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Note 18 - Stockholders' Equity
 6 Months Ended
Jun. 30, 2018
Notes to Financial Statements  
Stockholders' Equity Note Disclosure [Text Block]
1
8
.
Stockholders’ Equity
 
Total equity was
$2.1
billion as of
June 30, 2018,
an increase of
$91.5
million, from
$1.97
billion as of
December 31, 2017,
primarily due to net income of
$137.5
million partially offset by common stock cash dividends of
$39.0
million and decreases in other comprehensive income of
$11.3
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, 2017,
has been adjusted to
$20.41
and the number of warrants increased by
1.03%.
At
June 30, 2018,
578,238
warrants remain exercisable compared to
943,327
warrants at
December 31, 2017.
 
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, 2018,
and
June 30, 2017,
was as follows:
 
   
Three months ended June 30, 2018
    
Three months ended June 30, 2017
  
   
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
    
 
      
 
     $
(21,333
 )    
 
      
 
     $
(1,771
 )
Cash flow hedge derivatives
    
 
      
 
      
427
      
 
      
 
      
(1,871
 )
Total
    
 
      
 
     $
(20,906
 )    
 
      
 
     $
(3,642
 )
                                                 
Net unrealized (losses)/gains arising during the period
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Securities available-for-sale
   $
(3,905
 )   $
(1,154
 )   $
(2,751
 )   $
4,786
     $
2,012
     $
2,774
  
Cash flow hedge derivatives
    
1,045
      
309
      
736
      
(949
 )    
(399
 )    
(550
 )
Total
    
(2,860
 )    
(845
 )    
(2,015
 )    
3,837
      
1,613
      
2,224
  
                                                 
Reclassification adjustment for net gains in net income
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Securities available-for-sale
    
-
      
-
      
-
      
(3
 )    
(1
 )    
(2
 )
Cash flow hedge derivatives
    
-
      
-
      
-
      
-
      
-
      
-
  
Total
    
-
      
-
      
-
      
(3
 )    
(1
 )    
(2
 )
                                                 
Total other comprehensive (loss)/income
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Securities available-for-sale
    
(3,905
 )    
(1,154
 )    
(2,751
 )    
4,783
      
2,011
      
2,772
  
Cash flow hedge derivatives
    
1,045
      
309
      
736
      
(949
 )    
(399
 )    
(550
 )
Total
   $
(2,860
 )   $
(845
 )   $
(2,015
 )   $
3,834
     $
1,612
     $
2,222
  
Ending balance, (loss)/gain, net of tax
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Securities available-for-sale
    
 
      
 
     $
(24,084
 )    
 
      
 
     $
1,001
  
Cash flow hedge derivatives
    
 
      
 
      
1,163
      
 
      
 
      
(2,421
 )
Total
    
 
      
 
     $
(22,921
 )    
 
      
 
     $
(1,420
 )
 
   
Six months ended June 30, 2018
    
Six months ended June 30, 2017
  
   
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
    
 
      
 
     $
(1,060
 )    
 
      
 
     $
(1,545
 )
Cash flow hedge derivatives
    
 
      
 
      
(1,451
 )    
 
      
 
      
(2,170
 )
Total
    
 
      
 
     $
(2,511
 )    
 
      
 
     $
(3,715
 )
                                                 
Reclassification adjustment for stranded tax effects of Tax Legislation 
(1)
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Securities available-for-sale
    
-
      
200
      
(200
 )    
-
      
-
      
-
  
Cash flow hedge derivatives
    
-
      
315
      
(315
 )    
-
      
-
      
-
  
Total
    
-
      
515
      
(515
 )    
-
      
-
      
-
  
                                                 
Reclassification adjustment for equity securities
(2)
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Equity securities
    
(12,151
 )    
(3,592
 )    
(8,559
 )    
-
      
-
      
-
  
                                                 
Net unrealized (losses)/gains arising during the period
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Securities available-for-sale
   $
(20,251
 )   $
(5,986
 )   $
(14,265
 )   $
3,930
     $
1,652
     $
2,278
  
Cash flow hedge derivatives
    
4,158
      
1,229
      
2,929
      
(433
 )    
(182
 )    
(251
 )
Total
    
(16,093
 )    
(4,757
 )    
(11,336
 )    
3,497
      
1,470
      
2,027
  
                                                 
Reclassification adjustment for net losses in net income
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Securities available-for-sale
    
-
      
-
      
-
      
463
      
195
      
268
  
Cash flow hedge derivatives
    
-
      
-
      
-
      
-
      
-
      
-
  
Total
    
-
      
-
      
-
      
463
      
195
      
268
  
                                                 
Total other comprehensive (loss)/income
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Securities available-for-sale
    
(20,251
 )    
(5,986
 )    
(14,265
 )    
4,393
      
1,847
      
2,546
  
Cash flow hedge derivatives
    
4,158
      
1,229
      
2,929
      
(433
 )    
(182
 )    
(251
 )
Total
   $
(16,093
 )   $
(4,757
 )   $
(11,336
 )   $
3,960
     $
1,665
     $
2,295
  
Ending balance, (loss)/gain, net of tax
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Securities available-for-sale
    
 
      
 
     $
(24,084
 )    
 
      
 
     $
1,001
  
Cash flow hedge derivatives
    
 
      
 
      
1,163
      
 
      
 
      
(2,421
 )
Total
    
 
      
 
     $
(22,921
 )    
 
      
 
     $
(1,420
 )
 
(
1
) These amounts were recorded as of
January 1, 2018
as a result of the adoption of ASU
2018
-
2.
(
2
) This amount was recorded as of
January 1, 2018
as a result of the adoption of ASU
2016
-
1.