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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 76,332         76,332      
Other comprehensive income (loss) (14,501)             (14,501)  
Preferred stock dividends [1] (10,626)         (10,626)      
Share-based compensation expense 8,855       8,855        
Issuance of common stock under share-based compensation arrangements (shares)       218,333          
Issuance of common stock under share-based compensation arrangements 111     $ 219 (108)        
Ending balance, preferred stock (shares) at Sep. 30, 2020     9,000,000            
Ending balance, common stock (shares) at Sep. 30, 2020       31,555,124          
Ending balance at Sep. 30, 2020 1,051,491   $ 217,471 $ 32,836 452,965 385,750   (15,751) (21,780)
Beginning balance, preferred stock (shares) at Jun. 30, 2020     9,000,000            
Beginning balance, common stock (shares) at Jun. 30, 2020       31,510,287          
Beginning balance at Jun. 30, 2020 1,007,847   $ 217,471 $ 32,791 450,665 338,665   (9,965) (21,780)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Net income 50,515         50,515      
Other comprehensive income (loss) (5,786)             (5,786)  
Preferred stock dividends [2] (3,430)         (3,430)      
Share-based compensation expense 2,028       2,028        
Issuance of common stock under share-based compensation arrangements (shares)       44,837          
Issuance of common stock under share-based compensation arrangements 317     $ 45 272        
Ending balance, preferred stock (shares) at Sep. 30, 2020     9,000,000            
Ending balance, common stock (shares) at Sep. 30, 2020       31,555,124          
Ending balance at Sep. 30, 2020 $ 1,051,491   $ 217,471 $ 32,836 452,965 385,750   (15,751) (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 213,978         213,978      
Other comprehensive income (loss) 7,252             7,252  
Preferred stock dividends [1],[3] (9,671)         (9,671)      
Redemption of preferred stock (shares) [4]     (3,300,000)            
Redemption of preferred stock [4] (79,677)   $ (79,677)            
Loss on redemption of preferred stock (2,820)         (2,820)      
Sale of non-controlling interest in BMT [5] 31,893       31,893        
Distribution of investment in BM Technologies [6] (32,983)         (32,983)      
Restricted stock awards to certain BMT team members [7] 19,592       19,592        
Share-based compensation expense 11,162       11,162        
Issuance of common stock under share-based compensation arrangements (shares)       832,888          
Issuance of common stock under share-based compensation arrangements $ 8,487     $ 832 7,655        
Ending balance, preferred stock (shares) at Sep. 30, 2021 5,700,000   5,700,000            
Ending balance, common stock (shares) at Sep. 30, 2021 32,537,976     32,537,976          
Ending balance at Sep. 30, 2021 $ 1,284,299   $ 137,794 $ 33,818 525,894 607,085   1,488 (21,780)
Beginning balance, preferred stock (shares) at Jun. 30, 2021     9,000,000            
Beginning balance, common stock (shares) at Jun. 30, 2021       32,353,256          
Beginning balance at Jun. 30, 2021 1,250,729   $ 217,471 $ 33,634 519,294 496,844   5,266 (21,780)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Net income 116,042         116,042      
Other comprehensive income (loss) (3,778)             (3,778)  
Preferred stock dividends [2],[4] (2,981)         (2,981)      
Redemption of preferred stock (shares) [4]     (3,300,000)            
Redemption of preferred stock [4] (79,677)   $ (79,677)            
Loss on redemption of preferred stock (2,820)         (2,820)      
Share-based compensation expense 3,289       3,289        
Issuance of common stock under share-based compensation arrangements (shares)       184,720          
Issuance of common stock under share-based compensation arrangements $ 3,495     $ 184 3,311        
Ending balance, preferred stock (shares) at Sep. 30, 2021 5,700,000   5,700,000            
Ending balance, common stock (shares) at Sep. 30, 2021 32,537,976     32,537,976          
Ending balance at Sep. 30, 2021 $ 1,284,299   $ 137,794 $ 33,818 $ 525,894 $ 607,085   $ 1,488 $ (21,780)
[1] Dividends per share of $1.041346, $1.075982, $1.142234, and $1.125 per share were declared on Series C, D, E, and F preferred stock for the nine months ended September 30, 2021. Dividends per share of $1.232778, $1.21875, $1.209375, and $1.125 per share were declared on Series C, D, E, and F preferred stock for the nine months ended September 30, 2020.
[2] Dividends per share of $0.346206, $0.332790, $0.335984, and $0.375 per share were declared on Series C, D, E, and F preferred stock for the three months ended September 30, 2021. Dividends per share of $0.357778, $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 September 30, 2020.
[3] Refer to NOTE 11 – SHAREHOLDERS' EQUITY for additional information about the redemption of Series C and Series D Preferred Stock.
[4] Refer to NOTE 11 – SHAREHOLDERS' EQUITY for additional information about the redemption of Series C and Series D Preferred Stock.
[5] Refer to NOTE 3 – DISCONTINUED OPERATIONS for additional information about the sale of non-controlling interest in BMT including the reverse recapitalization of MFAC.
[6] 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.
[7] 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.