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Shareholders' Equity | 9 Months Ended
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Sep. 30, 2023
Equity [Abstract] |
Shareholders' Equity | Shareholders’ Equity Dividends Paid The Bank paid to the Company cash dividends in the aggregate amounts of $11.5 million and $16.9 million during the three months ended September 30, 2023 and 2022, respectively, and $41.4 million and $52.4 million during the equivalent nine months periods then ended, respectively. 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 2.0 million 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 can 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). During the three and nine months ended September 30, 2023, the Company repurchased zero and 150,000 shares with market values totaling $0 and $6,974,000, respectively. During the three and nine months ended September 30, 2022, the Company repurchased 45,132 and 571,881 shares with market values of $2,059,000 and $23,809,000, respectively. Stock Repurchased Under Equity Compensation Plans The Company's shareholder-approved equity compensation plans permit employees to 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 September 30, 2023 and 2022, exercising option holders tendered 0 and 32,910 shares, respectively, of the Company’s common stock in connection with option exercises. During the nine months ended September 30, 2023 and 2022, exercising option holders tendered 2,506 and 37,929 shares, respectively, of the Company’s common stock in connection with option exercises. Employees also tendered 976 and 13,833 shares in connection with the tax withholding requirements of other share based awards during the three months ended September 30, 2023 and 2022, respectively and 52,437 and 27,840 during the nine months ended September 30, 2023 and 2022, respectively. In total, shares of the Company's common stock tendered had market values of $0.03 million and $2.2 million during the quarters ended September 30, 2023 and 2022, respectively, and $2.1 million and $3.0 million during the year to date periods then ended. 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 other share based award vests. Stock repurchased under equity incentive plans are not included in the total of stock repurchased under the 2021 Stock Repurchase Plans.

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