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STOCKHOLDERS' EQUITY | 3 Months Ended
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Mar. 31, 2022
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 had a $1,000 per share liquidation preference. The following table presents our total outstanding preferred stock as of the dates indicated:
|  | March 31, 2022 |  | December 31, 2021
($ in thousands) |  | Shares Outstanding |  | Liquidation Preference |  | Carrying Value |  | Shares Outstanding |  | Liquidation Preference |  | Carrying Value
Series E 7.00% non-cumulative perpetual |  | — |  |  | — |  |  | — |  |  | 98,702 |  |  | 98,702 |  |  | 94,956 |
Total |  | — |  |  | $ | — |  |  | $ | — |  |  | 98,702 |  |  | $ | 98,702 |  |  | $ | 94,956 |
The following table summarizes repurchases of these depositary shares for the periods indicated:
|  | Three Months Ended March 31, |  |
($ in thousands) |  | 2022 |  | 2021 |  |  |  |
Series D Preferred Stock: |  |  |  |  |  |  |  |
Depositary shares repurchased |  | — |  |  | 3,730,767 |  |  |  |  |
Preferred Stock retired (shares) |  | — |  |  | 93,269 |  |  |  |  |
Consideration paid |  | $ | — |  |  | $ | 93,269 |  |  |  |  |
Carrying value |  | — |  |  | 89,922 |  |  |  |  |
Impact of preferred stock redemption |  | $ | — |  |  | $ | 3,347 |  |  |  |  |
Series E Preferred Stock: |  |  |  |  |  |  |  |
Depositary shares repurchased |  | 3,948,080 |  |  | — |  |  |  |  |
Preferred Stock retired (shares) |  | 98,702 |  |  | — |  |  |  |  |
Consideration paid |  | $ | 98,703 |  |  | $ | — |  |  |  |  |
Carrying value |  | 94,956 |  |  | — |  |  |  |  |
Impact of preferred stock redemption |  | $ | 3,747 |  |  | $ | — |  |  |  |  |
During the first quarter of 2022, we redeemed all of our outstanding Series E Depositary Shares, resulting in an after-tax charge of $3.7 million in the accompanying consolidated statements of operations. During the first quarter of 2021, we redeemed all of our outstanding Series D Depositary Shares, resulting in an after-tax charge of $3.3 million in the accompanying consolidated statements of operations. Stock Repurchase Program On March 15, 2022, we announced that our Board of Directors authorized the repurchase of up to $75 million of our common stock. The repurchase authorization expires in March 2023. 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 SEC. 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 first quarter of 2022, common stock repurchased under the program totaled 215,550 shares at a weighted average price of $19.92. As of March 31, 2022, the Company had $70.7 million remaining under the current stock repurchase authorization. Change in Accumulated Other Comprehensive (Loss) Income ("AOCI") Our AOCI includes unrealized gain (loss) on securities available-for-sale. Changes to AOCI are presented net of the tax effect as a component of stockholders' equity. Reclassifications from AOCI occur when a security is sold, called or matures and are recorded on the consolidated statements of operations either as a gain or loss. During the quarter ended March 31, 2022, we transferred certain AFS debt securities to HTM. The unrealized loss on such securities at the time of transfer continues to be reported in AOCI and is amortized over the remaining lift of the security as a yield adjustment. The following table presents changes to AOCI for the periods indicated:
|  | Three Months Ended March 31, |  |
($ in thousands) |  | 2022 |  | 2021 |  |  |  |
Balance at beginning of period |  | $ | 7,743 |  |  | $ | 7,746 |  |  |  |  |
Unrealized loss on securities available-for-sale: |  |  |  |  |  |  |  |
Unrealized loss arising during the period |  | (38,087) |  |  | (3,638) |  |  |  |  |
Reclassification adjustment from other comprehensive income |  | (16) |  |  | — |  |  |  |  |
Total unrealized loss on securities available-for-sale |  | (38,103) |  |  | (3,638) |  |  |  |  |
Amortization of unrealized loss of available-for-sale securities transferred to held-to-maturity |  | 87 |  |  | — |  |  |  |  |
Tax effect of current period changes |  | 11,101 |  |  | 1,077 |  |  |  |  |
Total changes, net of taxes |  | (26,915) |  |  | (2,561) |  |  |  |  |
Balance at end of period |  | $ | (19,172) |  |  | $ | 5,185 |  |  |  |  |

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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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