrants to purchase common stock of

1,846,374

shares at an exercise price of

$20.96

as part of the Company

’s participation in the U.S. Treasury Troubled Asset Relief Program Capital Purchase Program. As a result of the anti-dilution adjustments under the warrant, the exercise price at

December 31, 2016

has been adjusted to

$20.65

and the number of warrants increased by

1.5%.

At

September 30, 2017,

932,461

warrants remain exercisable compared to

943,345

warrants at

December 31, 2016.

Activity

in accumulated other comprehensive income, net of tax, and reclassification out of accumulated other comprehensive income for the

three

months and

nine

months ended

September 30, 2017,

and

September 30, 2016,

was as follows:

	Three months ended September 30, 2017									Three months ended September 30, 2016
	Pre-tax			Tax expense/ (benefit)			Net-of-tax			Pre-tax			Tax expense/ (benefit)			Net-of-tax
	(In thousands)
Beginning balance, loss, net of tax
Securities available-for-sale							$	1,001								$	8,539
Cash flow hedge derivatives								(2,421	)								(7,397	)
Total							$	(1,420	)							$	1,142
Net unrealized (losses)/gains arising during the period
Securities available-for-sale	$	1,829		$	769		$	1,060		$	1,618		$	680		$	938
Cash flow hedge derivatives		271			114			157			1,387			583			804
Total		2,100			883			1,217			3,005			1,263		$	1,742
Reclassification adjustment for net losses in net income
Securities available-for-sale		(24	)		(10	)		(14	)		(1,692	)		(711	)		(981	)
Cash flow hedge derivatives		-			-			-			-			-			-
Total		(24	)		(10	)		(14	)		(1,692	)		(711	)		(981	)
Total other comprehensive (loss)/income
Securities available-for-sale		1,805			759			1,046			(74	)		(31	)		(43	)
Cash flow hedge derivatives		271			114			157			1,387			583			804
Total	$	2,076		$	873		$	1,203		$	1,313		$	552		$	761
Ending balance, (loss)/gain, net of tax
Securities available-for-sale							$	2,047								$	8,496
Cash flow hedge derivatives								(2,264	)								(6,593	)
Total							$	(217	)							$	1,903

	Nine months ended September 30, 2017									Nine months ended September 30, 2016
	Pre-tax			Tax expense/ (benefit)			Net-of-tax			Pre-tax			Tax expense/ (benefit)			Net-of-tax
	(In thousands)
Beginning balance, loss, net of tax
Securities available-for sale							$	(1,545	)							$	(5,431	)
Cash flow hedge derivatives								(2,170	)								(2,995	)
Total							$	(3,715	)							$	(8,426	)
Net unrealized gains/(losses) arising during the period
Securities available-for sale	$	5,759		$	2,421		$	3,338		$	27,170		$	11,422		$	15,748
Cash flow hedge derivatives		(162	)		(68	)		(94	)		(6,208	)		(2,610	)		(3,598	)
Total		5,597			2,353			3,244			20,962			8,812		$	12,150
Reclassification adjustment for net (gains)/losses in net income
Securities available-for sale		439			185			254			(3,141	)		(1,320	)		(1,821	)
Cash flow hedge derivatives		-			-			-			-			-			-
Total		439			185			254			(3,141	)		(1,320	)		(1,821	)
Total other comprehensive income/(loss)
Securities available-for sale		6,198			2,606			3,592			24,029			10,102			13,927
Cash flow hedge derivatives		(162	)		(68	)		(94	)		(6,208	)		(2,610	)		(3,598	)
Total	$	6,036		$	2,538		$	3,498		$	17,821		$	7,492		$	10,329
Ending balance, gain/(loss), net of tax
Securities available-for sale							$	2,047								$	8,496
Cash flow hedge derivatives								(2,264	)								(6,593	)
Total							$	(217	)							$	1,903