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

17. Stockholders’ Equity

 

Total equity was $2.83 billion as of September 30, 2024, an increase of $93.7 million, from $2.74 billion as of December 31, 2023, primarily due to net income of $205.8 million, other comprehensive income of $19.0 million, stock-based compensation of $4.1 million, and proceeds from dividend reinvestment of $2.2 million, and stock issued to directors of $850 thousand, offset by, common stock cash dividends of $73.8 million, purchase of treasury stock of $60.6 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 nine months ended September 30, 2024, and September 30, 2023, was as follows:

 

  

Three Months Ended September 30, 2024

  

Three Months Ended September 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

         $(93,060)         $(100,704)

Cash flow hedge derivatives

          —           1,655 

Total

         $(93,060)         $(99,049)
                         

Net unrealized gains/(losses) arising during the period

                        

Securities AFS

 $37,773  $11,166  $26,607  $(34,133) $(10,090) $(24,043)

Cash flow hedge derivatives

  —   —   —   (626)  (185)  (441)

Total

 $37,773  $11,166  $26,607  $(34,759) $(10,275) $(24,484)
                         

Reclassification adjustment for net losses in net income

                        

Securities AFS

 $—  $—  $—  $—  $—  $— 

Cash flow hedge derivatives

  —   —   —   —   —   — 

Total

  —   —   —   —   —   — 
                         

Total other comprehensive income/(loss)

                        

Securities AFS

 $37,773  $11,166  $26,607  $(34,133) $(10,090) $(24,043)

Cash flow hedge derivatives

  —   —   —   (626)  (185)  (441)

Total

 $37,773  $11,166  $26,607  $(34,759) $(10,275) $(24,484)
                         

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

                        

Securities AFS

         $(66,453)         $(124,747)

Cash flow hedge derivatives

          —           1,214 

Total

         $(66,453)         $(123,533)

 

  

Nine Months Ended September 30, 2024

  

Nine Months Ended September 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

 $28,020  $8,283  $19,737  $(28,272) $(8,357) $(19,915)

Cash flow hedge derivatives

  (1,099)  (325)  (774)  (1,878)  (555)  (1,323)

Total

 $26,921  $7,958  $18,963  $(30,150) $(8,912) $(21,238)
                         

Reclassification adjustment for net losses in net income

                        

Securities AFS

 $—  $—  $—  $—  $—  $— 

Cash flow hedge derivatives

  —   —   —   —   —   — 

Total

  —   —   —   —   —   — 
                         

Total other comprehensive income/(loss)

                        

Securities AFS

 $28,020  $8,283  $19,737  $(28,272) $(8,357) $(19,915)

Cash flow hedge derivatives

  (1,099)  (325)  (774)  (1,878)  (555)  (1,323)

Total

 $26,921  $7,958  $18,963  $(30,150) $(8,912) $(21,238)
                         

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

                        

Securities AFS

         $(66,453)         $(124,747)

Cash flow hedge derivatives

          —           1,214 

Total

         $(66,453)         $(123,533)