| STOCKHOLDERS' EQUITY |
9. STOCKHOLDERS’ EQUITY
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.
Repurchase Program
In 2019, the Company’s Board of Directors has authorized a share repurchase program to purchase up to $150.0 million of the Company’s common stock through June 30, 2021 in open market transactions or privately negotiated transactions. On March 20, 2020, the Company suspended its share repurchase program, which had approximately $20 million remaining in authorization at the time. The Company repurchased an aggregate of approximately 3.7 million shares, at an average price of $35.48 per share, under the authorization prior to suspension. On May 4, 2021, the Company’s Board of Directors authorized a new share repurchase program (the “Repurchase Program”) to purchase up to $125 million worth of the Company’s common stock 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, that was due to expire on June 30, 2022. As part of the Repurchase Program, 1.1 million shares (or $42.3 million) were repurchased during the quarter ended June 30, 2021, and 2.3 million shares (or $82.7 million) were repurchased during the quarter ended September 30, 2021, fully utilizing the $125 million repurchase authorization under the Repurchase Program.
Accumulated Other Comprehensive Income (Loss)
The change in accumulated other comprehensive income (loss) for the three and nine months ended September 30, 2021 is summarized as follows, net of tax (dollars in thousands):
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Unrealized Gains |
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(Losses) |
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Unrealized |
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for AFS |
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Unrealized |
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|
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Gains (Losses) |
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Securities |
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Change in Fair |
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Gains |
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on AFS |
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Transferred to |
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Value of Cash |
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(Losses) on |
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Securities |
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HTM |
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Flow Hedge |
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BOLI |
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Total |
Balance - June 30, 2021 |
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$ |
54,792 |
|
$ |
45 |
|
$ |
1,132 |
|
$ |
(2,897) |
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$ |
53,072 |
Other comprehensive income (loss): |
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|
|
Other comprehensive income (loss) before reclassification |
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(23,242) |
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— |
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(545) |
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— |
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|
(23,787) |
Amounts reclassified from AOCI into earnings |
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(7) |
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|
(5) |
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|
— |
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|
150 |
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|
138 |
Net current period other comprehensive income (loss) |
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|
(23,249) |
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(5) |
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|
(545) |
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|
150 |
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(23,649) |
Balance - September 30, 2021 |
|
$ |
31,543 |
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$ |
40 |
|
$ |
587 |
|
$ |
(2,747) |
|
$ |
29,423 |
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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 |
|
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 |
|
HTM |
|
Flow Hedge |
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BOLI |
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Total |
Balance - December 31, 2020 |
|
$ |
74,161 |
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$ |
55 |
|
$ |
— |
|
$ |
(3,201) |
|
$ |
71,015 |
Other comprehensive income (loss): |
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|
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Other comprehensive income (loss) before reclassification |
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(42,549) |
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— |
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|
634 |
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— |
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(41,915) |
Amounts reclassified from AOCI into earnings |
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(69) |
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|
(15) |
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|
(47) |
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|
454 |
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|
323 |
Net current period other comprehensive income (loss) |
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|
(42,618) |
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(15) |
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|
587 |
|
|
454 |
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|
(41,592) |
Balance - September 30, 2021 |
|
$ |
31,543 |
|
$ |
40 |
|
$ |
587 |
|
$ |
(2,747) |
|
$ |
29,423 |
The change in accumulated other comprehensive income (loss) for the three months and nine months ended September 30, 2020 is summarized as follows, net of tax (dollars in thousands):
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Unrealized Gain |
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|
|
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(Losses) |
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|
|
|
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|
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Unrealized |
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for AFS |
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Unrealized |
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|
|
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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 |
|
(Losses) |
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|
|
|
|
Securities |
|
HTM |
|
Flow Hedge |
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on BOLI |
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Total |
Balance - June 30, 2020 |
|
$ |
63,886 |
|
$ |
65 |
|
$ |
— |
|
$ |
(2,647) |
|
$ |
61,304 |
Other comprehensive income (loss): |
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|
|
|
|
|
|
|
|
|
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|
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Other comprehensive income (loss) before reclassification |
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|
1,250 |
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|
— |
|
|
— |
|
|
— |
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|
1,250 |
Amounts reclassified from AOCI into earnings |
|
|
(14) |
|
|
(5) |
|
|
— |
|
|
127 |
|
|
108 |
Net current period other comprehensive income (loss) |
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|
1,236 |
|
|
(5) |
|
|
— |
|
|
127 |
|
|
1,358 |
Balance - September 30, 2020 |
|
$ |
65,122 |
|
$ |
60 |
|
$ |
— |
|
$ |
(2,520) |
|
$ |
62,662 |
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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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|
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Gains (Losses) |
|
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) |
|
|
|
|
|
Securities |
|
HTM |
|
Flow Hedge |
|
on BOLI |
|
Total |
Balance - December 31, 2019 |
|
$ |
37,877 |
|
$ |
75 |
|
$ |
(782) |
|
$ |
(1,595) |
|
$ |
35,575 |
Other comprehensive income (loss): |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income (loss) before reclassification |
|
|
36,956 |
|
|
— |
|
|
(699) |
|
|
(1,289) |
|
|
34,968 |
Amounts reclassified from AOCI into earnings |
|
|
(9,711) |
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|
(15) |
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|
1,481 |
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|
364 |
|
|
(7,881) |
Net current period other comprehensive income (loss) |
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|
27,245 |
|
|
(15) |
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|
782 |
|
|
(925) |
|
|
27,087 |
Balance - September 30, 2020 |
|
$ |
65,122 |
|
$ |
60 |
|
$ |
— |
|
$ |
(2,520) |
|
$ |
62,662 |
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