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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 25,817         25,817      
Other comprehensive income (loss) (8,715)             (8,715)  
Preferred stock dividends [1] (7,196)         (7,196)      
Share-based compensation expense 6,827       6,827        
Issuance of common stock under share-based compensation arrangements (shares)       173,496          
Issuance of common stock under share-based compensation arrangements (206)     $ 174 (380)        
Ending balance, preferred stock (shares) at Jun. 30, 2020     9,000,000            
Ending balance, common stock (shares) at Jun. 30, 2020       31,510,287          
Ending balance at Jun. 30, 2020 1,007,847   $ 217,471 $ 32,791 450,665 338,665   (9,965) (21,780)
Beginning balance, preferred stock (shares) at Mar. 31, 2020     9,000,000            
Beginning balance, common stock (shares) at Mar. 31, 2020       31,470,026          
Beginning balance at Mar. 31, 2020 964,636   $ 217,471 $ 32,751 446,840 319,529   (30,175) (21,780)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Net income 22,718         22,718      
Other comprehensive income (loss) 20,210             20,210  
Preferred stock dividends [2] (3,581)         (3,581)      
Share-based compensation expense 3,599       3,599        
Issuance of common stock under share-based compensation arrangements (shares)       40,261          
Issuance of common stock under share-based compensation arrangements 265     $ 40 225        
Ending balance, preferred stock (shares) at Jun. 30, 2020     9,000,000            
Ending balance, common stock (shares) at Jun. 30, 2020       31,510,287          
Ending balance at Jun. 30, 2020 $ 1,007,847   $ 217,471 $ 32,791 450,665 338,665   (9,965) (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 97,936         97,936      
Other comprehensive income (loss) 11,030             11,030  
Preferred stock dividends [1] (6,690)         (6,690)      
Sale of non-controlling interest in BMT [3] 31,893       31,893        
Distribution of investment in BM Technologies [4] (32,983)         (32,983)      
Restricted stock awards to certain BMT team members [5] 19,592       19,592        
Share-based compensation expense 7,873       7,873        
Issuance of common stock under share-based compensation arrangements (shares)       648,168          
Issuance of common stock under share-based compensation arrangements $ 4,992     $ 648 4,344        
Ending balance, preferred stock (shares) at Jun. 30, 2021 9,000,000   9,000,000            
Ending balance, common stock (shares) at Jun. 30, 2021 32,353,256     32,353,256          
Ending balance at Jun. 30, 2021 $ 1,250,729   $ 217,471 $ 33,634 519,294 496,844   5,266 (21,780)
Beginning balance, preferred stock (shares) at Mar. 31, 2021     9,000,000            
Beginning balance, common stock (shares) at Mar. 31, 2021       32,238,762          
Beginning balance at Mar. 31, 2021 1,188,721   $ 217,471 $ 33,519 515,318 438,802   5,391 (21,780)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Net income 61,341         61,341      
Other comprehensive income (loss) (125)             (125)  
Preferred stock dividends [2] (3,299)         (3,299)      
Share-based compensation expense 4,264       4,264        
Issuance of common stock under share-based compensation arrangements (shares)       114,494          
Issuance of common stock under share-based compensation arrangements $ (173)     $ 115 (288)        
Ending balance, preferred stock (shares) at Jun. 30, 2021 9,000,000   9,000,000            
Ending balance, common stock (shares) at Jun. 30, 2021 32,353,256     32,353,256          
Ending balance at Jun. 30, 2021 $ 1,250,729   $ 217,471 $ 33,634 $ 519,294 $ 496,844   $ 5,266 $ (21,780)
[1] Dividends per share of $0.69514, $0.743192, $0.806250, and $0.750 per share were declared on Series C, D, E, and F preferred stock for the six months ended June 30, 2021. Dividends per share of $0.8750, $0.81250, $0.806250, and $0.750 per share were declared on Series C, D, E, and F preferred stock for the six months ended June 30, 2020.
[2] Dividends per share of $0.350359, $0.336942, $0.403125, and $0.375 per share were declared on Series C, D, E, and F preferred stock for the three months ended June 30, 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 June 30, 2020.
[3] Refer to NOTE 3 – DISCONTINUED OPERATIONS for additional information about the sale of non-controlling interest in BMT including the reverse recapitalization of MFAC.
[4] 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.
[5] 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.