| STOCKHOLDERS' EQUITY |
11. STOCKHOLDERS’ EQUITY
Repurchase Programs
On May 4, 2021, the Company’s Board of Directors authorized a share repurchase program to purchase up to $125.0 million of the Company’s common stock through June 30, 2022 in open market transactions or privately negotiated transactions, which was fully utilized as of September 30, 2021. The Company repurchased an aggregate of approximately 3.4 million shares, at an average price of $36.99 per share, pursuant to this authorization.
On December 10, 2021, the Company’s Board of Directors authorized a new share repurchase program to purchase up to $100.0 million of the Company’s common stock in open market transactions or privately negotiated transactions. The Company repurchased an aggregate of approximately 1.3 million shares (or approximately $48.2 million) through this repurchase program, before it expired on December 9, 2022.
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 $166.4 million, after deducting the underwriting discount and other offering expenses payable by the Company.
Accumulated Other Comprehensive (Loss) Income
The change in AOCI (loss) for the year ended December 31, 2022 is summarized as follows, net of tax (dollars in thousands):
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Unrealized |
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Gains |
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(Losses) for |
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Unrealized |
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AFS |
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Unrealized |
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Gains (Losses) |
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Securities |
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Change in Fair |
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Gains |
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on AFS |
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Transferred |
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Value of Cash |
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(Losses) |
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Securities |
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to HTM |
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Flow Hedges |
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on BOLI |
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Total |
AOCI - December 31, 2021 |
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$ |
22,763 |
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$ |
35 |
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$ |
(1,567) |
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$ |
(2,596) |
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$ |
18,635 |
Other comprehensive (loss) income: |
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Other comprehensive loss 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 |
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(18) |
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— |
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|
617 |
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|
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 |
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(436,921) |
AOCI (loss) - December 31, 2022 |
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$ |
(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 |
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AFS |
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Unrealized |
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|
|
Gains (Losses) |
|
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) 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, 2020 |
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$ |
74,161 |
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$ |
55 |
|
$ |
— |
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$ |
(3,201) |
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$ |
71,015 |
Other comprehensive (loss) income: |
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Other comprehensive income (loss) before reclassification |
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(51,329) |
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— |
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(1,520) |
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— |
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(52,849) |
Amounts reclassified from AOCI into earnings |
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(69) |
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(20) |
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(47) |
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|
605 |
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|
469 |
Net current period other comprehensive (loss) income |
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(51,398) |
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(20) |
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(1,567) |
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|
605 |
|
|
(52,380) |
AOCI - December 31, 2021 |
|
$ |
22,763 |
|
$ |
35 |
|
$ |
(1,567) |
|
$ |
(2,596) |
|
$ |
18,635 |
The change in AOCI for the year ended December 31, 2020 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 - December 31, 2019 |
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$ |
37,877 |
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$ |
75 |
|
$ |
(782) |
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$ |
(1,595) |
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$ |
35,575 |
Other comprehensive income (loss): |
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|
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Other comprehensive income (loss) before reclassification |
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|
45,996 |
|
|
— |
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|
(699) |
|
|
(2,098) |
|
|
43,199 |
Amounts reclassified from AOCI into earnings |
|
|
(9,712) |
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|
(20) |
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|
1,481 |
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|
492 |
|
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(7,759) |
Net current period other comprehensive income (loss) |
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|
36,284 |
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|
(20) |
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|
782 |
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|
(1,606) |
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|
35,440 |
AOCI - December 31, 2020 |
|
$ |
74,161 |
|
$ |
55 |
|
$ |
— |
|
$ |
(3,201) |
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$ |
71,015 |
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