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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 $1,000 per share liquidation preference. The following table presents our total outstanding preferred stock as of the dates indicated:
December 31,
20212020
($ in thousands)Shares Authorized and OutstandingLiquidation PreferenceCarrying ValueShares Authorized and 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 $184,878 
During certain periods, we have repurchased and redeemed Series D Depositary Shares and Series E Depositary Shares, each representing a 1/40th interest in a share of Series D Preferred Stock and Series E Preferred Stock. When the consideration paid to repurchase depositary shares exceeds such depositary shares' carrying value, the difference reduces net income allocated to common stockholders. When the consideration paid to repurchase depositary shares is less than such depositary shares' carrying value, the difference increases net income allocated to common stockholders. Redemptions of depositary shares are typically at par value. The following table summarizes repurchases and redemptions of these depositary shares during the periods indicated:
Year Ended December 31,
($ in thousands)202120202019
Series D Preferred Stock:
Depositary shares repurchased or redeemed3,730,767 134,410 734,823 
Preferred Stock retired (shares)93,269 3,360 18,371 
Consideration paid$93,269 $2,698 $19,392 
Carrying value89,922 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)202120202019
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)