STOCKHOLDERS' EQUITY

9 Months Ended

Sep. 30, 2015

Stockholders' Equity Note [Abstract]

STOCKHOLDERS' EQUITY

STOCKHOLDERS’EQUITY

Common Stock. There is no established public trading market for the Company’s common stock. Various trusts, which were established by and are administered by and for the benefit of the Company’s Chairman of the Board and members of his immediate family (including Mr. Michael Dierberg, Vice Chairman of the Company, and Ms. Ellen Dierberg Milne, Director of the Company), own all of the voting stock of the Company other than the Class C Preferred Stock and Class D Preferred Stock (as defined below) that have limited voting rights.

Preferred Stock. The Company has four classes of preferred stock outstanding.

The Company suspended the payment of cash dividends on its outstanding common stock and preferred stock beginning with the regularly scheduled quarterly dividend payments on the preferred stock that would otherwise have been made in August and September, 2009. The Company has declared and accrued $68.4 million of its regularly scheduled dividend payments on its Class C Fixed Rate Cumulative Perpetual Preferred Stock (“Class C Preferred Stock”) and Class D Fixed Rate Cumulative Perpetual Preferred Stock (“Class D Preferred Stock”) at September 30, 2015 and December 31, 2014, and has accrued an additional $9.4 million of cumulative dividends on such deferred dividend payments at September 30, 2015 and December 31, 2014. As such, the aggregate amount of these deferred and accrued dividend payments was $77.8 million at September 30, 2015 and December 31, 2014.

The Company ceased declaring dividends on its Class C Preferred Stock and Class D Preferred Stock during the fourth quarter of 2013. Previously, the Company had declared and accrued dividends on its Class C Preferred Stock and Class D Preferred Stock quarterly throughout the deferral period. If the Company had continued to declare and accrue dividends on its Class C Preferred Stock and Class D Preferred Stock from the fourth quarter of 2013 and forward, the Company would have accrued an additional $66.9 million of dividend payments (including $10.1 million and $29.6 million of dividend payments that would have been declared and accrued for the three and nine months ended September 30, 2015, respectively), and the Company’s aggregate deferred and accrued dividend payments would have been $144.7 million and $115.1 million at September 30, 2015 and December 31, 2014, respectively. The Company will continue to evaluate whether declaring dividends on its Class C Preferred Stock and Class D Preferred Stock is appropriate in future periods. The Company’s cessation of declaring and accruing dividends on its Class C Preferred Stock and Class D Preferred Stock did not have any effect on the terms of the outstanding Class C Preferred Stock and Class D Preferred Stock, including the Company’s obligations thereunder.

Accumulated Other Comprehensive Income (Loss). The following tables summarize changes in accumulated other comprehensive income (loss), net of tax, by component, for the three and nine months ended September 30, 2015 and 2014:

(dollars in thousands)	Investment Securities			Defined Benefit Pension Plan		Total
Three Months Ended September 30, 2015:
Balance, beginning of period	$	14,053		(3,875	)	10,178
Other comprehensive loss before reclassifications	(1,646		)	—		(1,646	)
Amounts reclassified from accumulated other comprehensive (loss) income	(511		)	32		(479	)
Net current period other comprehensive (loss) income	(2,157		)	32		(2,125	)
Balance, end of period	$	11,896		(3,843	)	8,053
Three Months Ended September 30, 2014:
Balance, beginning of period	$	17,499		(2,607	)	14,892
Other comprehensive loss before reclassifications	(3,566		)	—		(3,566	)
Amounts reclassified from accumulated other comprehensive income	—			21		21
Net current period other comprehensive (loss) income	(3,566		)	21		(3,545	)
Balance, end of period	$	13,933		(2,586	)	11,347

(dollars in thousands)	Investment Securities			Defined Benefit Pension Plan		Total
Nine Months Ended September 30, 2015:
Balance, beginning of period	$	14,051		(3,940	)	10,111
Other comprehensive income before reclassifications	2,592			—		2,592
Amounts reclassified from accumulated other comprehensive income	(4,747		)	97		(4,650	)
Net current period other comprehensive (loss) income	(2,155		)	97		(2,058	)
Balance, end of period	$	11,896		(3,843	)	8,053
Nine Months Ended September 30, 2014:
Balance, beginning of period	$	10,151		(2,649	)	7,502
Other comprehensive income before reclassifications	4,534			—		4,534
Amounts reclassified from accumulated other comprehensive income	(752		)	63		(689	)
Net current period other comprehensive income	3,782			63		3,845
Balance, end of period	$	13,933		(2,586	)	11,347