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Preferred Stock
12 Months Ended
Dec. 31, 2018
Preferred Stock.  
Preferred Stock

Note 21: Preferred Stock

 

The Series B preferred stock was issued as part of the Treasury’s Troubled Asset Relief Program and Capital Purchase Program in 2009.  Concurrent with issuing the Series B preferred stock in 2009, the Company issued to the Treasury a ten year warrant to purchase 815,339 shares of the Company’s common stock at an exercise price of $13.43 per share.  The Company recorded the warrant as equity, and the allocation was based on their relative fair values in accordance with accounting guidance.  The fair value was determined for both the Series B preferred stock and the warrant as part of the allocation process in the amounts of $68.2 million and $4.8 million, respectively.

 

In 2014 and 2015, the Company completed redemption of all 73,000 shares of Series B preferred stock issued in 2009.  As of December 31, 2018 and 2017, the only remaining component of the 2009 issuance was the warrant outstanding for 815,339 shares, valued at $4.8 million and carried within stockholders’ equity.  Preferred stock of 300,000 shares is authorized but unissued as of December 31, 2018 and 2017.    On January 16, 2019, the warrant was exercised; see further disclosures in Note 1: Subsequent Events, above.