Note 18 - Stockholders' Equity

6 Months Ended

Jun. 30, 2022

Notes to Financial Statements

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