| 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 September 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 $25 per depositary share), including 900,000 depositary shares pursuant to the exercise in full by the underwriters of their option to purchase additional depositary shares.
Accumulated Other Comprehensive Income (Loss)
The change in AOCI for the three and nine months ended September 30, 2024 is summarized as follows, net of tax (dollars in thousands):
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Unrealized Gains |
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(Losses) |
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Unrealized |
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for AFS |
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Unrealized |
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Gains (Losses) |
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Securities |
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Change in Fair |
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Gains |
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on AFS |
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Transferred to |
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Value of Cash |
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(Losses) on |
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Securities |
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HTM |
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Flow Hedge |
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BOLI |
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Total |
AOCI (loss) – June 30, 2024 |
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$ |
(330,804) |
|
$ |
1 |
|
$ |
(52,775) |
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$ |
991 |
|
$ |
(382,587) |
Other comprehensive (loss) income: |
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Other comprehensive income before reclassification |
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66,856 |
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— |
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23,589 |
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— |
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|
90,445 |
Amounts reclassified from AOCI into earnings |
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(3) |
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— |
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|
— |
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(162) |
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|
(165) |
Net current period other comprehensive income (loss) |
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66,853 |
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— |
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23,589 |
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(162) |
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|
90,280 |
AOCI (loss) – September 30, 2024 |
|
$ |
(263,951) |
|
$ |
1 |
|
$ |
(29,186) |
|
$ |
829 |
|
$ |
(292,307) |
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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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Gains (Losses) |
|
Securities |
|
Change in Fair |
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Gains |
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|
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on AFS |
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Transferred to |
|
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) – December 31, 2023 |
|
$ |
(302,532) |
|
$ |
6 |
|
$ |
(42,165) |
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$ |
1,342 |
|
$ |
(343,349) |
Other comprehensive (loss) income: |
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Other comprehensive income (loss) before reclassification |
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33,438 |
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— |
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|
12,979 |
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(16) |
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|
46,401 |
Amounts reclassified from AOCI into earnings |
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5,143 |
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(5) |
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— |
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(497) |
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|
4,641 |
Net current period other comprehensive income (loss) |
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38,581 |
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(5) |
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|
12,979 |
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(513) |
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|
51,042 |
AOCI (loss) – September 30, 2024 |
|
$ |
(263,951) |
|
$ |
1 |
|
$ |
(29,186) |
|
$ |
829 |
|
$ |
(292,307) |
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 Gain |
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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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Gains (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 |
|
Value of Cash |
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(Losses) |
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|
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Securities |
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HTM |
|
Flow Hedge |
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on BOLI |
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Total |
AOCI (loss) – June 30, 2023 |
|
$ |
(353,811) |
|
$ |
12 |
|
$ |
(57,221) |
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$ |
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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|
— |
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|
(9,581) |
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— |
|
|
(88,774) |
Amounts reclassified from AOCI into earnings |
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|
21,799 |
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|
(2) |
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|
— |
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|
(62) |
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|
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) |
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|
(62) |
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|
(67,039) |
AOCI (loss) – September 30, 2023 |
|
$ |
(411,205) |
|
$ |
10 |
|
$ |
(66,802) |
|
$ |
91 |
|
$ |
(477,906) |
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Unrealized Gain |
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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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|
|
Gains (Losses) |
|
Securities |
|
Change in Fair |
|
Gains |
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|
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|
|
on AFS |
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Transferred to |
|
Value of Cash |
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(Losses) |
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|
Securities |
|
HTM |
|
Flow Hedge |
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on BOLI |
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Total |
AOCI (loss) – December 31, 2022 |
|
$ |
(363,919) |
|
$ |
17 |
|
$ |
(54,610) |
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$ |
226 |
|
$ |
(418,286) |
Other comprehensive (loss) income: |
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Other comprehensive (loss) income before reclassification |
|
|
(79,669) |
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|
— |
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|
(12,192) |
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|
10 |
|
|
(91,851) |
Amounts reclassified from AOCI into earnings |
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|
32,383 |
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|
(7) |
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|
— |
|
|
(145) |
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|
32,231 |
Net current period other comprehensive income (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) |
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