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Note 18 - Stockholders' Equity
 9 Months Ended
Sep. 30, 2021
Notes to Financial Statements  
Stockholders' Equity Note Disclosure [Text Block]

18. Stockholders’ Equity

 

Total equity was $2.46 billion as of September 30, 2021, an increase of $45.1 million, from $2.42 billion as of December 31, 2020, primarily due to net income of $223.0 million, stock-based compensation of $4.1 million, and proceeds from dividend reinvestment of $2.6 million, partially offset by purchases of treasury stock of $100.7 million, common stock cash dividends of $73.3 million and a decrease in other comprehensive income of $5.7 million.

 

Activity in accumulated other comprehensive income, net of tax, and reclassification out of accumulated other comprehensive income for the three and nine months ended September 30, 2021, and June 30, 2020, was as follows:

 

  

Three months ended September 30, 2021

  

Three months ended September 30, 2020

 
  

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

      $7,560          $16,278 

Cash flow hedge derivatives

       (5,188)          (7,925)

Total

         $2,372          $8,353 
                         

Net unrealized gains/(losses) arising during the period

                        

Securities available-for-sale

 $(4,588) $(1,356) $(3,232) $(3,543) $(1,047) $(2,496)

Cash flow hedge derivatives

  698   206   492   755   223   532 

Total

 $(3,890) $(1,150) $(2,740) $(2,788) $(824) $(1,964)
                         

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

 $(4,588) $(1,356) $(3,232) $(3,543) $(1,047) $(2,496)

Cash flow hedge derivatives

  698   206   492   755   223   532 

Total

 $(3,890) $(1,150) $(2,740) $(2,788) $(824) $(1,964)
                         

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

                        

Securities available-for-sale

      $4,328          $13,782 

Cash flow hedge derivatives

       (4,696)          (7,393)

Total

         $(368)         $6,389 

 

  

Nine months ended September 30, 2021

  

Nine months ended September 30, 2020

 
  

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

      $12,200          $5,714 

Cash flow hedge derivatives

       (6,890)          (3,412)

Total

         $5,310          $2,302 
                         

Net unrealized gains/(losses) arising during the period

                        

Securities available-for-sale

 $(10,322) $(3,051) $(7,271) $12,607  $3,727  $8,880 

Cash flow hedge derivatives

  3,115   921   2,194   (5,652)  (1,671)  (3,981)

Total

 $(7,207) $(2,130) $(5,077) $6,955  $2,056  $4,899 
                         

Reclassification adjustment for net losses in net income

                        

Securities available-for-sale

  (853)  (252)  (601)  (1,153)  (341)  (812)

Cash flow hedge derivatives

  —   —   —   —   —   — 

Total

  (853)  (252)  (601)  (1,153)  (341)  (812)
                         

Total other comprehensive income/(loss)

                        

Securities available-for-sale

 $(11,175) $(3,303) $(7,872) $11,454  $3,386  $8,068 

Cash flow hedge derivatives

  3,115   921   2,194   (5,652)  (1,671)  (3,981)

Total

 $(8,060) $(2,382) $(5,678) $5,802  $1,715  $4,087 
                         

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

                        

Securities available-for-sale

      $4,328          $13,782 

Cash flow hedge derivatives

       (4,696)          (7,393)

Total

         $(368)         $6,389