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STOCKHOLDERS' EQUITY
 9 Months Ended
Sep. 30, 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 $1,000 per share liquidation preference.
The following table presents our total outstanding preferred stock as of the dates indicated:
September 30, 2022December 31, 2021
($ in thousands)Shares OutstandingLiquidation PreferenceCarrying ValueShares OutstandingLiquidation PreferenceCarrying Value
Series E
7.00% non-cumulative perpetual
— — — 98,702 98,702 94,956 
Total— $— $— 98,702 $98,702 $94,956 
The following table summarizes redemptions and repurchases of these depositary shares for the periods indicated:
Three Months Ended
September 30, 		Nine Months Ended
September 30,
($ in thousands)2022202120222021
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 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 three months ended September 30, 2022, common stock repurchased under the program totaled 740,332 shares at a weighted average price of $17.49. During the nine months ended September 30, 2022, common stock repurchased under the program totaled 3,069,058 shares at a weighted average price of $18.28. As of September 30, 2022, the Company had $18.9 million remaining under the current stock repurchase authorization.
Change in Accumulated Other Comprehensive (Loss) Income ("AOCI")
Our AOCI includes unrealized gain (loss) on securities available-for-sale. Changes to AOCI are presented net of the tax effect as a component of stockholders' equity. Reclassifications from AOCI occur when a security is sold, called or matures and are recorded on the consolidated statements of operations either as a gain or loss. During the quarter ended March 31, 2022, we transferred certain debt securities available-for-sale to held-to-maturity. The unrealized loss on such securities at the time of transfer continues to be reported in AOCI and is amortized over the remaining life of the security as a yield adjustment. The following table presents changes to AOCI for the periods indicated:
Three Months Ended
September 30, 		Nine Months Ended
September 30,
($ in thousands)2022202120222021
Balance at beginning of period$(34,059)$14,740 $7,743 $7,746 
Unrealized loss on securities available-for-sale:
Unrealized loss arising during the period(19,289)(5,377)(78,392)4,535 
Reclassification adjustment from other comprehensive income— — (16)— 
Total unrealized loss on securities available-for-sale(19,289)(5,377)(78,408)4,535 
Amortization of unrealized loss of available-for-sale securities transferred to held-to-maturity275 — 608 — 
Tax effect of current period changes5,494 1,585 22,478 (1,333)
Total changes, net of taxes(13,520)(3,792)(55,322)3,202 
Balance at end of period$(47,579)$10,948 $(47,579)$10,948