| DISTRIBUTIONS |
NOTE 20 - DISTRIBUTIONS For the years ended December 31, 2015, 2014 and 2013, the Company has declared and paid $2.34, $3.20, and $3.20 dividends per common share, respectively. In order to qualify as a REIT, the Company must currently distribute at least 90% of its REIT taxable income. In addition, the Company must distribute 100% of its taxable income in order not to be subject to corporate federal income taxes on retained income. The Company anticipates it will distribute substantially all of its taxable income to its stockholders. Because taxable income differs from cash flow from operations due to non-cash revenues or expenses (such as provisions for loan and lease losses and depreciation), in certain circumstances, the Company may generate operating cash flow in excess of its distributions or, alternatively, may be required to borrow to make sufficient distribution payments. The Company’s 2016 dividends will be determined by the Company’s board of directors which will also consider the composition of any dividends declared, including the option of paying a portion in cash and the balance in additional common shares. The following tables presents dividends declared (on a per share basis) for the years ended December 31, 2015, 2014 and 2013: | | | | | | | | | | | | Common Stock |
| | Date Paid | | Total
Dividend Paid | | Dividend
Per Share | | | | | (in thousands) | | | 2015 | | | | | | | March 31 | | April 28 | | $ | 21,444 |
| | $ | 0.64 |
| June 30 | | July 28 | | $ | 21,426 |
| | $ | 0.64 |
| September 30 | | October 28 | | $ | 20,667 |
| | $ | 0.64 |
| December 31 | | January 28, 2016 | | $ | 13,274 |
| | $ | 0.42 |
| | | | | | | | 2014 | | | | | | | March 31 | | April 28 | | $ | 25,921 |
| | $ | 0.80 |
| June 30 | | July 28 | | $ | 26,179 |
| | $ | 0.80 |
| September 30 | | October 28 | | $ | 26,629 |
| | $ | 0.80 |
| December 31 | | January 28, 2015 | | $ | 26,563 |
| | $ | 0.80 |
| | | | | | | | 2013 | | | | | | | March 31 | | April 26 | | $ | 21,634 |
| | $ | 0.80 |
| June 30 | | July 26 | | $ | 25,399 |
| | $ | 0.80 |
| September 30 | | October 28 | | $ | 25,447 |
| | $ | 0.80 |
| December 31 | | January 28, 2014 | | $ | 25,536 |
| | $ | 0.80 |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Preferred Stock | Series A | | Series B | | Series C |
| Date Paid | | Total
Dividend Paid | | Dividend
Per Share | | Date Paid | | Total
Dividend Paid | | Dividend
Per Share | | Date Paid | | Total
Dividend Paid | | Dividend
Per Share | | | | (in thousands) | |
| | | | (in thousands) | | | | | | (in thousands) | | | 2015 | | | | | | | 2015 | | | | | | | | | | | March 31 | April 30 | | $ | 568 |
| | $ | 0.531250 |
| | April 30 | | $ | 2,960 |
| | $ | 0.515625 |
| | April 30 | | $ | 2,588 |
| | $ | 0.539063 |
| June 30 | July 30 | | $ | 568 |
| | $ | 0.531250 |
| | July 30 | | $ | 2,960 |
| | $ | 0.515625 |
| | July 30 | | $ | 2,588 |
| | $ | 0.539063 |
| September 30 | October 30 | | $ | 568 |
| | $ | 0.531250 |
| | October 30 | | $ | 2,960 |
| | $ | 0.515625 |
| | October 30 | | $ | 2,588 |
| | $ | 0.539063 |
| December 31 | February 1, 2016 | | $ | 568 |
| | $ | 0.531250 |
| | February 1, 2016 | | $ | 2,960 |
| | $ | 0.515625 |
| | February 1, 2016 | | $ | 2,588 |
| | $ | 0.539063 |
| | | | | | | | | | | | | | | | | | | 2014 | | | | | | | 2014 | | | | | | | | | | | March 31 | April 30 | | $ | 463 |
| | $ | 0.531250 |
| | April 30 | | $ | 2,057 |
| | $ | 0.515625 |
| | April 30 | | $ | — |
| | $ | — |
| June 30 | July 30 | | $ | 537 |
| | $ | 0.531250 |
| | July 30 | | $ | 2,378 |
| | $ | 0.515625 |
| | July 30 | | $ | 1,437 |
| | $ | 0.299479 |
| September 30 | October 30 | | $ | 537 |
| | $ | 0.531250 |
| | October 30 | | $ | 2,430 |
| | $ | 0.515625 |
| | October 30 | | $ | 2,588 |
| | $ | 0.539063 |
| December 31 | January 30, 2015 | | $ | 568 |
| | $ | 0.531250 |
| | January 30, 2015 | | $ | 2,888 |
| | $ | 0.515625 |
| | January 30, 2015 | | $ | 2,588 |
| | $ | 0.539063 |
| | | | | | | | | | | | | | | | | | | 2013 | | | | | | | 2013 | | | | | | | | | | | March 31 | April 30 | | $ | 359 |
| | $ | 0.531250 |
| | April 30 | | $ | 1,152 |
| | $ | 0.515625 |
| | | | | | | June 30 | July 30 | | $ | 359 |
| | $ | 0.531250 |
| | July 30 | | $ | 1,584 |
| | $ | 0.515625 |
| | | | | | | September 30 | October 30 | | $ | 362 |
| | $ | 0.531250 |
| | October 30 | | $ | 1,662 |
| | $ | 0.515625 |
| | | | | | | December 31 | January 30, 2014 | | $ | 362 |
| | $ | 0.531250 |
| | January 30, 2014 | | $ | 1,797 |
| | $ | 0.515625 |
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