XML 34 R23.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 18 - Stockholders' Equity
 9 Months Ended
Sep. 30, 2018
Notes to Financial Statements  
Stockholders' Equity Note Disclosure [Text Block]
1
8
.
Stockholders’ Equity
 
Total equity was
$2.12
billion as of
September 30, 2018,
an increase of
$143.5
million, from
$1.97
billion as of
December 31, 2017,
primarily due to net income of
$207.2
million partially offset by common stock cash dividends of
$58.5
million and decreases in other comprehensive income of
$12.2
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
September 30, 2018,
345,534
 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
nine
months ended
September 30, 2018,
and
September 30, 2017,
was as follows:
 
   
Three months ended September 30, 2018
    
Three months ended September 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
    
 
      
 
     $
(24,084
 )    
 
      
 
     $
1,001
  
Cash flow hedge derivatives
    
 
      
 
      
1,163
      
 
      
 
      
(2,421
 )
Total
    
 
      
 
     $
(22,921
 )    
 
      
 
     $
(1,420
 )
                                                 
Net unrealized (losses)/gains arising during the period
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Securities available-for-sale
   $
(3,603
 )   $
(1,065
 )   $
(2,538
 )   $
1,829
     $
769
     $
1,060
  
Cash flow hedge derivatives
    
2,365
      
699
      
1,666
      
271
      
114
      
157
  
Total
    
(1,238
 )    
(366
 )    
(872
 )    
2,100
      
883
      
1,217
  
                                                 
Reclassification adjustment for net losses in net income
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Securities available-for-sale
    
14
      
4
      
10
      
(24
 )    
(10
 )    
(14
 )
Cash flow hedge derivatives
    
-
      
-
      
-
      
-
      
-
      
-
  
Total
    
14
      
4
      
10
      
(24
 )    
(10
 )    
(14
 )
                                                 
Total other comprehensive (loss)/income
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Securities available-for-sale
    
(3,589
 )    
(1,061
 )    
(2,528
 )    
1,805
      
759
      
1,046
  
Cash flow hedge derivatives
    
2,365
      
699
      
1,666
      
271
      
114
      
157
  
Total
   $
(1,224
 )   $
(362
 )   $
(862
 )   $
2,076
     $
873
     $
1,203
  
Ending balance, (loss)/gain, net of tax
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Securities available-for-sale
    
 
      
 
     $
(26,612
 )    
 
      
 
     $
2,047
  
Cash flow hedge derivatives
    
 
      
 
      
2,829
      
 
      
 
      
(2,264
 )
Total
    
 
      
 
     $
(23,783
 )    
 
      
 
     $
(217
 )
 
   
Nine months ended September 30, 2018
    
Nine months ended September 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 Cuts and Jobs Act
(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
   $
(23,854
 )   $
(7,051
 )   $
(16,803
 )   $
5,758
     $
2,420
     $
3,338
  
Cash flow hedge derivatives
    
6,523
      
1,928
      
4,595
      
(162
 )    
(68
 )    
(94
 )
Total
    
(17,331
 )    
(5,123
 )    
(12,208
 )    
5,596
      
2,352
      
3,244
  
                                                 
Reclassification adjustment for net losses in net income
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Securities available-for-sale
    
14
      
4
      
10
      
439
      
185
      
254
  
Cash flow hedge derivatives
    
-
      
-
      
-
      
-
      
-
      
-
  
Total
    
14
      
4
      
10
      
439
      
185
      
254
  
                                                 
Total other comprehensive (loss)/income
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Securities available-for-sale
    
(23,840
 )    
(7,047
 )    
(16,793
 )    
6,197
      
2,605
      
3,592
  
Cash flow hedge derivatives
    
6,523
      
1,928
      
4,595
      
(162
 )    
(68
 )    
(94
 )
Total
   $
(17,317
 )   $
(5,119
 )   $
(12,198
 )   $
6,035
     $
2,537
     $
3,498
  
Ending balance, (loss)/gain, net of tax
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Securities available-for-sale
    
 
      
 
     $
(26,612
 )    
 
      
 
     $
2,047
  
Cash flow hedge derivatives
    
 
      
 
      
2,829
      
 
      
 
      
(2,264
 )
Total
    
 
      
 
     $
(23,783
 )    
 
      
 
     $
(217
 )
 
(
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.