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SHAREHOLDERS EQUITY
 12 Months Ended
Dec. 31, 2022
Stockholders' Equity Note [Abstract]  
SHAREHOLDERS EQUITY . SHAREHOLDERS’ EQUITY

On January 28, 2021, the Company authorized the repurchase of up to 948,735 shares, or approximately 5 percent of its outstanding shares. The Company completed its 948,735 share repurchase program at an average price of $32.30 for a total cost of $30.6 million. On January 28, 2022, the Company announced authorization of a new share repurchase program of up to 920,000 shares, or approximately 5 percent of its outstanding shares. The Company purchased 876,986 shares at an average price of $35.01 for a total cost of $30.7 million under this program which ended on December 31, 2022.

During the year ended December 31, 2022, the Company purchased 930,977 shares at an average price of $35.15 for a total cost of $32.7 million. During the year ended December 31, 2021, the Company purchased 894,744 shares at an average price of $31.99 for a total cost of $28.6 million.

The Dividend Reinvestment Plan of the Company (the “Reinvestment Plan”) allows shareholders of the Company to purchase additional shares of common stock using cash dividends without payment of any brokerage commissions or other charges. Shareholders may also make voluntary cash payments of up to $200,000 per quarter to purchase additional shares of common stock. Voluntary share purchases in the “Reinvestment Plan” can be filled from the Company’s authorized but unissued shares and/or in the open market, at the discretion of the Company. All shares purchased during 2022 and 2021 were purchased in the open market.

GAAP Capital was also impacted by an increase in the unrealized loss on available-for-sale securities of $61.8 million due to the significant rise in the medium-term Treasury yields during 2022.