EQUITY AND CHANGES IN OTHER COMPREHENSIVE INCOME

6 Months Ended

Jun. 30, 2021

Equity [Abstract]

EQUITY AND CHANGES IN OTHER COMPREHENSIVE INCOME

EQUITY AND CHANGES IN OTHER COMPREHENSIVE INCOME

The Company's total equity was $217.0 million and $202.6 million at June 30, 2021 and December 31, 2020, respectively.

Common stock dividend: On June 22, 2021, the Company declared a quarterly cash dividend of $0.16 per share to the common shareholders of record as of July 6, 2021, and paid the dividend on July 20, 2021. On April 23, 2021, the Company declared a quarterly cash dividend of $0.16 per share to the common shareholders of record as of May 4, 2021, and paid the dividend on May 18, 2021. On January 19, 2021, the Company declared a cash dividend of $0.16 per share to common shareholders of record as of February 1, 2021, and paid the dividend February 16, 2021.

Preferred stock dividend: The Company declared cash dividends of $14,100 and $7,000 to preferred stock holders during the three months ended June 30, 2021 and June 30, 2020, respectively. The Company declared cash dividends of $14,100 and $15,000 for the six months ended June 30, 2021 and June 30, 2020, respectively.

Conversion of preferred stock: During the six months ended June 30, 2021, preferred stockholders converted 10 shares of preferred shares into 1,375 shares of common stock. During the six months ended June 30, 2020, there was no conversion from preferred stock shares to common shares.

Non-controlling interests: The Company has a joint venture with Bridgestone Capital LLC in PDL LLC, a joint venture formed in 2018 to originate short-term alternative real estate loan products. The Company has a 51% ownership interest in the joint venture. The Company distributed PDL earnings of $447,000 and $594,000 to Bridgestone during the first six months of 2021 and 2020, respectively.

Other comprehensive income

The changes in accumulated other comprehensive income (loss) consisted of the following for the six months ended June 30, 2021 and 2020:

	For the Three Months Ended June 30,
	2021		2020
	(Dollars in thousands)
Investment securities:
Net unrealized (losses) gains arising during the period	$	(15)	$	91
Tax effect related to the unrealized (loss) gain during the periods	4		(22)
(Loss) gain in other comprehensive income	$	(11)	$	69

	For the Six Months Ended June 30,
	2021		2020
	(Dollars in thousands)
Investment securities:
Net unrealized (losses) gains arising during the period	$	(127)	$	774
Tax effect related to the unrealized (loss) gain during the periods	33		(190)
Change in other comprehensive income	$	(94)	$	584