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STOCKHOLDERS' EQUITY | 9 Months Ended
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Sep. 30, 2021
Equity [Abstract] |
STOCKHOLDERS' EQUITY | 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 $1,000 per share liquidation preference. The following table presents our total outstanding preferred stock as of the dates indicated:
|  | September 30, 2021 |  | December 31, 2020
($ in thousands) |  | Shares Outstanding |  | Liquidation Preference |  | Carrying Value |  | Shares Outstanding |  | Liquidation Preference |  | Carrying Value
Series D 7.375% non-cumulative perpetual |  | — |  |  | $ | — |  |  | $ | — |  |  | 93,270 |  |  | $ | 93,270 |  |  | $ | 89,922 |
Series E 7.00% non-cumulative perpetual |  | 98,702 |  |  | 98,702 |  |  | 94,956 |  |  | 98,702 |  |  | 98,702 |  |  | 94,956 |
Total |  | 98,702 |  |  | $ | 98,702 |  |  | $ | 94,956 |  |  | 191,972 |  |  | $ | 191,972 |  |  | $ | 184,878 |
During certain periods, we have repurchased Series D Depositary Shares and Series E Depositary Shares, each representing a 1/40th interest in a share of Series D Preferred Stock and Series E Preferred Stock. When the consideration paid to repurchase shares exceeds the repurchased shares' carrying value, the difference reduces net income allocated to common shareholders. When the consideration paid to repurchase shares is less than the repurchased shares' carrying value, the difference increases net income allocated to common shareholders. The following table summarizes repurchases of these depositary shares for the periods indicated:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
($ in thousands) |  | 2021 |  | 2020 |  | 2021 |  | 2020
Series D Preferred Stock: |  |  |  |  |  |  |  |
Depositary shares repurchased |  | — |  |  | 100 |  |  | 3,730,767 |  |  | 134,410 |
Preferred Stock retired (shares) |  | — |  |  | 3 |  |  | 93,269 |  |  | 3,360 |
Consideration paid |  | $ | — |  |  | $ | 2 |  |  | $ | 93,269 |  |  | $ | 2,698 |
Carrying value |  | — |  |  | 2 |  |  | 89,922 |  |  | 3,240 |
Impact of preferred stock redemption |  | $ | — |  |  | $ | — |  |  | $ | 3,347 |  |  | $ | (541) |
Series E Preferred Stock: |  |  |  |  |  |  |  |
Depositary shares repurchased |  | — |  |  | 6,502 |  |  | — |  |  | 70,967 |
Preferred Stock retired (shares) |  | — |  |  | 163 |  |  | — |  |  | 1,774 |
Consideration paid |  | $ | — |  |  | $ | 164 |  |  | $ | — |  |  | $ | 1,680 |
Carrying value |  | — |  |  | 156 |  |  | — |  |  | 1,707 |
Impact of preferred stock redemption |  | $ | — |  |  | $ | 7 |  |  | $ | — |  |  | $ | (27) |
During the first quarter of 2021, we redeemed all of our outstanding Series D Depositary Shares, resulting in an impact of preferred stock redemption of $3.3 million in the accompanying consolidated statements of operations. Change in Accumulated Other Comprehensive (Loss) Income ("AOCI") Our AOCI includes unrealized gain (loss) on securities available-for-sale. Changes to AOCI are presented net of the tax effect as a component of stockholders' equity. Reclassifications from AOCI occur when a security is sold, called or matures and are recorded on the consolidated statements of operations either as a gain or loss. The following table presents changes to AOCI for the periods indicated:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
($ in thousands) |  | 2021 |  | 2020 |  | 2021 |  | 2020
Unrealized gain (loss) on securities available-for-sale |  |  |  |  |  |  |  |
Balance at beginning of period |  | $ | 14,740 |  |  | $ | (15,565) |  |  | $ | 7,746 |  |  | $ | (11,900) |
Unrealized gain (loss) arising during the period |  | (5,377) |  |  | 23,859 |  |  | 4,535 |  |  | 20,677 |
Reclassification adjustment from other comprehensive income |  | — |  |  | — |  |  | — |  |  | (2,011) |
Tax effect of current period changes |  | 1,585 |  |  | (7,028) |  |  | (1,333) |  |  | (5,500) |
Total changes, net of taxes |  | (3,792) |  |  | 16,831 |  |  | 3,202 |  |  | 13,166 |
Balance at end of period |  | $ | 10,948 |  |  | $ | 1,266 |  |  | $ | 10,948 |  |  | $ | 1,266 |

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (g) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (h) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 16 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496180-112644 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (i) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(e)(1)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
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