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Note 17 - Stockholders' Equity
6 Months Ended
Jun. 30, 2024
Notes to Financial Statements  
Equity [Text Block]

17. Stockholders Equity

 

Total equity was $2.79 billion as of June 30, 2024, an increase of $56.7 million, from $2.74 billion as of December 31, 2023, primarily due to net income of $138.3 million, stock-based compensation of $2.2 million, and proceeds from dividend reinvestment of $1.5 million, and stock issued to directors of $850 thousand, offset by, common stock cash dividends of $49.5 million, purchase of treasury stock of $25.3 million, other comprehensive loss of $7.6 million, and shares withheld related to net share settlement of RSUs of $3.7 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, 2024, and June 30, 2023, was as follows:

 

  

Three Months Ended June 30, 2024

  

Three Months Ended June 30, 2023

 
  

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 AFS

         $(92,612)         $(93,173)

Cash flow hedge derivatives

          333           2,096 

Total

         $(92,279)         $(91,077)
                         

Net unrealized gains/(losses) arising during the period

                        

Securities AFS

 $(636) $(188) $(448) $(10,691) $(3,160) $(7,531)

Cash flow hedge derivatives

  (473)  (140)  (333)  (626)  (185)  (441)

Total

 $(1,109) $(328) $(781) $(11,317) $(3,345) $(7,972)
                         

Reclassification adjustment for net losses in net income

                        

Securities AFS

 $  $  $  $  $  $ 

Cash flow hedge derivatives

                  

Total

                  
                         

Total other comprehensive income/(loss)

                        

Securities AFS

 $(636) $(188) $(448) $(10,691) $(3,160) $(7,531)

Cash flow hedge derivatives

  (473)  (140)  (333)  (626)  (185)  (441)

Total

 $(1,109) $(328) $(781) $(11,317) $(3,345) $(7,972)
                         

Ending balance, gain/(loss), net of tax

                        

Securities AFS

         $(93,060)         $(100,704)

Cash flow hedge derivatives

                     1,655 

Total

         $(93,060)         $(99,049)

 

  

Six Months Ended June 30, 2024

  

Six Months Ended June 30, 2023

 
  

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 AFS

         $(86,190)         $(104,832)

Cash flow hedge derivatives

          774           2,537 

Total

         $(85,416)         $(102,295)
                         

Net unrealized gains/(losses) arising during the period

                        

Securities AFS

 $(9,753) $(2,883) $(6,870) $5,860  $1,732  $4,128 

Cash flow hedge derivatives

  (1,099)  (325)  (774)  (1,252)  (370)  (882)

Total

 $(10,852) $(3,208) $(7,644) $4,608  $1,362  $3,246 
                         

Reclassification adjustment for net losses in net income

                        

Securities AFS

 $  $  $  $  $  $ 

Cash flow hedge derivatives

                  

Total

                  
                         

Total other comprehensive income/(loss)

                        

Securities AFS

 $(9,753) $(2,883) $(6,870) $5,860  $1,732  $4,128 

Cash flow hedge derivatives

  (1,099)  (325)  (774)  (1,252)  (370)  (882)

Total

 $(10,852) $(3,208) $(7,644) $4,608  $1,362  $3,246 
                         

Ending balance, gain/(loss), net of tax

                        

Securities AFS

         $(93,060)         $(100,704)

Cash flow hedge derivatives

                     1,655 

Total

         $(93,060)         $(99,049)