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Stockholders' Equity | 3 Months Ended
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Mar. 31, 2023
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 for the periods indicated:
| Three Months Ended March 31, |  |
| 2023 |  | 2022 |  |  |  |
| (In thousands, except shares)
Net income: |  |  |  |  |  |  |
Net income | $ | 20,457 |  |  | $ | 19,757 |  |  |  |  |
Dividends and undistributed earnings allocated to participating securities (1) | — |  |  | — |  |  |  |  |
Net income allocated to common shareholders | $ | 20,457 |  |  | $ | 19,757 |  |  |  |  |
Basic: |  |  |  |  |  |  |
Weighted average common shares outstanding | 35,108,390 |  |  | 35,094,725 |  |  |  |  |
Diluted: |  |  |  |  |  |  |
Basic weighted average common shares outstanding | 35,108,390 |  |  | 35,094,725 |  |  |  |  |
Effect of potentially dilutive common shares (1) | 336,950 |  |  | 317,373 |  |  |  |  |
Total diluted weighted average common shares outstanding | 35,445,340 |  |  | 35,412,098 |  |  |  |  |
| Three Months Ended March 31, |  |
| 2023 |  | 2022 |  |  |  |
| (In thousands, except shares)
Potentially dilutive shares that were excluded from the computation of diluted earnings per share because to do so would be anti-dilutive (2) | 88,488 |  |  | 17,041 |  |  |  |  |
(1)Represents the effect of the vesting of restricted stock units. (2) Anti-dilution occurs when the unrecognized compensation cost per share of a restricted stock unit 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, 2023 and the calendar year 2022:
Declared |  | Cash Dividend per Share |  | Record Date |  | Paid Date |  |
January 26, 2022 |  | $0.21 |  | February 9, 2022 |  | February 23, 2022 |  |
April 20, 2022 |  | $0.21 |  | May 4, 2022 |  | May 18, 2022 |  |
July 20, 2022 |  | $0.21 |  | August 3, 2022 |  | August 17, 2022 |  |
October 19, 2022 |  | $0.21 |  | November 2, 2022 |  | November 16, 2022 |  |
January 25, 2023 |  | $0.22 |  | February 8, 2023 |  | February 22, 2023 |  |
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 March 12, 2020, the Company's Board of Directors 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 with 549,859 shares remaining available for repurchase as of March 31, 2023. 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 repurchase plan for the periods indicated:
| Three Months Ended March 31, |  |  |  |
| 2023 |  | 2022 |  |  |  |  |  | Plan Total(1)
Repurchased shares | 88,355 |  |  | 80,559 |  |  |  |  |  |  | 1,249,195 |
Stock repurchase average share price | $ | 22.82 |  |  | $ | 25.17 |  |  |  |  |  |  | $ | 23.86 |
(1)Represents total shares repurchased and average price per share paid during the duration of the repurchase 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, |  |
| 2023 |  | 2022 |  |  |  |
Repurchased shares to pay withholding taxes | 26,724 |  |  | 24,531 |  |  |  |  |
Stock repurchase to pay withholding taxes average share price | $ | 22.84 |  |  | $ | 25.46 |  |  |  |  |

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