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Shareholders' Equity | 12 Months Ended
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Dec. 31, 2023
Equity [Abstract] |
Shareholders' Equity | Shareholders’ Equity Dividends Paid The Bank paid to the Company cash dividends in the aggregate amounts of $52.8 million, $64.2 million, and $31.6 million in 2023, 2022, and 2021, respectively. The Bank is regulated by the Federal Deposit Insurance Corporation (“FDIC”) and the State of California Department of Financial Protection & Innovation (the “DFPI”). Absent approval from the Commissioner of the DPFI, 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. Under this law, at December 31, 2023, the Bank could have paid dividends of $223.4 million to the Company without the approval of the Commissioner of the DFPI. Stock Repurchase Plan On February 25, 2021 the Board of Directors approved the authorization to repurchase up to 2,000,000 shares of the Company's common stock (the "2021 Repurchase Plan" or the "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 program is subject to change. The Plan has no expiration date (in accordance with applicable laws and regulations) and for years ended December 31, 2023, 2022 and 2021, the Company repurchased 150,000, 576,881, and 63,317 shares under this Plan. As of December 31, 2023, 1,209,802 shares remained available for repurchases under the Plan. 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 withholding taxes on such shares. During the years ended December 31, 2023, 2022, and 2021, employees tendered 2,506, 39,447, and 28,276 shares, respectively, of the Company's common stock in connection with option exercises. Employees also tendered 56,714, 27,840 and 19,413 shares in connection with other share based awards during December 31, 2023, 2022 and 2021, respectively. In total, shares of the Company's common stock tendered had market values of $2.3 million, $1.3 million, and $2.1 million for the years ended December 31, 2023, 2022 and 2021, respectively. 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 or 2019 Repurchase Plans.

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