Note 18 - Stockholders' Equity

3 Months Ended

Mar. 31, 2022

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

18. Stockholders’ Equity

Total equity was $2.42 billion as of March 31, 2022, a decrease of $24.0 million, from $2.45 billion as of December 31, 2021, primarily due to net income of $75.0 million, stock-based compensation of $1.6 million, and proceeds from dividend reinvestment of $0.9 million, offset by other comprehensive loss of $42.9 million, purchases of treasury stock of $32.9 million, common stock cash dividends of $25.5 million and shares withheld related to net share settlement of RSUs of $0.3 million.

Activity in accumulated other comprehensive loss, net of tax, and reclassification out of accumulated other comprehensive loss for the three months ended March 31, 2022, and March 31, 2021, was as follows:

	Three months ended March 31, 2022									Three months ended March 31, 2021
	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							$	211								$	12,200
Cash flow hedge derivatives								(3,276	)								(6,890	)
Total							$	(3,065	)							$	5,310
Net unrealized gains/(losses) arising during the period
Securities available-for-sale	$	(65,256	)	$	(19,290	)	$	(45,966	)	$	(6,085	)	$	(1,799	)	$	(4,286	)
Cash flow hedge derivatives		4,336			1,282			3,054			1,793			530			1,263
Total	$	(60,920	)	$	(18,008	)	$	(42,912	)	$	(4,292	)	$	(1,269	)	$	(3,023	)
Reclassification adjustment for net losses in net income
Securities available-for-sale		—			—			—			(853	)		(252	)		(601	)
Cash flow hedge derivatives		—			—			—			—			—			—
Total		—			—			—			(853	)		(252	)		(601	)
Total other comprehensive income/(loss)
Securities available-for-sale	$	(65,256	)	$	(19,290	)	$	(45,966	)	$	(6,938	)	$	(2,051	)	$	(4,887	)
Cash flow hedge derivatives		4,336			1,282			3,054			1,793			530			1,263
Total	$	(60,920	)	$	(18,008	)	$	(42,912	)	$	(5,145	)	$	(1,521	)	$	(3,624	)
Ending balance, gain/(loss), net of tax
Securities available-for-sale							$	(45,755	)							$	7,313
Cash flow hedge derivatives								(222	)								(5,627	)
Total							$	(45,977	)							$	1,686