STOCKHOLDERS' EQUITY

9 Months Ended

Sep. 30, 2014

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.

Preferred Stock. The Company has four classes of preferred stock outstanding. On February 15, 2014, the annual dividend rate on the Class C Fixed Rate Cumulative Perpetual Preferred Stock (Class C Preferred Stock) increased from 5% to 9%.

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 Preferred Stock and Class D Fixed Rate Cumulative Perpetual Preferred Stock (Class D Preferred Stock) at September 30, 2014 and December 31, 2013, and has accrued an additional $9.4 million of cumulative dividends on such deferred dividend payments at September 30, 2014 and December 31, 2013. As such, the aggregate amount of these deferred and accrued dividend payments was $77.8 million at September 30, 2014 and December 31, 2013.

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 during the fourth quarter of 2013 and the nine months ended September 30, 2014, the Company would have accrued an additional $4.1 million and $23.8 million, respectively, of dividend payments, and the Company's aggregate deferred and accrued dividend payments would have been $105.7 million at September 30, 2014. 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 table summarizes changes in accumulated other comprehensive income (loss), net of tax, by component, for the three and nine months ended September 30, 2014:

(dollars in thousands)	Investment Securities			Defined Benefit Pension Plan		Total
Three Months Ended September 30, 2014:
Balance, beginning of period	$	17,499		(2,607	)	14,892
Other comprehensive income (loss) before reclassifications	(3,566		)	21		(3,545	)
Amounts reclassified from accumulated other comprehensive income	—			—		—
Net current period other comprehensive income (loss)	(3,566		)	21		(3,545	)
Balance, end of period	$	13,933		(2,586	)	11,347
Nine Months Ended September 30, 2014:
Balance, beginning of period	$	10,151		(2,649	)	7,502
Other comprehensive income before reclassifications	4,534			63		4,597
Amounts reclassified from accumulated other comprehensive income	(752		)	—		(752	)
Net current period other comprehensive income	3,782			63		3,845
Balance, end of period	$	13,933		(2,586	)	11,347

The following table summarizes changes in accumulated other comprehensive income (loss), net of tax, by component, for the three and nine months ended September 30, 2013:

(dollars in thousands)	Investment Securities			Defined Benefit Pension Plan		Deferred Tax Asset Valuation Allowance		Total
Three Months Ended September 30, 2013:
Balance, beginning of period	$	15,337		(3,484	)	(2,250	)	9,603
Other comprehensive income (loss) before reclassifications	(1,363		)	30		(1,117	)	(2,450	)
Amounts reclassified from accumulated other comprehensive income	(60		)	—		—		(60	)
Net current period other comprehensive income (loss)	(1,423		)	30		(1,117	)	(2,510	)
Balance, end of period	$	13,914		(3,454	)	(3,367	)	7,093
Nine Months Ended September 30, 2013:
Balance, beginning of period	$	35,186		(3,544	)	13,617		45,259
Other comprehensive income (loss) before reclassifications	(21,026		)	90		(16,984	)	(37,920	)
Amounts reclassified from accumulated other comprehensive income	(246		)	—		—		(246	)
Net current period other comprehensive income (loss)	(21,272		)	90		(16,984	)	(38,166	)
Balance, end of period	$	13,914		(3,454	)	(3,367	)	7,093