| STOCKHOLDERS' EQUITY |
9. STOCKHOLDERS’ EQUITY
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. The total net proceeds to the Company were approximately $166.4 million, after deducting the underwriting discount and other offering expenses payable by the Company.
Accumulated Other Comprehensive Income (Loss)
The change in accumulated other comprehensive income (loss) for the three months ended March 31, 2021 is summarized as follows, net of tax (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized Gains |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Losses) |
|
|
|
|
|
|
|
|
|
|
|
Unrealized |
|
for AFS |
|
|
|
|
Unrealized |
|
|
|
|
|
Gains (Losses) |
|
Securities |
|
Change in Fair |
|
Gains |
|
|
|
|
|
on AFS |
|
Transferred to |
|
Value of Cash |
|
(Losses) on |
|
|
|
|
|
Securities |
|
HTM |
|
Flow Hedge |
|
BOLI |
|
Total |
Balance - December 31, 2020 |
|
$ |
74,161 |
|
$ |
55 |
|
$ |
— |
|
$ |
(3,201) |
|
$ |
71,015 |
Other comprehensive income (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income (loss) before reclassification |
|
|
(33,125) |
|
|
— |
|
|
(1,428) |
|
|
— |
|
|
(34,553) |
Amounts reclassified from AOCI into earnings |
|
|
(62) |
|
|
(5) |
|
|
(47) |
|
|
153 |
|
|
39 |
Net current period other comprehensive income (loss) |
|
|
(33,187) |
|
|
(5) |
|
|
(1,475) |
|
|
153 |
|
|
(34,514) |
Balance - March 31, 2021 |
|
$ |
40,974 |
|
$ |
50 |
|
$ |
(1,475) |
|
$ |
(3,048) |
|
$ |
36,501 |
The change in accumulated other comprehensive income (loss) for the three months ended March 31, 2020 is summarized as follows, net of tax (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized Gain |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Losses) |
|
|
|
|
|
|
|
|
|
|
|
Unrealized |
|
for AFS |
|
|
|
|
Unrealized |
|
|
|
|
|
Gains (Losses) |
|
Securities |
|
Change in Fair |
|
Gains |
|
|
|
|
|
on AFS |
|
Transferred to |
|
Value of Cash |
|
(Losses) |
|
|
|
|
|
Securities |
|
HTM |
|
Flow Hedge |
|
on BOLI |
|
Total |
Balance - December 31, 2019 |
|
$ |
37,877 |
|
$ |
75 |
|
$ |
(782) |
|
$ |
(1,595) |
|
$ |
35,575 |
Other comprehensive income (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income (loss) before reclassification |
|
|
14,687 |
|
|
— |
|
|
(699) |
|
|
(1,289) |
|
|
12,699 |
Amounts reclassified from AOCI into earnings |
|
|
(1,529) |
|
|
(5) |
|
|
1,481 |
|
|
108 |
|
|
55 |
Net current period other comprehensive income (loss) |
|
|
13,158 |
|
|
(5) |
|
|
782 |
|
|
(1,181) |
|
|
12,754 |
Balance - March 31, 2020 |
|
$ |
51,035 |
|
$ |
70 |
|
$ |
— |
|
$ |
(2,776) |
|
$ |
48,329 |
|