Note 19 - Stockholders' Equity

9 Months Ended

Sep. 30, 2020

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

19. Stockholders’ Equity

Total equity was $2.37 billion as of September 30, 2020, an increase of $80.4 million, from $2.29 billion as of December 31, 2019, primarily due to net income of $158.0 million, increases in other comprehensive income of $4.1 million, and proceeds from dividend reinvestment of $2.6 million, and partially offset by common stock cash dividends of $74.0 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 nine months ended September 30, 2020, and September 30, 2019, was as follows:

	Three months ended September 30, 2020									Three months ended September 30, 2019
	Pre-tax			Tax expense/ (benefit)			Net-of-tax			Pre-tax			Tax expense/ (benefit)			Net-of-tax
Beginning balance, gain/(loss), net of tax	(In thousands)
Securities available-for-sale							$	16,278								$	2,209
Cash flow hedge derivatives								(7,925	)								(3,567	)
Total							$	8,353								$	(1,358	)
Net unrealized (losses)/gains arising during the period
Securities available-for-sale	$	(3,543	)	$	(1,047	)	$	(2,496	)	$	1,750		$	517		$	1,233
Cash flow hedge derivatives		755			223			532			(1,126	)		(333	)		(793	)
Total	$	(2,788	)	$	(824	)	$	(1,964	)	$	624		$	184		$	440
Reclassification adjustment for net (gains)/losses in net income
Securities available-for-sale		—			—			—			121			36			85
Cash flow hedge derivatives		—			—			—			—			—			—
Total		—			—			—			121			36			85
Total other comprehensive (loss)/income
Securities available-for-sale	$	(3,543	)	$	(1,047	)	$	(2,496	)	$	1,871		$	553		$	1,318
Cash flow hedge derivatives		755			223			532			(1,126	)		(333	)		(793	)
Total	$	(2,788	)	$	(824	)	$	(1,964	)	$	745		$	220		$	525
Ending balance, gain/(loss), net of tax
Securities available-for-sale							$	13,782								$	3,527
Cash flow hedge derivatives								(7,393	)								(4,360	)
Total							$	6,389								$	(833	)

	Nine months ended September 30, 2020									Nine months ended September 30, 2019
	Pre-tax			Tax expense/ (benefit)			Net-of-tax			Pre-tax			Tax expense/ (benefit)			Net-of-tax
Beginning balance, gain/(loss), net of tax	(In thousands)
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	$	12,607		$	3,727		$	8,880		$	30,119		$	8,903		$	21,216
Cash flow hedge derivatives		(5,652	)		(1,671	)		(3,981	)		(5,848	)		(1,729	)		(4,119	)
Total	$	6,955		$	2,056		$	4,899		$	24,271		$	7,174		$	17,097
Reclassification adjustment for net (gains)/losses in net income
Securities available-for-sale		(1,153	)		(341	)		(812	)		108			32			76
Cash flow hedge derivatives		—			—			—			—			—			—
Total		(1,153	)		(341	)		(812	)		108			32			76
Total other comprehensive income/(loss)
Securities available-for-sale	$	11,454		$	3,386		$	8,068		$	30,227		$	8,935		$	21,292
Cash flow hedge derivatives		(5,652	)		(1,671	)		(3,981	)		(5,848	)		(1,729	)		(4,119	)
Total	$	5,802		$	1,715		$	4,087		$	24,379		$	7,206		$	17,173
Ending balance, gain/(loss), net of tax
Securities available-for-sale							$	13,782								$	3,527
Cash flow hedge derivatives								(7,393	)								(4,360	)
Total							$	6,389								$	(833	)