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Shareholders' Equity
 6 Months Ended
Jun. 30, 2022
Equity [Abstract]  
Shareholders' Equity Shareholders’ Equity
Dividends Paid
The Bank paid to the Company cash dividends in the aggregate amounts of $27,723,000 and $8,367,000 during the three months ended June 30, 2022 and 2021, respectively, and $35,505,000 and $16,139,000, respectively, during the equivalent six month periods then ended. The Bank is regulated by the FDIC and the DFPI. Absent approval from the Commissioner of the DFPI, California banking laws generally limit the Bank’s ability to pay dividends to the lesser of (1) retained earnings or (2) net income for the last three fiscal years, less cash distributions paid during such period.
Stock Repurchase Plan
On February 25, 2021 the Board of Directors authorized the repurchase of up to 2,000,000 shares of the Company's common stock (the 2021 Repurchase Plan), which approximated 6.7% of the shares outstanding as of the approval date. The actual timing of any share repurchases will be determined by the Company's management and therefore the total value of the shares to be purchased under the 2021 Repurchase Plan is subject to change. The 2021 Repurchase Plan has no expiration date (in accordance with applicable laws and regulations) and during the three and six month periods ending June 30, 2022, the Company repurchased 526,749 shares with a market value of $21,750,000, respectively. During the three and six month periods ending June 30, 2021, the Company repurchased 45,354 shares with a market value of $2,101,000. As of June 30, 2022, approximately 1,410,000 shares remained available for repurchase under the 2021 Repurchase Plan.
In connection with approval of the 2021 Repurchase Plan, the Company’s previous repurchase program adopted on November 12, 2019 (the 2019 Repurchase Plan) was terminated. Under the 2019 Repurchase Plan, the Company repurchased 223 shares during the six months ended June 30, 2021.
Stock Repurchased Under Equity Compensation Plans
The Company's shareholder-approved equity compensation plans permit award recipients the option tender recently vested shares in lieu of cash for the payment of exercise price, if applicable, and the tax withholding on such shares. During the three months ended June 30, 2022 and 2021, equity award holders tendered 3,687 and zero shares, respectively, of the Company’s common stock in connection with option exercises. During the six months ended June 30, 2022 and 2021, equity award holders tendered 5,019 and zero shares, respectively, of the Company’s common stock in connection with option exercises. Equity holders also tendered 14,007 and 9,660 shares in connection with the tax withholding requirements of other share based awards during the three months ended June 30, 2022 and 2021, respectively, and 14,007 and 9,730 during the six months ended June 30, 2022 and 2021, respectively. In total, shares of the Company's common stock tendered had market values of $775,000 and $450,000 during the quarters ended June 30, 2022 and 2021, respectively, and $830,000 and $452,000 during the year to date periods ended June 30, 2022 and 2021. The tendered shares were retired. The market value of tendered shares is the last market trade price at closing on the day an option is exercised or the share based award vests. Stock repurchased under equity incentive plans are not included in the total of stock repurchased under the 2021 or 2019 Stock Repurchase Plans.