Note 18 - Stockholders' Equity

9 Months Ended

Sep. 30, 2023

Notes to Financial Statements

Equity [Text Block]

18. Stockholders’ Equity

Total equity was $2.64 billion as of September 30, 2023, an increase of $164.7 million, from $2.47 billion as of December 31, 2022, primarily due to net income of $271.6 million, stock-based compensation of $4.9 million, proceeds from dividend reinvestment of $2.7 million, and stock issued to directors of $0.8 million, offset by, common stock cash dividends of $73.9 million, other comprehensive loss of  $21.2 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 nine months ended September 30, 2023, and June 30, 2022, was as follows:

	Three Months Ended September 30, 2023									Three Months Ended September 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							$	(100,704	)							$	(72,210	)
Cash flow hedge derivatives								1,655									882
Total							$	(99,049	)							$	(71,328	)
Net unrealized gains/(losses) arising during the period
Securities available-for-sale	$	(34,133	)	$	(10,090	)	$	(24,043	)	$	(61,316	)	$	(18,125	)	$	(43,191	)
Cash flow hedge derivatives		(626	)		(185	)		(441	)		2,677			791			1,886
Total	$	(34,759	)	$	(10,275	)	$	(24,484	)	$	(58,639	)	$	(17,334	)	$	(41,305	)
Reclassification adjustment for net losses in net income
Cash flow hedge derivatives		—			—			—			(342	)		(101	)		(241	)
Total		—			—			—			(342	)		(101	)		(241	)
Total other comprehensive income/(loss)
Securities available-for-sale	$	(34,133	)	$	(10,090	)	$	(24,043	)	$	(61,316	)	$	(18,125	)	$	(43,191	)
Cash flow hedge derivatives		(626	)		(185	)		(441	)		2,335			690			1,645
Total	$	(34,759	)	$	(10,275	)	$	(24,484	)	$	(58,981	)	$	(17,435	)	$	(41,546	)
Ending balance, gain/(loss), net of tax
Securities available-for-sale							$	(124,747	)							$	(115,401	)
Cash flow hedge derivatives								1,214									2,527
Total							$	(123,533	)							$	(112,874	)

	Nine Months Ended September 30, 2023									Nine Months Ended September 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	$	(28,272	)	$	(8,357	)	$	(19,915	)	$	(164,128	)	$	(48,516	)	$	(115,612	)
Cash flow hedge derivatives		(1,878	)		(555	)		(1,323	)		11,060			3,269			7,791
Total	$	(30,150	)	$	(8,912	)	$	(21,238	)	$	(153,068	)	$	(45,247	)	$	(107,821	)
Reclassification adjustment for net losses in net income
Cash flow hedge derivatives		—			—			—			(2,822	)		(834	)		(1,988	)
Total		—			—			—			(2,822	)		(834	)		(1,988	)
Total other comprehensive income/(loss)
Securities available-for-sale	$	(28,272	)	$	(8,357	)	$	(19,915	)	$	(164,128	)	$	(48,516	)	$	(115,612	)
Cash flow hedge derivatives		(1,878	)		(555	)		(1,323	)		8,238			2,435			5,803
Total	$	(30,150	)	$	(8,912	)	$	(21,238	)	$	(155,890	)	$	(46,081	)	$	(109,809	)
Ending balance, gain/(loss), net of tax
Securities available-for-sale							$	(124,747	)							$	(115,401	)
Cash flow hedge derivatives								1,214									2,527
Total							$	(123,533	)							$	(112,874	)