XML 45 R20.htm IDEA: XBRL DOCUMENT
v3.21.1

Stockholders' Equity | 3 Months Ended
--- | ---
Mar. 31, 2021
Stockholders' Equity Note [Abstract] |
Stockholders' Equity | Stockholders’ Equity (a) Earnings Per Common Share The following table illustrates the calculation of weighted average shares used for earnings per common share computations at March 31, 2021 and March 31, 2020:
| Three Months Ended March 31, |  |
| 2021 |  | 2020 |  |  |  |
| (In thousands, except shares)
Net income: |  |  |  |  |  |  |
Net income | $ | 25,344 |  |  | $ | 12,191 |  |  |  |  |
Dividends and undistributed earnings allocated to participating securities (1) | — |  |  | (6) |  |  |  |  |
Net income allocated to common shareholders | $ | 25,344 |  |  | $ | 12,185 |  |  |  |  |
Basic: |  |  |  |  |  |  |
Weighted average common shares outstanding | 35,926,950 |  |  | 36,357,812 |  |  |  |  |
Restricted stock awards | — |  |  | (15,722) |  |  |  |  |
Total basic weighted average common shares outstanding | 35,926,950 |  |  | 36,342,090 |  |  |  |  |
Diluted: |  |  |  |  |  |  |
Basic weighted average common shares outstanding | 35,926,950 |  |  | 36,342,090 |  |  |  |  |
Effect of potentially dilutive common shares (2) | 305,254 |  |  | 254,551 |  |  |  |  |
Total diluted weighted average common shares outstanding | 36,232,204 |  |  | 36,596,641 |  |  |  |  |
Potentially dilutive shares that were excluded from the computation of diluted earnings per share because to do so would be anti-dilutive (3) | 15,538 |  |  | 21,475 |  |  |  |  |
(1)Represents dividends paid and undistributed earnings allocated to unvested restricted stock awards. (2)Represents the effect of the assumed exercise of stock options and vesting of restricted stock awards and units. (3) Anti-dilution occurs when the exercise price of a stock option or the unrecognized compensation cost per share of a restricted stock award exceeds the market price of the Company’s stock. (b) Dividends The timing and amount of cash dividends paid on the Company's common stock depends on the Company’s earnings, capital requirements, financial condition and other relevant factors. Dividends on common stock from the Company depend substantially upon receipt of dividends from the Bank, which is the Company’s predominant source of income. The following table summarizes the dividend activity during the three months ended March 31, 2021 and the calendar year 2020:
Declared |  | Cash Dividend per Share |  | Record Date |  | Paid Date |  |
January 22, 2020 |  | $0.20 |  | February 6, 2020 |  | February 20, 2020 |  |
April 29, 2020 |  | $0.20 |  | May 13, 2020 |  | May 27, 2020 |  |
July 22, 2020 |  | $0.20 |  | August 5, 2020 |  | August 19, 2020 |  |
October 21, 2020 |  | $0.20 |  | November 4, 2020 |  | November 18, 2020 |  |
January 27, 2021 |  | $0.20 |  | February 10, 2021 |  | February 24, 2021 |  |
The FDIC and the Washington State Department of Financial Institutions, Division of Banks have the authority under their supervisory powers to prohibit the payment of dividends by the Bank to the Company. Additionally, current guidance from the Federal Reserve provides, among other things, that dividends per share on the Company’s common stock generally should not exceed earnings per share, measured over the previous four fiscal quarters. Current regulations allow the Company and the Bank to pay dividends on their common stock if the Company’s or the Bank’s regulatory capital would not be reduced below the statutory capital requirements set by the Federal Reserve and the FDIC. (c) Stock Repurchase Program The Company has had various stock repurchase programs since March 1999. On October 23, 2014. the Company's Board of Directors authorized the repurchase of up to 5% of the Company's outstanding common shares, or approximately 1,513,000 shares, under the eleventh stock repurchase plan. On March 12, 2020 the Company's Board of Directors additionally authorized the repurchase of up to 5% of the Company's outstanding common shares, or 1,799,054 shares, under the twelfth stock repurchase plan after all shares under the eleventh stock repurchase plan had been repurchased. The number, timing and price of shares repurchased under the twelfth stock repurchase plan will depend on business and market conditions and other factors, including opportunities to deploy the Company's capital. The following table provides total repurchased shares and average share prices under the applicable plans for the periods indicated:
| Three Months Ended March 31, |  |
| 2021 |  | 2020 |  | Plan Total(1)
Eleventh Stock Repurchase Plan |  |  |  |  |
Repurchased shares | — |  |  | 639,922 |  |  | 1,512,600 |
Stock repurchase average share price | $ | — |  |  | $ | 23.95 |  |  | $ | 21.69 |
Twelfth Stock Repurchase Plan |  |  |  |  |
Repurchased shares | — |  |  | 155,778 |  |  | 155,778 |
Stock repurchase average share price | $ | — |  |  | $ | 20.34 |  |  | $ | 20.34 |
(1)Represents shares repurchased and average price per share paid during the duration of each plan. In addition to the stock repurchases under a stock repurchase plan, the Company repurchases shares to pay withholding taxes on the vesting of restricted stock awards and units. The following table provides total shares repurchased to pay withholding taxes during the periods indicated:
| Three Months Ended March 31, |  |
| 2021 |  | 2020 |  |  |  |
Repurchased shares to pay withholding taxes | 23,246 |  |  | 25,882 |  |  |  |  |
Stock repurchase to pay withholding taxes average share price | $ | 29.54 |  |  | $ | 21.79 |  |  |  |  |

X
- References No definition available. + Details
Name: | us-gaap_StockholdersEquityNoteAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(e)(1)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 + Details
Name: | us-gaap_StockholdersEquityNoteDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration