XML 40 R27.htm IDEA: XBRL DOCUMENT
v3.22.0.1

STOCKHOLDERS' EQUITY | 12 Months Ended
--- | ---
Dec. 31, 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 $1,000 per share liquidation preference. The following table presents our total outstanding preferred stock as of the dates indicated:
|  | December 31,
|  | 2021 |  | 2020
($ in thousands) |  | Shares Authorized and Outstanding |  | Liquidation Preference |  | Carrying Value |  | Shares Authorized and 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 and redeemed 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 depositary shares exceeds such depositary shares' carrying value, the difference reduces net income allocated to common stockholders. When the consideration paid to repurchase depositary shares is less than such depositary shares' carrying value, the difference increases net income allocated to common stockholders. Redemptions of depositary shares are typically at par value. The following table summarizes repurchases and redemptions of these depositary shares during the periods indicated:
|  | Year Ended December 31,
($ in thousands) |  | 2021 |  | 2020 |  | 2019
Series D Preferred Stock: |  |  |  |  |  |
Depositary shares repurchased or redeemed |  | 3,730,767 |  |  | 134,410 |  |  | 734,823 |
Preferred Stock retired (shares) |  | 93,269 |  |  | 3,360 |  |  | 18,371 |
Consideration paid |  | $ | 93,269 |  |  | $ | 2,698 |  |  | $ | 19,392 |
Carrying value |  | 89,922 |  |  | 3,240 |  |  | 17,711 |
Impact of preferred stock redemption - Series D Preferred Stock (1) |  | $ | 3,347 |  |  | $ | (541) |  |  | $ | 1,681 |
Series E Preferred Stock: |  |  |  |  |  |
Depositary shares repurchased or redeemed |  | — |  |  | 70,967 |  |  | 980,928 |
Preferred Stock retired (shares) |  | — |  |  | 1,774 |  |  | 24,523 |
Consideration paid |  | $ | — |  |  | $ | 1,680 |  |  | $ | 27,005 |
Carrying value |  | — |  |  | 1,707 |  |  | 23,592 |
Impact of preferred stock redemption - Series E Preferred Stock (1) |  | $ | — |  |  | $ | (27) |  |  | $ | 3,412 |
Total impact of preferred stock redemption (1) |  | $ | 3,347 |  |  | $ | (568) |  |  | $ | 5,093 |
(1) Impact of redemption includes both shares repurchased in the open market at a premium or discount and shares redeemed at par on an eligible call date. Series D Preferred Stock 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. On August 23, 2019, the Company completed a tender offer for Series D Depositary Shares, resulting in the repurchase of 734,823 outstanding Series D Depositary Shares and the related retirement of 18,371 outstanding shares of Series D Preferred Stock. Series E Preferred Stock On August 23, 2019, the Company completed a tender offer for Series E Depositary Shares, resulting in the repurchase of 980,928 outstanding Series E Depositary Shares and the related retirement of 24,523 outstanding shares of Series E Preferred Stock. See Note 27 - Subsequent Events for additional detail related to the upcoming redemption of Series E Preferred Stock. Common Share Repurchase Program On February 10, 2020, we announced that our Board of Directors authorized the repurchase of up to $45 million of our common stock. This repurchase authorization expired on February 10, 2021. There were no repurchases of common shares during the year ended December 31, 2021. During the year ended December 31, 2020, we repurchased 827,584 shares of common stock at a weighted average price of $14.50 per share and an aggregate amount of $12.0 million. Purchases were authorized to be made in open-market transactions, in block transactions on or off an exchange, in privately negotiated transactions, or by other means as determined by our management and in accordance with the regulations of the Securities and Exchange Commission. The timing of purchases and the number of shares repurchased under the program depended on a variety of factors including price, trading volume, corporate and regulatory requirements, and market conditions. Change in Accumulated Other Comprehensive Income (Loss) Our AOCI includes unrealized gain (loss) on securities available-for-sale. Changes to AOCI are presented net of the tax effect as a component of stockholders' equity. Reclassifications from AOCI occur when a security is sold, called or matures and are recorded on the consolidated statements of operations either as a gain or loss. The following table presents changes to AOCI for the periods indicated:
|  | Year Ended December 31,
($ in thousands) |  | 2021 |  |  |  | 2020 |  |  |  | 2019
Unrealized (loss) gain on securities available-for -sale |  |  |  |  |  |  |  |  |  |
Balance at beginning of period |  | $ | 7,746 |  |  |  |  | $ | (11,900) |  |  |  |  | $ | (24,117) |
Unrealized gain (loss) arising during the period |  | (7) |  |  |  |  | 29,867 |  |  |  |  | 11,734 |
Reclassification adjustment from other comprehensive income |  | — |  |  |  |  | (2,011) |  |  |  |  | 4,852 |
OTTI reclassified from accumulated other comprehensive income (loss) to net income |  | — |  |  |  |  | — |  |  |  |  | 731 |
Tax effect of current period changes |  | 4 |  |  |  |  | (8,210) |  |  |  |  | (5,100) |
Total changes, net of taxes |  | (3) |  |  |  |  | 19,646 |  |  |  |  | 12,217 |
Balance at end of period |  | $ | 7,743 |  |  |  |  | $ | 7,746 |  |  |  |  | $ | (11,900) |

X
- References No definition available. + Details
Name: | us-gaap_EquityAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_StockholdersEquityNoteDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration