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STOCKHOLDERS' EQUITY
 6 Months Ended
Jun. 30, 2023
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 shares of preferred stock had a $1,000 per share liquidation preference and there were no preferred shares outstanding since March 2022.

The following table summarizes redemptions and repurchases of these depositary shares for the periods indicated:
Three Months Ended
June 30, 		Six Months Ended
June 30,
($ in thousands)2023202220232022
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.
Common Share Repurchase Program
On February 13, 2023, we announced our Board of Directors authorized the repurchase of up to $35 million of our common stock. The repurchase authorization expires in February 2024. 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 and six months ended June 30, 2023, common stock repurchased under the program totaled 1,348,545 shares and 1,759,491 shares at a weighted average price of $11.85 and $12.02. As of June 30, 2023, the Company had $13.9 million remaining under the current stock repurchase authorization.
Change in Accumulated Other Comprehensive (Loss) Income ("AOCI")
Our AOCI includes unrealized gain (loss) on AFS securities and cash flow hedges. Changes to AOCI are presented net of the tax effect as a component of stockholders’ equity. Reclassifications from AOCI occur when a security is sold, called or matures and are recorded on the consolidated statements of operations either as a gain or loss. During the first quarter of 2022, we transferred certain AFS securities to HTM. The unrealized loss on such securities at the time of transfer continues to be reported in AOCI and is amortized over the remaining life of the security as a yield adjustment.
The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges are recorded in AOCI and are subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. If a cash flow hedge is terminated or is no longer deemed highly effective, the hedge accounting is ceased and any gain or loss included in AOCI is reclassified into earnings.
The following table presents changes to AOCI for the periods indicated:
Three Months Ended
June 30, 		Six Months Ended
June 30,
($ in thousands)2023202220232022
Balance at beginning of period$(50,489)$(19,172)$(40,597)$7,743 
Unrealized loss on securities available-for-sale:
Unrealized loss arising during the period(7,334)(21,016)(12,857)(59,103)
Reclassification adjustment from other comprehensive income— — — (16)
Total unrealized loss on securities available-for-sale(7,334)(21,016)(12,857)(59,119)
Amortization of unrealized loss of available-for-sale securities transferred to held-to-maturity252 246 505 333 
Unrealized gain (loss) on cash flow hedges:
Unrealized gain (loss) arising during the period8,168 — (454)— 
Tax effect of current period changes(355)5,883 3,645 16,984 
Total changes, net of taxes731 (14,887)(9,161)(41,802)
Balance at end of period$(49,758)$(34,059)$(49,758)$(34,059)