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Stockholders' Equity | 9 Months Ended
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Sep. 30, 2023
Equity [Abstract] |
STOCKHOLDERS' EQUITY | NOTE 15 — STOCKHOLDERS' EQUITY A roll forward of common stock activity is presented in the following table: Number of Shares of Common Stock
| Outstanding
| Class A |  | Class B
Common stock - June 30, 2023 | 13,514,849 |  |  | 1,005,185 |
Restricted stock units vested, net of shares held to cover taxes | 69 |  |  | — |
Common stock - September 30, 2023 | 13,514,918 |  |  | 1,005,185 |
Common stock - December 31, 2022 | 13,501,017 |  |  | 1,005,185 |
Restricted stock units vested, net of shares held to cover taxes | 13,901 |  |  | — |
Common stock - September 30, 2023 | 13,514,918 |  |  | 1,005,185 |
Common Stock The Parent Company has Class A Common Stock and Class B Common stock, par value $1 (“Class B Common Stock”). Class A Common Stock have one vote per share, while shares of Class B Common Stock have 16 votes per share. Non-Cumulative Perpetual Preferred Stock The following table summarizes BancShares’ non-cumulative perpetual preferred stock. Preferred Stock
dollars in millions, except per share and par value data
Preferred Stock |  | Issuance Date |  | Earliest Redemption Date |  | Par Value |  | Shares Issued and Outstanding |  |  |  |  |  | Liquidation Preference Per Share |  | Total Liquidation Preference |  | Dividend |  | Dividend Payment Dates
Series A |  | March 12, 2020 |  | March 15, 2025 |  | $ | 0.01 |  |  | 345,000 |  |  |  |  |  | $ | 1,000 |  |  | 345 |  | 5.375% |  | Quarterly in arrears on March 15, June 15, September 15, and December 15
Series B (1) |  | January 3, 2022 |  | January 4, 2027 |  | $ | 0.01 |  |  | 325,000 |  |  |  |  |  | $ | 1,000 |  |  | 325 |  | SOFR + 3.972% |
Series C |  | January 3, 2022 |  | January 4, 2027 |  | $ | 0.01 |  |  | 8,000,000 |  |  |  |  |  | $ | 25 |  |  | 200 |  | 5.625% |
(1) Beginning July 1, 2023, BancShares has moved to Term SOFR plus a credit spread adjustment for its Series B Preferred Stock. The final dividend payment based on a LIBOR accrual occurred September 15, 2023. For further description of BancShares’ non-cumulative perpetual preferred stock, refer to Note 17 — Stockholders’ Equity in Item 8 of our 2022 Form 10-K. Authorized Shares On April 25, 2023 the Parent Company’s stockholders approved amendments to the Restated Certificate of Incorporation to increase the number of authorized shares of the Class A Common Stock from 16,000,000 shares to 32,000,000 shares and to increase the number of authorized shares of the Preferred Stock from 10,000,000 shares to 20,000,000.

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