Related Party Disclosures

12 Months Ended

Dec. 31, 2021

Related Party Transactions [Abstract]

Related Party Transactions Disclosure

NOTE 24. RELATED PARTY TRANSACTIONS

On December 30, 2021, the Company purchased in a private placement 1,000,000 depository shares each representing an ownership interest in a share of non-voting Fixed-Rate, Non-Cumulative Perpetual Preferred Stock of a privately owned non-affiliated bank holding company for the purchase price of $25 per depository share for a total of $25.0 million for investment purposes. The Company’s Chairman of the Board of Directors (the "Chairman") is also a director of the non-affiliated bank holding company.

In the normal course of business, the Bank purchases corporate securities for investment purposes. At December 31, 2021, one senior debt security with a par value of $25.0 million and three subordinated debt securities with par values totaling $24.5 million were in our securities portfolio. These four securities were issued by non-affiliated bank holding companies of which the Chairman is also a board member.

The transactions described above were approved by the Audit Committee of the Board of Directors in accordance with our related party transactions policy.