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Note 11 - Shareholders' Equity
9 Months Ended
Sep. 30, 2022
Notes to Financial Statements  
Preferred Stock [Text Block]

Note 11: Shareholders Equity

 

On August 26, 2020, the Company issued 2,000,000 shares of 7.00% Non-Cumulative Perpetual Preferred Stock, Series A, par value $0.01 per share (the “Series A Preferred Stock”), at a price of $25.00 per share. The Company received net proceeds of $48.3 million from the offering, after deducting offering costs. The Company will pay dividends on the Series A Preferred Stock when and if declared by its Board of Directors or an authorized committee thereof. If declared, dividends will be due and payable at a rate of 7.00% per annum, payable quarterly in arrears on March 1, June 1, September 1, and December 1 of each year. During the three and nine-month periods ended September 30, 2022, $644,000 and $2.2 million were declared and paid on preferred stock, respectively, compared to $875,000 and $2.6 million for the three- and nine-month periods ended September 30, 2021, respectively.

 

Holders of shares of Series A Preferred Stock may convert such shares into shares of the Company’s common stock at a conversion price of $3.00 per share of our common stock, subject to adjustment upon certain events. At any time after August 26, 2025, the Company may cause the outstanding shares of Series A Preferred Stock to convert into shares of common stock if the price of the common stock exceeds 125% of the Conversion Price then applicable to the Series A Preferred Stock for at least 20 trading days in a period of 30 consecutive trading days. During the nine-month period ended September 30, 2022, 529,000 preferred shares were converted in to 4,408,324 common shares.