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Stock Repurchase Program
12 Months Ended
Dec. 31, 2022
Stock Repurchase Program  
Stock Repurchase Program

Note 20—Stock Repurchase Program

On January 27, 2021, the Company’s Board of Directors approved a stock repurchase program (“2021 Stock Repurchase Plan”) authorizing the Company to repurchase up to 3,500,000 of the Company’s common shares. During 2022, the Company repurchased a total of 1,312,038 shares at a weighted average price of $83.99 per share pursuant to the 2021 Stock Repurchase Plan. Life-to-date, the Company repurchased a total of 3,129,979 shares at a weighted average price of $81.97 per share, leaving 370,021 shares remaining that could have been repurchased under the 2021 Stock Repurchase Plan. On April 27, 2022, the Company’s Board of Directors approved a new stock repurchase program (“2022 Stock Repurchase Program”) authorizing the Company to repurchase up to 3,750,000 of the Company’s common shares along with the remaining authorized shares of 370,021 from the 2021 Stock Repurchase Plan for a total authorization of 4,120,021 shares. On June 7, 2022, the Company received Federal Reserve Board’s supervisory nonobjection on the 2022 Stock Repurchase Program. The Company did not repurchase any shares through the 2022 Stock Repurchase Program during 2022. As of December 31, 2022, there is a total of 4,120,021 shares authorized to be repurchased.

The Company repurchased 112,389, 13,412, and 122,708 shares at a cost of $9.1 million, $1.1 million, and $7.7 million in 2022, 2021, and 2020, respectively, under other arrangements whereby directors or officers surrender currently owned shares to the Company to cover the option cost for stock option exercises or tax liabilities resulting from the vesting of restricted stock awards or restricted stock units. Of the amounts in 2020, 86,263 shares, at a cost of $5.2 million, were related to the vesting of restricted stock awards and restricted stock units resulting from the merger with CenterState.