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 | ) |
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