SHAREHOLDERS EQUITY

12 Months Ended

Dec. 31, 2023

Stockholders' Equity Note [Abstract]

SHAREHOLDERS EQUITY

18. SHAREHOLDERS’ EQUITY

On January 28, 2022, the Company authorized the repurchase of up to 920,000 shares, or approximately 5 percent of its outstanding shares. The Company completed its 920,000 share repurchase at an average price of $35.12 for a total cost of $32.3 million under this program. On January 26, 2023 the Company authorized a new share repurchase program of up to 890,000 shares, or approximately 5 percent of its outstanding shares. The Company purchased 412,327 shares at an average price of $26.40 for a total cost of $10.9 million under this program.

During the year ended December 31, 2023, the Company purchased 455,341 shares at an average price of $27.44 for a total cost of $12.5 million. During the year ended December 31, 2022, the Company purchased 930,977 shares at an average price of $35.15 for a total cost of $32.7 million.

The Dividend Reinvestment Plan of the Company (the “Reinvestment Plan”) allows shareholders of the Company to purchase additional shares of common stock using cash dividends without payment of any brokerage commissions or other charges. Shareholders may also make voluntary cash payments of up to $200,000 per quarter to purchase additional shares of common stock. Voluntary share purchases in the “Reinvestment Plan” can be filled from the Company’s authorized but unissued shares and/or in the open market, at the discretion of the Company. All shares purchased during 2023 and 2022 were purchased in the open market.

GAAP Capital was also impacted by a decrease in the unrealized loss of $9.3 million due to a slight decline in the medium-term Treasury yields during 2023.