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STOCKHOLDERS' EQUITY
 9 Months Ended
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 $1,000 per share liquidation preference. The following table presents our total outstanding preferred stock as of the dates indicated:
September 30, 2021December 31, 2020
($ in thousands)Shares OutstandingLiquidation PreferenceCarrying ValueShares OutstandingLiquidation PreferenceCarrying 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 
Total98,702 $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)2021202020212020
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)2021202020212020
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 changes1,585 (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