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Consolidated Statements of Changes in Shareholders' Equity - 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 314,647       314,647    
Other comprehensive income (loss) 784         784  
Preferred stock dividends [1] (11,693)       (11,693)    
Redemption of preferred stock (shares)   (3,300,000)          
Redemption of preferred stock (79,677) $ (79,677)          
Loss on redemption of preferred stock [2] (2,820)       (2,820)    
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 13,860     13,860      
Issuance of common stock under share-based-compensation arrangements (shares)     1,735,968        
Issuance of common stock under share-based-compensation arrangements 23,190   $ 1,736 21,454      
Repurchase of common shares (shares)     (527,789)        
Repurchase of common shares (27,662)           (27,662)
Ending balance, preferred stock (shares) at Dec. 31, 2021   5,700,000          
Ending balance at Dec. 31, 2021 1,366,217 $ 137,794 $ 34,722 542,391 705,732 (4,980) (49,442)
Ending balance, common stock (shares) at Dec. 31, 2021     32,913,267        
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income 228,034       228,034    
Other comprehensive income (loss) (158,116)         (158,116)  
Preferred stock dividends [1] (9,632)       (9,632)    
Share-based compensation expense 14,080     14,080      
Issuance of common stock under share-based-compensation arrangements (shares)     290,575        
Issuance of common stock under share-based-compensation arrangements (4,460)   $ 290 (4,750)      
Repurchase of common shares (shares)     (830,145)        
Repurchase of common shares $ (33,162)           (33,162)
Ending balance, preferred stock (shares) at Dec. 31, 2022 5,700,000 5,700,000          
Ending balance at Dec. 31, 2022 $ 1,402,961 $ 137,794 $ 35,012 551,721 924,134 (163,096) (82,604)
Ending balance, common stock (shares) at Dec. 31, 2022 32,373,697   32,373,697        
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income $ 250,143       250,143    
Other comprehensive income (loss) 26,527         26,527  
Preferred stock dividends [1] (14,695)       (14,695)    
Share-based compensation expense 12,495     12,495      
Issuance of common stock under share-based-compensation arrangements (shares)     447,092        
Issuance of common stock under share-based-compensation arrangements 769   $ 447 322      
Repurchase of common shares (shares)     (1,379,883)        
Repurchase of common shares $ (39,806)           (39,806)
Ending balance, preferred stock (shares) at Dec. 31, 2023 5,700,000 5,700,000          
Ending balance at Dec. 31, 2023 $ 1,638,394 $ 137,794 $ 35,459 $ 564,538 $ 1,159,582 $ (136,569) $ (122,410)
Ending balance, common stock (shares) at Dec. 31, 2023 31,440,906   31,440,906        
[1] Dividends per share of $2.624902, and $2.529089 were declared on Series E and F Preferred Stock, respectively, for the year ended December 31, 2023. Dividends per share of $1.693208 and $1.597395 were declared on Series E and F Preferred Stock, respectively, for the year ended December 31, 2022. Dividends per share of $1.041346, $1.075982, $1.474384, and $1.50 were declared on Series C, D, E, and F Preferred Stock, respectively, for the year ended December 31, 2021.
[2] Refer to NOTE 13 – SHAREHOLDERS’ EQUITY for additional information about the redemption of Series C and Series D Preferred Stock.
[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.