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Stockholders' Equity
12 Months Ended
Dec. 31, 2017
Stockholders' Equity [Abstract]  
Stockholders' Equity
Note 12 – Stockholders’ Equity

Series A Preferred Stock

As part of the private placement offering discussed in Note 9 above, the Company issued a total of 437,500 shares of its Series A 8.0% Non-Cumulative Convertible preferred stock (“Series A preferred stock”). On March 13, 2018, the Company notified holders of its Series A preferred stock that the Company has exercised its option to convert all 437,500 outstanding shares of Series A preferred stock into shares of the Company’s common stock. The Company intends to convert the Series A preferred stock on or before April 2, 2018 (“the Conversion Date”). As of the Conversion Date, the Series A preferred stock will no longer be deemed outstanding, and all rights with respect to such stock will cease and terminate, except the right of holders to receive shares of common stock in exchange for their shares of Series A preferred stock.
 
Previously, if declared by the Company’s board of directors, cash dividends at an annual rate of 8.0% were to be paid quarterly in arrears on the last day of March, June, September, and December, commencing December 31, 2008. Dividends would not be paid on the Company’s common stock in any quarter until the dividend on the Series A Preferred Stock had been paid for such quarter; however, there was no requirement that the Company’s board of directors declare any dividends on the Series A Preferred Stock and any unpaid dividends were not cumulative.  We paid such dividends during 2017 at $70,000 per quarter and during 2016 at $70,000 per quarter for the 2nd, 3rd, and 4th quarters.

Series B Preferred Stock

On November 21, 2008, we entered into an agreement with the U.S. Department of the Treasury (“Treasury”), pursuant to which we issued and sold (i) shares of our Series B Fixed Rate Cumulative Perpetual Preferred Stock (“Preferred Stock”) and (ii) a warrant (the “Warrant”) to purchase 556,976 shares of the Company’s common stock, par value $0.01 per share at an exercise price of $6.30 per share of common stock. As of December 31, 2016, the Company had redeemed all outstanding shares of the Preferred Stock. On December 20, 2017, the Company repurchased the warrant from the Treasury for a total repurchase price of $520,000.
 
Dividend Restrictions

The Company’s ability to declare dividends on its common stock was limited by the terms of the Company’s Series A Preferred Stock and previously, the Series B Preferred Stock.