| STOCKHOLDERS' EQUITY |
11. STOCKHOLDERS’ EQUITY
Share Repurchase Programs
The Company’s share repurchase program activity is dependent on management’s determination of its capital deployment needs, subject to market, economic, and regulatory conditions. Authorized repurchase programs allow the Company to repurchase its common stock through either open market transactions or privately negotiated transactions.
During the year ended December 31, 2023, there were no active share repurchase programs. The Company had a repurchase program authorized on December 10, 2021, that resulted in the Company repurchasing an aggregate of 1.3 million shares or $48.2 million of the Company’s common stock before it expired on December 9, 2022. In addition, the Company had a share repurchase program authorized on May 4, 2021, that was fully utilized by September 30, 2021, resulting in the Company repurchasing 3.4 million shares or $125.0 million of the Company’s common stock.
Series A Preferred Stock
On June 9, 2020, the Company issued and sold 6,900,000 depositary shares, each representing a 1/400th ownership interest in a share of its Series A preferred stock, with a liquidation preference of $10,000 per share of Series A preferred stock (equivalent to $25 per depositary share), including 900,000 depositary shares pursuant to the exercise in full by the underwriters of their option to purchase additional depositary shares.
Accumulated Other Comprehensive Income (Loss)
The change in AOCI for the year ended December 31, 2023 is summarized as follows, net of tax (dollars in thousands):
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Unrealized |
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Gains |
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(Losses) for |
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Unrealized |
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AFS |
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Unrealized |
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Gains (Losses) |
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Securities |
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Change in Fair |
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Gains |
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on AFS |
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Transferred |
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Value of Cash |
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(Losses) |
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Securities |
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to HTM |
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Flow Hedges |
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on BOLI |
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Total |
AOCI (loss) - December 31, 2022 |
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$ |
(363,919) |
|
$ |
17 |
|
$ |
(54,610) |
|
$ |
226 |
|
$ |
(418,286) |
Other comprehensive (loss) income: |
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Other comprehensive income before reclassification |
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29,006 |
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— |
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|
12,445 |
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|
10 |
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|
41,461 |
Amounts reclassified from AOCI into earnings |
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32,381 |
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(11) |
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— |
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|
1,106 |
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|
33,476 |
Net current period other comprehensive income (loss) |
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61,387 |
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(11) |
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|
12,445 |
|
|
1,116 |
|
|
74,937 |
AOCI (loss) - December 31, 2023 |
|
$ |
(302,532) |
|
$ |
6 |
|
$ |
(42,165) |
|
$ |
1,342 |
|
$ |
(343,349) |
The change in AOCI for the year ended December 31, 2022 is summarized as follows, net of tax (dollars in thousands):
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Unrealized |
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Gains |
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(Losses) for |
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Unrealized |
|
AFS |
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|
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Unrealized |
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|
|
|
Gains (Losses) |
|
Securities |
|
Change in Fair |
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Gains |
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|
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|
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on AFS |
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Transferred |
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Value of Cash |
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(Losses) on |
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Securities |
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to HTM |
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Flow Hedges |
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BOLI |
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Total |
AOCI - December 31, 2021 |
|
$ |
22,763 |
|
$ |
35 |
|
$ |
(1,567) |
|
$ |
(2,596) |
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$ |
18,635 |
Other comprehensive (loss) income: |
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Other comprehensive (loss) income before reclassification |
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(386,684) |
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— |
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(53,043) |
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|
2,205 |
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(437,522) |
Amounts reclassified from AOCI into earnings |
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2 |
|
|
(18) |
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— |
|
|
617 |
|
|
601 |
Net current period other comprehensive (loss) income |
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|
(386,682) |
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|
(18) |
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|
(53,043) |
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|
2,822 |
|
|
(436,921) |
AOCI (loss) - December 31, 2022 |
|
$ |
(363,919) |
|
$ |
17 |
|
$ |
(54,610) |
|
$ |
226 |
|
$ |
(418,286) |
The change in AOCI for the year ended December 31, 2021 is summarized as follows, net of tax (dollars in thousands):
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Unrealized |
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Gains |
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(Losses) for |
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Unrealized |
|
AFS |
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|
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Unrealized |
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|
|
Gains (Losses) |
|
Securities |
|
Change in Fair |
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Gains |
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on AFS |
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Transferred |
|
Value of Cash |
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(Losses) |
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|
|
|
|
Securities |
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to HTM |
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Flow Hedges |
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on BOLI |
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Total |
AOCI - December 31, 2020 |
|
$ |
74,161 |
|
$ |
55 |
|
$ |
— |
|
$ |
(3,201) |
|
$ |
71,015 |
Other comprehensive (loss) income: |
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|
|
|
|
|
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|
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|
|
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|
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Other comprehensive loss before reclassification |
|
|
(51,329) |
|
|
— |
|
|
(1,520) |
|
|
— |
|
|
(52,849) |
Amounts reclassified from AOCI into earnings |
|
|
(69) |
|
|
(20) |
|
|
(47) |
|
|
605 |
|
|
469 |
Net current period other comprehensive (loss) income |
|
|
(51,398) |
|
|
(20) |
|
|
(1,567) |
|
|
605 |
|
|
(52,380) |
AOCI (loss) - December 31, 2021 |
|
$ |
22,763 |
|
$ |
35 |
|
$ |
(1,567) |
|
$ |
(2,596) |
|
$ |
18,635 |
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