Note 19 - Stockholders' Equity

6 Months Ended

Jun. 30, 2020

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

19. Stockholders’ Equity

Total equity was $2.34 billion as of June 30, 2020, an increase of $48.2 million, from $2.29 billion as of December 31, 2019, primarily due to net income of $101.2 million, increases in other comprehensive income of $6.1 million, and proceeds from dividend reinvestment of $1.7 million, and partially offset by common stock cash dividends of $49.3 million and repurchases of the Company’s common stock of $12.9 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, 2020, and June 30, 2019, was as follows:

	Three months ended June 30, 2020									Three months ended June 30, 2019
	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							$	17,567								$	(8,966	)
Cash flow hedge derivatives								(7,690	)								(1,465	)
Total							$	9,877								$	(10,431	)
Net unrealized (losses)/gains arising during the period
Securities available-for-sale	$	(683	)	$	(202	)	$	(481	)	$	15,865		$	4,690		$	11,175
Cash flow hedge derivatives		(334	)		(99	)		(235	)		(2,984	)		(882	)		(2,102	)
Total	$	(1,017	)	$	(301	)	$	(716	)	$	12,881		$	3,808		$	9,073
Reclassification adjustment for net gains in net income
Securities available-for-sale		(1,147	)		(339	)		(808	)		—			—			—
Cash flow hedge derivatives		—			—			—			—			—			—
Total		(1,147	)		(339	)		(808	)		—			—			—
Total other comprehensive (loss)/income
Securities available-for-sale	$	(1,830	)	$	(541	)	$	(1,289	)	$	15,865		$	4,690		$	11,175
Cash flow hedge derivatives		(334	)		(99	)		(235	)		(2,984	)		(882	)		(2,102	)
Total	$	(2,164	)	$	(640	)	$	(1,524	)	$	12,881		$	3,808		$	9,073
Ending balance, gain/(loss), net of tax
Securities available-for-sale							$	16,278								$	2,209
Cash flow hedge derivatives								(7,925	)								(3,567	)
Total							$	8,353								$	(1,358	)

	Six months ended June 30, 2020									Six months ended June 30, 2019
	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							$	5,714								$	(17,765	)
Cash flow hedge derivatives								(3,412	)								(241	)
Total							$	2,302								$	(18,006	)
Net unrealized gains/(losses) arising during the period
Securities available-for-sale	$	16,150		$	4,774		$	11,376		$	28,356		$	8,382		$	19,974
Cash flow hedge derivatives		(6,407	)		(1,894	)		(4,513	)		(4,722	)		(1,396	)		(3,326	)
Total	$	9,743		$	2,880		$	6,863		$	23,634		$	6,986		$	16,648
Reclassification adjustment for net gains in net income
Securities available-for-sale		(1,153	)		(341	)		(812	)		—			—			—
Cash flow hedge derivatives		—			—			—			—			—			—
Total		(1,153	)		(341	)		(812	)		—			—			—
Total other comprehensive income/(loss)
Securities available-for-sale	$	14,997		$	4,433		$	10,564		$	28,356		$	8,382		$	19,974
Cash flow hedge derivatives		(6,407	)		(1,894	)		(4,513	)		(4,722	)		(1,396	)		(3,326	)
Total	$	8,590		$	2,539		$	6,051		$	23,634		$	6,986		$	16,648
Ending balance, gain/(loss), net of tax
Securities available-for-sale							$	16,278								$	2,209
Cash flow hedge derivatives								(7,925	)								(3,567	)
Total							$	8,353								$	(1,358	)