| STOCKHOLDERS' EQUITY |
9. STOCKHOLDERS’ EQUITY
Repurchase Programs
On December 10, 2021, the Company’s Board of Directors authorized a share 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. As part of the Repurchase Program, approximately 1.3 million shares (or $48.2 million) were repurchased during the nine months ended September 30, 2022. No shares were repurchased during the third quarter of 2022. Approximately $51.8 million of share repurchases remain available under the Repurchase Program at September 30, 2022.
Accumulated Other Comprehensive Income (Loss)
The change in AOCI for the three and nine months ended September 30, 2022 is summarized as follows, net of tax (dollars in thousands):
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Unrealized Gains |
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|
|
|
|
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(Losses) |
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Unrealized |
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for AFS |
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Unrealized |
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|
|
|
(Losses) |
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Securities |
|
Change in Fair |
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Gains |
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|
|
on AFS |
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Transferred to |
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Value of Cash |
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(Losses) on |
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|
|
|
Securities |
|
HTM |
|
Flow Hedge |
|
BOLI |
|
Total |
AOCI - June 30, 2022 |
|
$ |
(277,577) |
|
$ |
25 |
|
$ |
(36,452) |
|
$ |
(2,279) |
|
$ |
(316,283) |
Other comprehensive (loss) income: |
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|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive loss before reclassification |
|
|
(121,841) |
|
|
— |
|
|
(24,142) |
|
|
— |
|
|
(145,983) |
Amounts reclassified from AOCI into earnings |
|
|
— |
|
|
(4) |
|
|
— |
|
|
151 |
|
|
147 |
Net current period other comprehensive (loss) income |
|
|
(121,841) |
|
|
(4) |
|
|
(24,142) |
|
|
151 |
|
|
(145,836) |
AOCI - September 30, 2022 |
|
$ |
(399,418) |
|
$ |
21 |
|
$ |
(60,594) |
|
$ |
(2,128) |
|
$ |
(462,119) |
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|
|
|
|
|
|
|
|
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|
|
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|
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|
|
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Unrealized Gains |
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|
|
|
|
|
|
|
|
|
|
|
|
(Losses) |
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|
|
|
|
|
|
|
|
|
|
Unrealized |
|
for AFS |
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|
|
|
Unrealized |
|
|
|
|
|
Gains (Losses) |
|
Securities |
|
Change in Fair |
|
Gains |
|
|
|
|
|
on AFS |
|
Transferred to |
|
Value of Cash |
|
(Losses) on |
|
|
|
|
|
Securities |
|
HTM |
|
Flow Hedge |
|
BOLI |
|
Total |
AOCI - December 31, 2021 |
|
$ |
22,763 |
|
$ |
35 |
|
$ |
(1,567) |
|
$ |
(2,596) |
|
$ |
18,635 |
Other comprehensive (loss) income: |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive loss before reclassification |
|
|
(422,183) |
|
|
— |
|
|
(59,027) |
|
|
— |
|
|
(481,210) |
Amounts reclassified from AOCI into earnings |
|
|
2 |
|
|
(14) |
|
|
— |
|
|
468 |
|
|
456 |
Net current period other comprehensive (loss) income |
|
|
(422,181) |
|
|
(14) |
|
|
(59,027) |
|
|
468 |
|
|
(480,754) |
AOCI - September 30, 2022 |
|
$ |
(399,418) |
|
$ |
21 |
|
$ |
(60,594) |
|
$ |
(2,128) |
|
$ |
(462,119) |
The change in AOCI for the three and nine months ended September 30, 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 |
AOCI - June 30, 2021 |
|
$ |
54,792 |
|
$ |
45 |
|
$ |
1,132 |
|
$ |
(2,897) |
|
$ |
53,072 |
Other comprehensive (loss) income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income before reclassification |
|
|
(23,242) |
|
|
— |
|
|
(545) |
|
|
— |
|
|
(23,787) |
Amounts reclassified from AOCI into earnings |
|
|
(7) |
|
|
(5) |
|
|
— |
|
|
150 |
|
|
138 |
Net current period other comprehensive (loss) income |
|
|
(23,249) |
|
|
(5) |
|
|
(545) |
|
|
150 |
|
|
(23,649) |
AOCI - September 30, 2021 |
|
$ |
31,543 |
|
$ |
40 |
|
$ |
587 |
|
$ |
(2,747) |
|
$ |
29,423 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
AOCI- December 31, 2020 |
|
$ |
74,161 |
|
$ |
55 |
|
$ |
— |
|
$ |
(3,201) |
|
$ |
71,015 |
Other comprehensive (loss) income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive (loss) income before reclassification |
|
|
(42,549) |
|
|
— |
|
|
634 |
|
|
— |
|
|
(41,915) |
Amounts reclassified from AOCI into earnings |
|
|
(69) |
|
|
(15) |
|
|
(47) |
|
|
454 |
|
|
323 |
Net current period other comprehensive (loss) income |
|
|
(42,618) |
|
|
(15) |
|
|
587 |
|
|
454 |
|
|
(41,592) |
AOCI - September 30, 2021 |
|
$ |
31,543 |
|
$ |
40 |
|
$ |
587 |
|
$ |
(2,747) |
|
$ |
29,423 |
|