Note 18 - Stockholders' Equity

9 Months Ended

Sep. 30, 2022

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

18. Stockholders’ Equity

Total equity was $2.42 billion as of September 30, 2022, a decrease of $26.7 million, from $2.45 billion as of December 31, 2021, primarily due to net income of $263.0 million, stock-based compensation of $5.2 million, proceeds from dividend reinvestment of $2.8 million, and stock issued to directors of $0.8 million offset by other comprehensive loss of $109.8 million, purchases of treasury stock of $109.8 million, common stock cash dividends of $76.1 million and shares withheld related to net share settlement of RSUs of $2.9 million.

Activity in accumulated other comprehensive income/(loss), net of tax, and reclassification out of accumulated other comprehensive income/(loss) for the three and nine months ended September 30, 2022, and September 30, 2021, was as follows:

	Three months ended September 30, 2022									Three months ended September 30, 2021
	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							$	(72,210	)							$	7,560
Cash flow hedge derivatives								882									(5,188	)
Total							$	(71,328	)							$	2,372
Net unrealized gains/(losses) arising during the period
Securities available-for-sale	$	(61,316	)	$	(18,125	)	$	(43,191	)	$	(4,588	)	$	(1,356	)	$	(3,232	)
Cash flow hedge derivatives		2,677			791			1,886			2,224			657			1,567
Total	$	(58,639	)	$	(17,334	)	$	(41,305	)	$	(2,364	)	$	(699	)	$	(1,665	)
Reclassification adjustment for net losses in net income
Securities available-for-sale		—			—			—			—			—			—
Cash flow hedge derivatives		(342	)		(101	)		(241	)		(1,526	)		(451	)		(1,075	)
Total		(342	)		(101	)		(241	)		(1,526	)		(451	)		(1,075	)
Total other comprehensive income/(loss)
Securities available-for-sale	$	(61,316	)	$	(18,125	)	$	(43,191	)	$	(4,588	)	$	(1,356	)	$	(3,232	)
Cash flow hedge derivatives		2,335			690			1,645			698			206			492
Total	$	(58,981	)	$	(17,435	)	$	(41,546	)	$	(3,890	)	$	(1,150	)	$	(2,740	)
Ending balance, gain/(loss), net of tax
Securities available-for-sale							$	(115,401	)							$	4,328
Cash flow hedge derivatives								2,527									(4,696	)
Total							$	(112,874	)							$	(368	)

	Nine months ended September 30, 2022									Nine months ended September 30, 2021
	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							$	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	$	(164,128	)	$	(48,516	)	$	(115,612	)	$	(10,322	)	$	(3,051	)	$	(7,271	)
Cash flow hedge derivatives		11,060			3,269			7,791			7,600			2,247			5,353
Total	$	(153,068	)	$	(45,247	)	$	(107,821	)	$	(2,722	)	$	(804	)	$	(1,918	)
Reclassification adjustment for net losses in net income
Securities available-for-sale		—			—			—			(853	)		(252	)		(601	)
Cash flow hedge derivatives		(2,822	)		(834	)		(1,988	)		(4,485	)		(1,326	)		(3,159	)
Total		(2,822	)		(834	)		(1,988	)		(5,338	)		(1,578	)		(3,760	)
Total other comprehensive income/(loss)
Securities available-for-sale	$	(164,128	)	$	(48,516	)	$	(115,612	)	$	(11,175	)	$	(3,303	)	$	(7,872	)
Cash flow hedge derivatives		8,238			2,435			5,803			3,115			921			2,194
Total	$	(155,890	)	$	(46,081	)	$	(109,809	)	$	(8,060	)	$	(2,382	)	$	(5,678	)
Ending balance, gain/(loss), net of tax
Securities available-for-sale							$	(115,401	)							$	4,328
Cash flow hedge derivatives								2,527									(4,696	)
Total							$	(112,874	)							$	(368	)