Note 19 - Stockholders' Equity

9 Months Ended

Sep. 30, 2019

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

19. Stockholders’ Equity

Total equity was $2.25 billion as of September 30, 2019, an increase of $124.0 million, from $2.12 billion as of December 31, 2018, primarily due to net income of $211.8 million, increases in other comprehensive income of $17.2 million, and proceeds from dividend reinvestment of $2.5 million, and partially offset by common stock cash dividends of $74.4 million and repurchases of the Company’s common stock of $36.3 million.

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, 2019, and September 30, 2018, was as follows:

	Three months ended September 30, 2019									Three months ended September 30, 2018
	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							$	2,209								$	(24,084	)
Cash flow hedge derivatives								(3,567	)								1,163
Total							$	(1,358	)							$	(22,921	)
Net unrealized gains/(losses) arising during the period
Securities available-for-sale	$	1,750		$	517		$	1,233		$	(3,603	)	$	(1,065	)	$	(2,538	)
Cash flow hedge derivatives		(1,126	)		(333	)		(793	)		2,365			699			1,666
Total	$	624		$	184		$	440		$	(1,238	)	$	(366	)	$	(872	)
Reclassification adjustment for net losses in net income
Securities available-for-sale		121			36			85			14			4			10
Cash flow hedge derivatives		—			—			—			—			—			—
Total		121			36			85			14			4			10
Total other comprehensive income/(loss)
Securities available-for-sale	$	1,871		$	553		$	1,318		$	(3,589	)	$	(1,061	)	$	(2,528	)
Cash flow hedge derivatives		(1,126	)		(333	)		(793	)		2,365			699			1,666
Total	$	745		$	220		$	525		$	(1,224	)	$	(362	)	$	(862	)
Ending balance, gain/(loss), net of tax
Securities available-for-sale							$	3,527								$	(26,612	)
Cash flow hedge derivatives								(4,360	)								2,829
Total							$	(833	)							$	(23,783	)

	Nine months ended September 30, 2019									Nine months ended September 30, 2018
	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							$	(17,765	)							$	(1,060	)
Cash flow hedge derivatives								(241	)								(1,451	)
Total							$	(18,006	)							$	(2,511	)
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 gains/(losses) arising during the period
Securities available-for-sale	$	30,119		$	8,903		$	21,216		$	(23,854	)	$	(7,051	)	$	(16,803	)
Cash flow hedge derivatives		(5,848	)		(1,729	)		(4,119	)		6,523			1,928			4,595
Total	$	24,271		$	7,174		$	17,097		$	(17,331	)	$	(5,123	)	$	(12,208	)
Reclassification adjustment for net losses in net income
Securities available-for-sale		108			32			76			14			4			10
Cash flow hedge derivatives		—			—			—			—			—			—
Total		108			32			76			14			4			10
Total other comprehensive income/(loss)
Securities available-for-sale	$	30,227		$	8,935		$	21,292		$	(23,840	)	$	(7,047	)	$	(16,793	)
Cash flow hedge derivatives		(5,848	)		(1,729	)		(4,119	)		6,523			1,928			4,595
Total	$	24,379		$	7,206		$	17,173		$	(17,317	)	$	(5,119	)	$	(12,198	)
Ending balance, gain/(loss), net of tax
Securities available-for-sale							$	3,527								$	(26,612	)
Cash flow hedge derivatives								(4,360	)								2,829
Total							$	(833	)							$	(23,783	)

(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.