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STOCKHOLDERS' EQUITY
 12 Months Ended
Dec. 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 rank senior to common shares both as to dividends and liquidation preference but generally have no voting rights. All of our shares of preferred stock have a $1,000 per share liquidation preference, and there were no preferred shares outstanding at December 31, 2022. The following table presents our outstanding preferred stock as of the dates indicated:
December 31,
20222021
($ in thousands)Shares Authorized and OutstandingLiquidation PreferenceCarrying ValueShares Authorized and OutstandingLiquidation PreferenceCarrying Value
Series E
7.00% non-cumulative perpetual
— — — 98,702 98,702 94,956 
Total— $— $— 98,702 $98,702 $94,956 
During recent years, we repurchased and redeemed Series D and Series E Depositary Shares, each representing a 1/40th interest in a share of Series D and Series E Preferred Stock. When the consideration paid to repurchase or redeem depositary shares exceeds such depositary shares' carrying value, the difference reduces net income allocated to common stockholders. When the consideration paid to repurchase depositary shares is less than such depositary shares' carrying value, the difference increases net income allocated to common stockholders. Redemptions of depositary shares are typically at par value. The following table summarizes repurchases and redemptions of these depositary shares during the periods indicated:
Year Ended December 31,
($ in thousands)202220212020
Series D Preferred Stock:
Depositary shares repurchased or redeemed— 3,730,767 134,410 
Preferred Stock retired (shares)— 93,269 3,360 
Consideration paid$— $93,269 $2,698 
Carrying value— 89,922 3,240 
Impact of preferred stock redemption - Series D Preferred Stock (1)
$— $3,347 $(541)
Series E Preferred Stock:
Depositary shares repurchased or redeemed3,948,080 — 70,967 
Preferred Stock retired (shares)98,702 — 1,774 
Consideration paid$98,703 $— $1,680 
Carrying value94,956 — 1,707 
Impact of preferred stock redemption - Series E Preferred Stock (1)
$3,747 $— $(27)
Total impact of preferred stock redemption (1)
$3,747 $3,347 $(568)
(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.
Series E Preferred Stock
During the first quarter of 2022, we redeemed all of our outstanding Series E Depositary Shares, resulting in an impact of preferred stock redemption of $3.7 million in the accompanying consolidated statements of operations.
Common Share Repurchase Program
On March 15, 2022, we announced our Board of Directors authorized the repurchase of up to $75 million of our common stock. 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 SEC. 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.
During the year ended December 31, 2022, we completed the authorized common stock repurchase program, with repurchases of 4,212,882 shares at a weighted average price of $17.80, or $74,995,368. The repurchased shares represent approximately 7% of the shares outstanding at the time this program was authorized.
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)202220212020
Unrealized (loss) gain on securities available-for -sale
Balance at beginning of period$7,743 $7,746 $(11,900)
Unrealized (loss) gain on securities available-for-sale:
Unrealized (loss) gain arising during the period(76,556)(7)29,867 
Reclassification adjustment from other comprehensive income7,692 — (2,011)
Total unrealized (loss) gain on securities available-for-sale(68,864)(7)27,856 
Amortization of unrealized loss of available-for-sale securities transferred to held-to-maturity860 — — 
Tax effect of current period changes
19,664 4 (8,210)
Total changes, net of taxes(48,340)(3)19,646 
Balance at end of period$(40,597)$7,743 $7,746