| STOCKHOLDERS' EQUITY |
9. STOCKHOLDERS’ EQUITY
Repurchase Programs
As of September 30, 2023, the Company does not have an active share repurchase program. The Company’s prior share repurchase plan expired on December 9, 2022. During the nine months ended September 30, 2022, the Company repurchased an aggregate of 1.3 million shares (or $48.2 million), and none of these shares were repurchased during the third quarter of 2022.
Accumulated Other Comprehensive Income (Loss)
The change in AOCI for the three and nine months ended September 30, 2023 is summarized as follows, net of tax (dollars in thousands):
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Unrealized Gains |
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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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|
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(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 to |
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Value of Cash |
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(Losses) on |
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|
Securities |
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HTM |
|
Flow Hedge |
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BOLI |
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Total |
AOCI (loss) – June 30, 2023 |
|
$ |
(353,811) |
|
$ |
12 |
|
$ |
(57,221) |
|
$ |
153 |
|
$ |
(410,867) |
Other comprehensive (loss) income: |
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|
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|
|
|
|
|
|
Other comprehensive loss before reclassification |
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|
(79,193) |
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|
— |
|
|
(9,581) |
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— |
|
|
(88,774) |
Amounts reclassified from AOCI into earnings |
|
|
21,799 |
|
|
(2) |
|
|
— |
|
|
(62) |
|
|
21,735 |
Net current period other comprehensive loss |
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|
(57,394) |
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(2) |
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|
(9,581) |
|
|
(62) |
|
|
(67,039) |
AOCI (loss) – September 30, 2023 |
|
$ |
(411,205) |
|
$ |
10 |
|
$ |
(66,802) |
|
$ |
91 |
|
$ |
(477,906) |
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Unrealized Gains |
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|
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(Losses) |
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|
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|
|
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|
|
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Unrealized |
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for AFS |
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|
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Unrealized |
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|
|
|
|
Gains (Losses) |
|
Securities |
|
Change in Fair |
|
Gains |
|
|
|
|
|
on AFS |
|
Transferred to |
|
Value of Cash |
|
(Losses) on |
|
|
|
|
|
Securities |
|
HTM |
|
Flow Hedge |
|
BOLI |
|
Total |
AOCI (loss) – December 31, 2022 |
|
$ |
(363,919) |
|
$ |
17 |
|
$ |
(54,610) |
|
$ |
226 |
|
$ |
(418,286) |
Other comprehensive income (loss): |
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|
|
|
|
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|
|
|
|
|
|
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Other comprehensive (loss) income before reclassification |
|
|
(79,669) |
|
|
— |
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|
(12,192) |
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|
10 |
|
|
(91,851) |
Amounts reclassified from AOCI into earnings |
|
|
32,383 |
|
|
(7) |
|
|
— |
|
|
(145) |
|
|
32,231 |
Net current period other comprehensive loss |
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|
(47,286) |
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|
(7) |
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|
(12,192) |
|
|
(135) |
|
|
(59,620) |
AOCI (loss) – September 30, 2023 |
|
$ |
(411,205) |
|
$ |
10 |
|
$ |
(66,802) |
|
$ |
91 |
|
$ |
(477,906) |
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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|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
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Unrealized Gain |
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|
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|
|
|
|
|
|
|
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(Losses) |
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|
|
|
|
|
|
|
|
|
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Unrealized |
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for AFS |
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|
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Unrealized |
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|
|
|
|
Gains (Losses) |
|
Securities |
|
Change in Fair |
|
Gains |
|
|
|
|
|
on AFS |
|
Transferred to |
|
Value of Cash |
|
(Losses) |
|
|
|
|
|
Securities |
|
HTM |
|
Flow Hedge |
|
on BOLI |
|
Total |
AOCI (loss) – June 30, 2022 |
|
$ |
(277,577) |
|
$ |
25 |
|
$ |
(36,452) |
|
$ |
(2,279) |
|
$ |
(316,283) |
Other comprehensive (loss) income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 (loss) – September 30, 2022 |
|
$ |
(399,418) |
|
$ |
21 |
|
$ |
(60,594) |
|
$ |
(2,128) |
|
$ |
(462,119) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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, 2021 |
|
$ |
22,763 |
|
$ |
35 |
|
$ |
(1,567) |
|
$ |
(2,596) |
|
$ |
18,635 |
Other comprehensive (loss) income: |
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|
|
|
|
|
|
|
|
|
|
|
|
|
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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 (loss) – September 30, 2022 |
|
$ |
(399,418) |
|
$ |
21 |
|
$ |
(60,594) |
|
$ |
(2,128) |
|
$ |
(462,119) |
|