Note 18 - Stockholders' Equity

6 Months Ended

Jun. 30, 2021

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

18. Stockholders’ Equity

Total equity was $2.45 billion as of June 30, 2021, an increase of $34.2 million, from $2.42 billion as of December 31, 2020, primarily due to net income of $150.6 million, stock-based compensation of $2.4 million, and proceeds from dividend reinvestment of $1.7 million, partially offset by purchases of treasury stock of $63.5 million, common stock cash dividends of $49.2 million and a decrease in other comprehensive income of $2.9 million.

Activity in accumulated other comprehensive income, net of tax, and reclassification out of accumulated other comprehensive income for the three and six months ended June 30, 2021, and June 30, 2020, was as follows:

	Three months ended June 30, 2021							Three months ended June 30, 2020
	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					$	7,313								$	17,567
Cash flow hedge derivatives						(5,627	)								(7,690	)
Total					$	1,686								$	9,877
Net unrealized gains/(losses) arising during the period
Securities available-for-sale	$	352	$	104	$	247		$	(683	)	$	(202	)	$	(481	)
Cash flow hedge derivatives		623		184		439			(334	)		(99	)		(235	)
Total	$	975	$	288	$	686		$	(1,017	)	$	(301	)	$	(716	)
Reclassification adjustment for net losses in net income
Securities available-for-sale		—		—		—			(1,147	)		(339	)		(808	)
Cash flow hedge derivatives		—		—		—			—			—			—
Total		—		—		—			(1,147	)		(339	)		(808	)
Total other comprehensive income/(loss)
Securities available-for-sale	$	352	$	104	$	247		$	(1,830	)	$	(541	)	$	(1,289	)
Cash flow hedge derivatives		623		184		439			(334	)		(99	)		(235	)
Total	$	975	$	288	$	686		$	(2,164	)	$	(640	)	$	(1,524	)
Ending balance, gain/(loss), net of tax
Securities available-for-sale					$	7,560								$	16,278
Cash flow hedge derivatives						(5,188	)								(7,925	)
Total					$	2,372								$	8,353

	Six months ended June 30, 2021									Six months ended June 30, 2020
	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							$	12,200								$	5,714
Cash flow hedge derivatives								(6,890	)								(3,412	)
Total							$	5,310								$	2,302
Net unrealized gains/(losses) arising during the period
Securities available-for-sale	$	(5,733	)	$	(1,695	)	$	(4,039	)	$	16,150		$	4,774		$	11,376
Cash flow hedge derivatives		2,416			714			1,702			(6,407	)		(1,894	)		(4,513	)
Total	$	(3,317	)	$	(981	)	$	(2,337	)	$	9,743		$	2,880		$	6,863
Reclassification adjustment for net losses in net income
Securities available-for-sale		(853	)		(252	)		(601	)		(1,153	)		(341	)		(812	)
Cash flow hedge derivatives		—			—			—			—			—			—
Total		(853	)		(252	)		(601	)		(1,153	)		(341	)		(812	)
Total other comprehensive income/(loss)
Securities available-for-sale	$	(6,586	)	$	(1,947	)	$	(4,640	)	$	14,997		$	4,433		$	10,564
Cash flow hedge derivatives		2,416			714			1,702			(6,407	)		(1,894	)		(4,513	)
Total	$	(4,170	)	$	(1,233	)	$	(2,938	)	$	8,590		$	2,539		$	6,051
Ending balance, gain/(loss), net of tax
Securities available-for-sale							$	7,560								$	16,278
Cash flow hedge derivatives								(5,188	)								(7,925	)
Total							$	2,372								$	8,353