Quarterly report pursuant to Section 13 or 15(d)

STOCKHOLDERS' EQUITY

v3.21.2
STOCKHOLDERS' EQUITY
9 Months Ended
Sep. 30, 2021
Equity [Abstract]  
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.

Repurchase Program

In 2019, the Company’s Board of Directors has authorized a share repurchase program to purchase up to $150.0 million of the Company’s common stock through June 30, 2021 in open market transactions or privately negotiated transactions. On March 20, 2020, the Company suspended its share repurchase program, which had approximately $20 million remaining in authorization at the time. The Company repurchased an aggregate of approximately 3.7 million shares, at an average price of $35.48 per share, under the authorization prior to suspension. On May 4, 2021, the Company’s Board of Directors authorized a new share repurchase program (the “Repurchase Program”) to purchase up to $125 million worth of the Company’s common stock in open market transactions or privately negotiated transactions, including pursuant to a trading plan in accordance with Rule 10b5-1 and/or Rule 10b-18 under the Exchange Act, that was due to expire on June 30, 2022. As part of the Repurchase Program, 1.1 million shares (or $42.3 million) were repurchased during the quarter ended June 30, 2021, and 2.3 million shares (or $82.7 million) were repurchased during the quarter ended September 30, 2021, fully utilizing the $125 million repurchase authorization under the Repurchase Program.

Accumulated Other Comprehensive Income (Loss)

The change in accumulated other comprehensive income (loss) for the three and nine months ended September 30, 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 - June 30, 2021

$

54,792

$

45

$

1,132

$

(2,897)

$

53,072

Other comprehensive income (loss):

 

 

  

Other comprehensive income (loss) before reclassification

 

(23,242)

(545)

 

(23,787)

Amounts reclassified from AOCI into earnings

 

(7)

(5)

150

 

138

Net current period other comprehensive income (loss)

 

(23,249)

 

(5)

 

(545)

 

150

 

(23,649)

Balance - September 30, 2021

$

31,543

$

40

$

587

$

(2,747)

$

29,423

    

    

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

 

(42,549)

634

 

(41,915)

Amounts reclassified from AOCI into earnings

 

(69)

(15)

(47)

454

 

323

Net current period other comprehensive income (loss)

 

(42,618)

 

(15)

 

587

 

454

 

(41,592)

Balance - September 30, 2021

$

31,543

$

40

$

587

$

(2,747)

$

29,423

The change in accumulated other comprehensive income (loss) for the three months and nine months ended September 30, 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 - June 30, 2020

$

63,886

$

65

$

$

(2,647)

$

61,304

Other comprehensive income (loss):

 

Other comprehensive income (loss) before reclassification

 

1,250

1,250

Amounts reclassified from AOCI into earnings

 

(14)

(5)

127

108

Net current period other comprehensive income (loss)

 

1,236

 

(5)

 

 

127

 

1,358

Balance - September 30, 2020

$

65,122

$

60

$

$

(2,520)

$

62,662

    

    

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

 

36,956

(699)

(1,289)

34,968

Amounts reclassified from AOCI into earnings

 

(9,711)

(15)

1,481

364

(7,881)

Net current period other comprehensive income (loss)

 

27,245

 

(15)

 

782

 

(925)

 

27,087

Balance - September 30, 2020

$

65,122

$

60

$

$

(2,520)

$

62,662