STOCKHOLDERS' EQUITY

3 Months Ended

Mar. 31, 2020

STOCKHOLDERS’ EQUITY

Preferred Stock

We are authorized to issue 50,000,000 shares of preferred stock with par value of $0.01 per share. Preferred shares outstanding rank senior to common shares both as to dividends and liquidation preference but generally have no voting rights. All of our outstanding shares of preferred stock have a $1,000 per share liquidation preference. The following table presents our total outstanding preferred stock as of the dates indicated:



	March 31, 2020					December 31, 2019
($ in thousands)	Shares Outstanding	Liquidation Preference		Carrying Value		Shares Outstanding	Liquidation Preference		Carrying Value
Series D 7.375% non-cumulative perpetual	94,597	$	94,597	$	91,202	96,629	$	96,629	$	93,162
Series E 7.00% non-cumulative perpetual	100,292	100,292		96,485		100,477	100,477		96,663
Total	194,889	$	194,889	$	187,687	197,106	$	197,106	$	189,825

During the three months ended March 31, 2020, we repurchased depositary shares (Series D Depositary Shares), each representing a 1/40^thinterest in a share of Series D Preferred Stock, liquidation amount of $1,000 per share of Series D Preferred Stock, resulting in the repurchase of 81,304 outstanding Series D Depositary Shares and the related retirement of 2,033 outstanding shares of Series D Preferred Stock. The repurchase price aggregated to $1.5 million. The $501 thousand difference between the consideration paid and the carrying value of the Series D Preferred Stock was reclassified to retained earnings and resulted in an increase to net income allocated to common stockholders.

During the three months ended March 31, 2020, we repurchased depositary shares (Series E Depositary Shares), each representing a 1/40^thinterest in a share of Series E Preferred Stock, liquidation amount of $1,000 per share of Series E Preferred Stock, resulting in the repurchase of 7,400 outstanding Series E Depositary Shares and the related retirement of 185 outstanding shares of Series E Preferred Stock. The repurchase price aggregated to $153 thousand. The $25 thousand difference between the consideration paid and the carrying value of the Series E Preferred Stock was reclassified to retained earnings and resulted in an increase to net income allocated to common stockholders.

Share Repurchase Program

On February 10, 2020, we announced that our Board of Directors (the “Board”) authorized the repurchase of up to $45 million of our common stock. The repurchase authorization expires in February 2021. Purchases may be made in open-market transactions, in block transactions on or off an exchange, in privately negotiated transactions or by other means as determined by our management and in accordance with the regulations of the Securities and Exchange Commission. The timing of purchases and the number of shares repurchased under the program will depend on a variety of factors including price, trading volume, corporate and regulatory requirements and market conditions.

During the three months ended March 31, 2020, we repurchased 827,584 shares of common stock at a weighted average price of $14.50 per share and aggregating $12.0 million. Given current macroeconomic conditions and the yet-to-be-determined impacts of the COVID-19 crisis, we have suspended common stock repurchases for the immediate future.

Change in Accumulated Other Comprehensive (Loss) Income

Our AOCI includes unrealized gain (loss) on securities available-for-sale. Changes to AOCI are presented net of tax effect as a component of stockholders' equity. Reclassifications from AOCI are recorded on the consolidated statements of operations either as a gain or loss. The following table presents changes to AOCI for the periods indicated:



	Three Months Ended March 31,
($ in thousands)	2020			2019
Unrealized(loss) gain on securities available-for-sale
Balance at beginning of period	$	(11,900	)	$	(24,117	)
Unrealized (loss) gain arising during the period	(59,885		)	8,746
Reclassification adjustment from other comprehensive income	—			(208		)
Tax effect of current period changes	17,637			(2,512		)
Total changes, net of taxes	(42,248		)	6,026
Balance at end of period	$	(54,148	)	$	(18,091	)