Preferred Stock Text Block List (Details) - USD ($)
$ / shares in Units, $ in Thousands

12 Months Ended

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

Class of Stock [Line Items]

Preferred Stock Shares Issued

8,000,000.0

Preferred Stock, Liquidation Preference, Value

$ 25

Preferred stock issued, net of issuance costs

$ (479)

$ 195,063

$ 0

Equity Text Block

Preferred Stock

We have 5,000,000 shares of preferred stock authorized, with no par value, of which (i) 300,000 shares are designated Series A junior preferred stock, which have not been issued, and (ii) 8,000 shares were issued as Series B in 2020 as discussed below.

On December 2, 2020, we issued 8.0 million depository shares, each representing a 1/1,000th interest in a share of our perpetual 4.60% Non-Cumulative Preferred Stock, Series B, without par value, with a liquidation preference of $25,000 per share (equivalent to $25.00 per depository share) (“Preferred Stock”), for net proceeds of $194.6 million. Dividends are recorded when declared and, if declared are payable quarterly in arrears on the 15th day of March, June, September, and December. If a dividend is not declared and paid or made payable on all outstanding shares of the Preferred Stock for the latest completed dividend period, no dividends may be declared or paid on our common stock and we may not purchase, redeem, or otherwise acquire our outstanding common stock.

The Preferred Stock is redeemable at our option in whole or in part, from time to time, on or after December 15, 2025 at a redemption price equal to $25,000 per share of Preferred Stock (equivalent to $25.00 per depository share), plus unpaid dividends attributable to the then current dividend period. Prior to December 15, 2025, the Preferred Stock is redeemable at the Company’s option, in whole but not in part, within 90 days of the occurrence of (a) a rating agency event at a redemption price equal to $25,500 per share of Preferred Stock (equivalent to $25.50 per depository share), plus unpaid dividends attributable to the current dividend period in circumstances where a rating agency changes its criteria used to assign equity credit to securities like the Preferred Stock; or (b) a regulatory capital event at a redemption price equal to $25,000 per share of Preferred Stock (equivalent to $25.00 per depository share), plus unpaid dividends attributable to the current dividend period in circumstances where a capital regulator such as a state insurance regulator changes or proposes to change capital adequacy rules.

Share Repurchase Program

On December 2, 2020, we announced that our Board authorized a $100 million share repurchase program, which

has no set expiration or termination date. Our repurchase program does not obligate us to acquire any particular amount of our

common stock. The timing and amount of any share repurchases under the authorization is determined by management at its discretion based on market conditions and other considerations. As of December 31, 2021, 52,781 shares were repurchased under the share repurchase program at a total cost of $3.4 million. These repurchases were all completed in the first quarter of 2021, and we did not repurchase any shares under our share repurchase program during the remainder of 2021. We have $96.6 million of remaining capacity under our share repurchase program.

Rating Agency Event [Member]

Class of Stock [Line Items]

Depositary Share Price

$ 25.50

Preferred Stock, Redemption Price Per Share

25,500

Regulatory Capital Event [Member]

Class of Stock [Line Items]

Depositary Share Price

25.00

Preferred Stock, Redemption Price Per Share

$ 25,000