Stockholders' Equity Note Disclosure [Text Block] |
18. Stockholders’ Equity
Total equity was $2.43 billion as of June 30, 2022, a decrease of $14.7 million, from $2.45 billion as of December 31, 2021, primarily due to net income of $164.0 million, stock-based compensation of $3.4 million, proceeds from dividend reinvestment of $1.9 million, and stock issued to directors of $0.8 million offset by other comprehensive loss of $68.3 million, purchases of treasury stock of $63.5 million, common stock cash dividends of $51.0 million and shares withheld related to net share settlement of RSUs of $2.0 million.
Activity in accumulated other comprehensive income/(loss), net of tax, and reclassification out of accumulated other comprehensive income/(loss) for the three and six months ended June 30, 2022, and June 30, 2021, was as follows:
| | Three months ended June 30, 2022 | | | Three months ended June 30, 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 | | | | | | | $ | (45,755 | ) | | | | | | | | | | $ | 7,313 | |
Cash flow hedge derivatives | | | | | | | | (222 | ) | | | | | | | | | | | (5,627 | ) |
Total | | | | | | | | | | $ | (45,977 | ) | | | | | | | | | | $ | 1,686 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net unrealized gains/(losses) arising during the period | | | | | | | | | | | | | | | | | | | | | | | | |
Securities available-for-sale | | $ | (37,557 | ) | | $ | (11,102 | ) | | $ | (26,455 | ) | | $ | 351 | | | $ | 104 | | | $ | 247 | |
Cash flow hedge derivatives | | | 1,567 | | | | 463 | | | | 1,104 | | | | 623 | | | | 184 | | | | 439 | |
Total | | $ | (35,990 | ) | | $ | (10,639 | ) | | $ | (25,351 | ) | | $ | 974 | | | $ | 288 | | | $ | 686 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Reclassification adjustment for net losses in net income | | | | | | | | | | | | | | | | | | | | | | | | |
Securities available-for-sale | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
Cash flow hedge derivatives | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
Total | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total other comprehensive income/(loss) | | | | | | | | | | | | | | | | | | | | | | | | |
Securities available-for-sale | | $ | (37,557 | ) | | $ | (11,102 | ) | | $ | (26,455 | ) | | $ | 351
| | | $ | 104 | | | $ | 247 | |
Cash flow hedge derivatives | | | 1,567 | | | | 463 | | | | 1,104 | | | | 623 | | | | 184 | | | | 439 | |
Total | | $ | (35,990 | ) | | $ | (10,639 | ) | | $ | (25,351 | ) | | $ | 974 | | | $ | 288 | | | $ | 686 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ending balance, gain/(loss), net of tax | | | | | | | | | | | | | | | | | | | | | | | | |
Securities available-for-sale | | | | | | | $ | (72,210 | ) | | | | | | | | | | $ | 7,560 | |
Cash flow hedge derivatives | | | | | | | | 882 | | | | | | | | | | | | (5,188 | ) |
Total | | | | | | | | | | $ | (71,328 | ) | | | | | | | | | | $ | 2,372 | |
| | Six months ended June 30, 2022 | | | Six months ended June 30, 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 | | $ | (102,812 | ) | | $ | (30,391 | ) | | $ | (72,421 | ) | | $ | (5,734 | ) | | $ | (1,695 | ) | | $ | (4,039 | ) |
Cash flow hedge derivatives | | | 5,903 | | | | 1,745 | | | | 4,158 | | | | 2,416 | | | | 714 | | | | 1,702 | |
Total | | $ | (96,909 | ) | | $ | (28,646 | ) | | $ | (68,263 | ) | | $ | (3,318 | ) | | $ | (981 | ) | | $ | (2,337 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
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 | | $ | (102,812 | ) | | $ | (30,391 | ) | | $ | (72,421 | ) | | $ | (6,587 | ) | | $ | (1,947 | ) | | $ | (4,640 | ) |
Cash flow hedge derivatives | | | 5,903 | | | | 1,745 | | | | 4,158 | | | | 2,416 | | | | 714 | | | | 1,702 | |
Total | | $ | (96,909 | ) | | $ | (28,646 | ) | | $ | (68,263 | ) | | $ | (4,171 | ) | | $ | (1,233 | ) | | $ | (2,938 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ending balance, gain/(loss), net of tax | | | | | | | | | | | | | | | | | | | | | | | | |
Securities available-for-sale | | | | | | | $ | (72,210 | ) | | | | | | | | | | $ | 7,560 | |
Cash flow hedge derivatives | | | | | | | | | | | 882 | | | | | | | | | | | | (5,188 | ) |
Total | | | | | | | | | | $ | (71,328 | ) | | | | | | | | | | $ | 2,372 | |
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