Quarterly report pursuant to Section 13 or 15(d)

STOCKHOLDERS' EQUITY

v3.22.1
STOCKHOLDERS' EQUITY
3 Months Ended
Mar. 31, 2022
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 Programs

On December 10, 2021, the Company’s Board of Directors authorized a new share Repurchase Program (the “Repurchase Program”) to purchase up to $100.0 million of the Company’s common stock through December 9, 2022 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. During the quarter ended March 31, 2022, the Company repurchased an aggregate of approximately 630,000 shares (or $25.0 million), at an average price of $39.73. No shares were repurchased during the quarter ended December 31, 2021.

Accumulated Other Comprehensive Income (Loss)

The change in AOCI for the three months ended March 31, 2022 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, 2021

$

22,763

$

35

$

(1,567)

$

(2,596)

$

18,635

Other comprehensive income (loss):

 

 

  

Other comprehensive loss before reclassification

 

(186,967)

(23,313)

 

(210,280)

Amounts reclassified from AOCI into earnings

 

(5)

167

 

162

Net current period other comprehensive income (loss)

 

(186,967)

 

(5)

 

(23,313)

 

167

 

(210,118)

Balance - March 31, 2022

$

(164,204)

$

30

$

(24,880)

$

(2,429)

$

(191,483)

The change in AOCI for the three months ended March 31, 2021 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, 2020

$

74,161

$

55

$

$

(3,201)

$

71,015

Cumulative effects from adoption of new accounting standard

Other comprehensive income (loss):

 

Other comprehensive 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