XML 40 R6.htm IDEA: XBRL DOCUMENT v3.22.2
Consolidated Statements of Changes in Shareholders' Equity - Unaudited - USD ($)
$ in Thousands
Total
Preferred Stock
Common Stock
Additional Paid in Capital
Retained Earnings
Accumulated Other Comprehensive Income (Loss)
Treasury Stock
Beginning balance, preferred stock (shares) at Dec. 31, 2020   9,000,000          
Beginning balance at Dec. 31, 2020 $ 1,117,086 $ 217,471 $ 32,986 $ 455,592 $ 438,581 $ (5,764) $ (21,780)
Beginning balance, common stock (shares) at Dec. 31, 2020     31,705,088        
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 [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 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          
Ending balance at Jun. 30, 2021 1,250,729 $ 217,471 $ 33,634 519,294 496,844 5,266 (21,780)
Ending balance, common stock (shares) at Jun. 30, 2021     32,353,256        
Beginning balance, preferred stock (shares) at Mar. 31, 2021   9,000,000          
Beginning balance at Mar. 31, 2021 1,188,721 $ 217,471 $ 33,519 515,318 438,802 5,391 (21,780)
Beginning balance, common stock (shares) at Mar. 31, 2021     32,238,762        
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income 61,341       61,341    
Other comprehensive income (loss) (125)         (125)  
Preferred stock dividends [5] (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          
Ending balance at Jun. 30, 2021 $ 1,250,729 $ 217,471 $ 33,634 519,294 496,844 5,266 (21,780)
Ending balance, common stock (shares) at Jun. 30, 2021     32,353,256        
Beginning balance, preferred stock (shares) at Dec. 31, 2021 5,700,000 5,700,000          
Beginning balance at Dec. 31, 2021 $ 1,366,217 $ 137,794 $ 34,722 542,391 705,732 (4,980) (49,442)
Beginning balance, common stock (shares) at Dec. 31, 2021 32,913,267   32,913,267        
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income $ 135,411       135,411    
Other comprehensive income (loss) (119,901)         (119,901)  
Preferred stock dividends [1] (3,996)       (3,996)    
Share-based compensation expense 7,321     7,321      
Issuance of common stock under share-based compensation arrangements (shares)     200,364        
Issuance of common stock under share-based compensation arrangements $ (3,842)   $ 200 (4,042)      
Repurchase of common shares (in shares) (664,145)   (664,145)        
Repurchase of common shares $ (27,820)           (27,820)
Ending balance, preferred stock (shares) at Jun. 30, 2022 5,700,000 5,700,000          
Ending balance at Jun. 30, 2022 $ 1,353,390 $ 137,794 $ 34,922 545,670 837,147 (124,881) (77,262)
Ending balance, common stock (shares) at Jun. 30, 2022 32,449,486   32,449,486        
Beginning balance, preferred stock (shares) at Mar. 31, 2022   5,700,000          
Beginning balance at Mar. 31, 2022 $ 1,377,406 $ 137,794 $ 34,882 542,402 780,628 (62,548) (55,752)
Beginning balance, common stock (shares) at Mar. 31, 2022     32,957,847        
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income 58,650       58,650    
Other comprehensive income (loss) (62,333)         (62,333)  
Preferred stock dividends [5] (2,131)       (2,131)    
Share-based compensation expense 3,618     3,618      
Issuance of common stock under share-based compensation arrangements (shares)     40,460        
Issuance of common stock under share-based compensation arrangements $ (310)   $ 40 (350)      
Repurchase of common shares (in shares) (548,821)   (548,821)        
Repurchase of common shares $ (21,510)           (21,510)
Ending balance, preferred stock (shares) at Jun. 30, 2022 5,700,000 5,700,000          
Ending balance at Jun. 30, 2022 $ 1,353,390 $ 137,794 $ 34,922 $ 545,670 $ 837,147 $ (124,881) $ (77,262)
Ending balance, common stock (shares) at Jun. 30, 2022 32,449,486   32,449,486        
[1] Dividends per share of $0.715083 and $0.667308 were declared on Series E and F preferred stock, respectively, for the six months ended June 30, 2022. Dividends per share of $0.69514, $0.743192, $0.80625, and $0.750 were declared on Series C, D, E, and F preferred stock, respectively, for the six months ended June 30, 2021.
[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.
[5] Dividends per share of $0.381161 and $0.357011 were declared on Series E and F preferred stock, respectively, for the three months ended June 30, 2022. Dividends per share of $0.350359, $0.336942, $0.403125, and $0.375 were declared on Series C, D, E, and F preferred stock, respectively, for the three months ended June 30, 2021.