Quarterly report pursuant to Section 13 or 15(d)

STOCKHOLDERS' EQUITY

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STOCKHOLDERS' EQUITY
6 Months Ended
Jun. 30, 2024
Equity [Abstract]  
STOCKHOLDERS' EQUITY

10. STOCKHOLDERS’ EQUITY

Share Repurchase Programs

The Company’s share repurchase program activity is dependent on management’s determination of its capital deployment needs, subject to market, economic, and regulatory conditions. Authorized repurchase programs allow the Company to repurchase its common stock through either open market transactions or privately negotiated transactions. During the quarters ended June 30, 2024 and 2023, there were no active share repurchase programs.

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.

Accumulated Other Comprehensive Income (Loss)

The change in AOCI for the three and six months ended June 30, 2024 is summarized as follows, net of tax (dollars in thousands):

    

    

Unrealized Gains

    

    

(Losses)

Unrealized

for AFS

Unrealized

 (Losses)

Securities

Change in Fair

Gains

on AFS

Transferred to

Value of Cash

(Losses) on

Securities

HTM

Flow Hedge

BOLI

Total

AOCI (loss) – March 31, 2024

$

(323,035)

$

4

$

(52,418)

$

1,151

$

(374,298)

Other comprehensive (loss) income:

 

 

  

Other comprehensive loss before reclassification

 

(12,917)

(357)

 

(13,274)

Amounts reclassified from AOCI into earnings

 

5,148

(3)

(160)

 

4,985

Net current period other comprehensive loss

 

(7,769)

 

(3)

 

(357)

 

(160)

 

(8,289)

AOCI (loss) – June 30, 2024

$

(330,804)

$

1

$

(52,775)

$

991

$

(382,587)

    

    

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

AOCI (loss) – December 31, 2023

$

(302,532)

$

6

$

(42,165)

$

1,342

$

(343,349)

Other comprehensive (loss) income:

 

 

  

Other comprehensive loss before reclassification

 

(33,417)

(10,610)

(16)

 

(44,043)

Amounts reclassified from AOCI into earnings

 

5,145

(5)

(335)

 

4,805

Net current period other comprehensive loss

 

(28,272)

 

(5)

 

(10,610)

 

(351)

 

(39,238)

AOCI (loss) – June 30, 2024

$

(330,804)

$

1

$

(52,775)

$

991

$

(382,587)

The change in AOCI for the three and six months ended June 30, 2023 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 (loss) – March 31, 2023

$

(321,265)

$

14

$

(40,896)

$

214

$

(361,933)

Other comprehensive (loss) income:

 

Other comprehensive loss before reclassification

 

(32,544)

(16,325)

(48,869)

Amounts reclassified from AOCI into earnings

 

(2)

(2)

(61)

(65)

Net current period other comprehensive loss

 

(32,546)

 

(2)

 

(16,325)

 

(61)

 

(48,934)

AOCI (loss) – June 30, 2023

$

(353,811)

$

12

$

(57,221)

$

153

$

(410,867)

    

    

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 (loss) – December 31, 2022

$

(363,919)

$

17

$

(54,610)

$

226

$

(418,286)

Other comprehensive (loss) income:

 

Other comprehensive (loss) income before reclassification

 

(476)

(2,611)

10

(3,077)

Amounts reclassified from AOCI into earnings

 

10,584

(5)

(83)

10,496

Net current period other comprehensive income (loss)

 

10,108

 

(5)

 

(2,611)

 

(73)

 

7,419

AOCI (loss) – June 30, 2023

$

(353,811)

$

12

$

(57,221)

$

153

$

(410,867)