Note 18 - Stockholders' Equity

6 Months Ended

Jun. 30, 2023

Notes to Financial Statements

Equity [Text Block]

18. Stockholders’ Equity

Total equity was $2.60 billion as of June 30, 2023, an increase of $128.6 million, from $2.47 billion as of December 31, 2022, primarily due to net income of $189.2 million, other comprehensive income of $3.2 million, stock-based compensation of $3.0 million, proceeds from dividend reinvestment of $1.8 million, and stock issued to directors of $0.9 million, offset by, common stock cash dividends of $49.3 million, purchases of treasury stock of $16.7 million, and shares withheld related to net share settlement of RSUs of $3.5 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, 2023, and June 30, 2022, was as follows:

	Three months ended June 30, 2023									Three months ended June 30, 2022
	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							$	(93,173	)							$	(45,755	)
Cash flow hedge derivatives								2,096									(222	)
Total							$	(91,077	)							$	(45,977	)
Net unrealized gains/(losses) arising during the period
Securities available-for-sale	$	(10,691	)	$	(3,160	)	$	(7,531	)	$	(37,557	)	$	(11,102	)	$	(26,455	)
Cash flow hedge derivatives		(626	)		(185	)		(441	)		1,567			463			1,104
Total	$	(11,317	)	$	(3,345	)	$	(7,972	)	$	(35,990	)	$	(10,639	)	$	(25,351	)
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	$	(10,691	)	$	(3,160	)	$	(7,531	)	$	(37,557	)	$	(11,102	)	$	(26,455	)
Cash flow hedge derivatives		(626	)		(185	)		(441	)		1,567			463			1,104
Total	$	(11,317	)	$	(3,345	)	$	(7,972	)	$	(35,990	)	$	(10,639	)	$	(25,351	)
Ending balance, gain/(loss), net of tax
Securities available-for-sale							$	(100,704	)							$	(72,210	)
Cash flow hedge derivatives								1,655									882
Total							$	(99,049	)							$	(71,328	)

	Six months ended June 30, 2023									Six months ended June 30, 2022
	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							$	(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	$	5,860		$	1,732		$	4,128		$	(102,812	)	$	(30,391	)	$	(72,421	)
Cash flow hedge derivatives		(1,252	)		(370	)		(882	)		5,903			1,745			4,158
Total	$	4,608		$	1,362		$	3,246		$	(96,909	)	$	(28,646	)	$	(68,263	)
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	$	5,860		$	1,732		$	4,128		$	(102,812	)	$	(30,391	)	$	(72,421	)
Cash flow hedge derivatives		(1,252	)		(370	)		(882	)		5,903			1,745			4,158
Total	$	4,608		$	1,362		$	3,246		$	(96,909	)	$	(28,646	)	$	(68,263	)
Ending balance, gain/(loss), net of tax
Securities available-for-sale							$	(100,704	)							$	(72,210	)
Cash flow hedge derivatives								1,655									882
Total							$	(99,049	)							$	(71,328	)