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Consolidated Statements of Changes in Shareholders' Equity - Unaudited - USD ($)
$ in Thousands
Total
Cumulative Effect, Period of Adoption, Adjustment
Preferred Stock
Common Stock
Additional Paid in Capital
Retained Earnings
Retained Earnings
Cumulative Effect, Period of Adoption, Adjustment
Accumulated Other Comprehensive Income (Loss)
Treasury Stock
Beginning balance, preferred stock (shares) at Dec. 31, 2019     9,000,000            
Beginning balance, common stock (shares) at Dec. 31, 2019       31,336,791          
Beginning balance at Dec. 31, 2019 $ 1,052,795 $ (61,475) $ 217,471 $ 32,617 $ 444,218 $ 381,519 $ (61,475) $ (1,250) $ (21,780)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Net income 3,100         3,100      
Other comprehensive income (loss) (28,925)             (28,925)  
Preferred stock dividends [1] (3,615)         (3,615)      
Share-based compensation expense 3,228       3,228        
Issuance of common stock under share-based compensation arrangements (shares)       133,235          
Issuance of common stock under share-based compensation arrangements (472)     $ 134 (606)        
Ending balance, preferred stock (shares) at Mar. 31, 2020     9,000,000            
Ending balance, common stock (shares) at Mar. 31, 2020       31,470,026          
Ending balance at Mar. 31, 2020 $ 964,636   $ 217,471 $ 32,751 446,840 319,529   (30,175) (21,780)
Beginning balance, preferred stock (shares) at Dec. 31, 2020 9,000,000   9,000,000            
Beginning balance, common stock (shares) at Dec. 31, 2020 31,705,088     31,705,088          
Beginning balance at Dec. 31, 2020 $ 1,117,086   $ 217,471 $ 32,986 455,592 438,581   (5,764) (21,780)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Net income 36,595         36,595      
Other comprehensive income (loss) 11,155             11,155  
Preferred stock dividends [1] (3,391)         (3,391)      
Sale of non-controlling interest in BMT [2] 31,893       31,893        
Distribution of investment in BM Technologies [3] (32,983)         (32,983)      
Restricted stock awards to certain BMT team members [4] 19,592       19,592        
Share-based compensation expense 3,609       3,609        
Issuance of common stock under share-based compensation arrangements (shares)       533,674          
Issuance of common stock under share-based compensation arrangements $ 5,165     $ 533 4,632        
Ending balance, preferred stock (shares) at Mar. 31, 2021 9,000,000   9,000,000            
Ending balance, common stock (shares) at Mar. 31, 2021 32,238,762     32,238,762          
Ending balance at Mar. 31, 2021 $ 1,188,721   $ 217,471 $ 33,519 $ 515,318 $ 438,802   $ 5,391 $ (21,780)
[1] Dividends per share of $0.34478125, $0.40625, $0.403125, and $0.375 per share were declared on Series C, D, E, and F preferred stock for the three months ended March 31, 2021. Dividends per share of $0.4375, $0.40625, $0.403125, and $0.375 per share were declared on Series C, D, E, and F preferred stock for the three months ended March 31, 2020.
[2] Refer to NOTE 3 – DISCONTINUED OPERATIONS for additional information about the sale of non-controlling interest in BMT including the reverse recapitalization of MFAC.
[3] Immediately after the closing of the BMT divestiture, Customers distributed all of its remaining investment in BM Technologies' common stock to its shareholders as special dividends, equivalent to 0.15389 of BM Technologies common stock for each share of Customers common stock. Refer to NOTE 3 – DISCONTINUED OPERATIONS.
[4] At the closing of the BMT divestiture, certain team members of BMT received restricted stock awards in BM Technologies' common stock. Refer to NOTE 3 – DISCONTINUED OPERATIONS.