Note 18 - Stockholders' Equity

3 Months Ended

Mar. 31, 2023

Notes to Financial Statements

Equity [Text Block]

18. Stockholders’ Equity

Total equity was $2.54 billion as of March 31, 2023, an increase of $68.3 million, from $2.47 billion as of December 31, 2022, primarily due to net income of $96.0 million, other comprehensive income of $11.2 million, stock-based compensation of $1.5 million and proceeds from dividend reinvestment of $0.9 million, offset by, common stock cash dividends of $24.6 million and purchase of treasury stock of $16.7 million.

Activity in accumulated other comprehensive income/(loss), net of tax, and reclassification out of accumulated other comprehensive income/(loss) for the three months ended March 31, 2023, and March 31, 2022, was as follows:

	Three months ended March 31, 2023									Three months ended March 31, 2022
	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							$	(104,832	)							$	211
Cash flow hedge derivatives								2,537									(3,276	)
Total							$	(102,295	)							$	(3,065	)
Net unrealized gains/(losses) arising during the period
Securities available-for-sale	$	13,552		$	4,006		$	9,546		$	(65,256	)	$	(19,290	)	$	(45,966	)
Cash flow hedge derivatives		(626	)		(185	)		(441	)		4,336			1,282			3,054
Total	$	12,926		$	3,821		$	9,105		$	(60,920	)	$	(18,008	)	$	(42,912	)
Reclassification adjustment for net losses in net income
Securities available-for-sale		3,000			887			2,113			—			—			—
Cash flow hedge derivatives		—			—			—			—			—			—
Total		3,000			887			2,113			—			—			—
Total other comprehensive income/(loss)
Securities available-for-sale	$	16,552		$	4,893		$	11,659		$	(65,256	)	$	(19,290	)	$	(45,966	)
Cash flow hedge derivatives		(626	)		(185	)		(441	)		4,336			1,282			3,054
Total	$	15,926		$	4,708		$	11,218		$	(60,920	)	$	(18,008	)	$	(42,912	)
Ending balance, gain/(loss), net of tax
Securities available-for-sale							$	(93,173	)							$	(45,755	)
Cash flow hedge derivatives								2,096									(222	)
Total							$	(91,077	)							$	(45,977	)