STOCKHOLDERS' EQUITY

6 Months Ended

Jun. 30, 2022

Equity [Abstract]

STOCKHOLDERS' EQUITY

9. STOCKHOLDERS’ EQUITY

Repurchase Programs

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 through December 9, 2022 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. As part of the Repurchase Program, approximately 1.3 million shares (or $48.2 million) were repurchased during the six months ended June 30, 2022, and of these shares approximately 649,000 shares (or $23.2 million) were repurchased during the second quarter of 2022. Approximately $51.8 million of share repurchases remain available under the Repurchase Program at June 30, 2022.

Accumulated Other Comprehensive Income (Loss)

The change in AOCI for the three and six months ended June 30, 2022 is summarized as follows, net of tax (dollars in thousands):

			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
Balance - March 31, 2022	$	(164,204)	$	30	$	(24,880)	$	(2,429)	$	(191,483)
Other comprehensive (loss) income:
Other comprehensive loss before reclassification		(113,374)		—		(11,572)		—		(124,946)
Amounts reclassified from AOCI into earnings		1		(5)		—		150		146
Net current period other comprehensive (loss) income		(113,373)		(5)		(11,572)		150		(124,800)
Balance - June 30, 2022	$	(277,577)	$	25	$	(36,452)	$	(2,279)	$	(316,283)

			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
Balance - December 31, 2021	$	22,763	$	35	$	(1,567)	$	(2,596)	$	18,635
Other comprehensive (loss) income:
Other comprehensive loss before reclassification		(300,341)		—		(34,885)		—		(335,226)
Amounts reclassified from AOCI into earnings		1		(10)		—		317		308
Net current period other comprehensive (loss) income		(300,340)		(10)		(34,885)		317		(334,918)
Balance - June 30, 2022	$	(277,577)	$	25	$	(36,452)	$	(2,279)	$	(316,283)

The change in AOCI for the three and six months ended June 30, 2021 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
Balance - March 31, 2021	$	40,974	$	50	$	(1,475)	$	(3,048)	$	36,501
Other comprehensive (loss) income:
Other comprehensive income before reclassification		13,818		—		2,607		—		16,425
Amounts reclassified from AOCI into earnings		—		(5)		—		151		146
Net current period other comprehensive (loss) income		13,818		(5)		2,607		151		16,571
Balance - June 30, 2021	$	54,792	$	45	$	1,132	$	(2,897)	$	53,072

			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
Balance - December 31, 2020	$	74,161	$	55	$	—	$	(3,201)	$	71,015
Other comprehensive (loss) income:
Other comprehensive (loss) income before reclassification		(19,307)		—		1,179		—		(18,128)
Amounts reclassified from AOCI into earnings		(62)		(10)		(47)		304		185
Net current period other comprehensive (loss) income		(19,369)		(10)		1,132		304		(17,943)
Balance - June 30, 2021	$	54,792	$	45	$	1,132	$	(2,897)	$	53,072