XML 25 R16.htm IDEA: XBRL DOCUMENT v3.23.1
Stockholders' Equity
 3 Months Ended
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,
20232022
(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 outstanding35,108,390 35,094,725 
Diluted:
Basic weighted average common shares outstanding35,108,390 35,094,725 
Effect of potentially dilutive common shares (1)
336,950 317,373 
Total diluted weighted average common shares outstanding35,445,340 35,412,098 
Three Months Ended
March 31,
20232022
(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:
DeclaredCash Dividend per ShareRecord DatePaid Date
January 26, 2022$0.21February 9, 2022February 23, 2022
April 20, 2022$0.21May 4, 2022May 18, 2022
July 20, 2022$0.21August 3, 2022August 17, 2022
October 19, 2022$0.21November 2, 2022November 16, 2022
January 25, 2023$0.22February 8, 2023February 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,
20232022
Plan Total(1)
Repurchased shares88,355 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,
20232022
Repurchased shares to pay withholding taxes26,724 24,531 
Stock repurchase to pay withholding taxes average share price$22.84 $25.46