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Stockholders' Equity
 9 Months Ended
Sep. 30, 2023
Text Block [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 September 30,Nine Months Ended September 30,
2023202220232022
(Dollars in thousands, except shares)
Net income allocated to common shareholders$18,219 $20,990 $55,522 $59,331 
Basic:
Weighted average common shares outstanding35,022,676 35,103,984 35,062,760 35,103,048 
Diluted:
Basic weighted average common shares outstanding35,022,676 35,103,984 35,062,760 35,103,048 
Effect of potentially dilutive common shares (1)
92,489 364,906 242,696 335,624 
Total diluted weighted average common shares outstanding35,115,165 35,468,890 35,305,456 35,438,672 
Potentially dilutive shares that were excluded from the computation of diluted earnings per share because to do so would be anti-dilutive (2)
312,539 3,026 163,860 13,662 
(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 nine months ended September 30, 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
DeclaredCash Dividend per ShareRecord DatePaid Date
April 19, 2023$0.22May 4, 2023May 18, 2023
July 19, 2023$0.22August 2, 2023August 16, 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 307,790 shares remaining available for repurchase as of September 30, 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 September 30,Nine Months Ended September 30,
2023202220232022
Plan Total(1)
Twelfth Stock Repurchase Plan
Repurchased shares148,119 — 330,424 100,090 1,491,264 
Stock repurchase average share price$17.08 $— $18.82 $25.07 $22.80 
(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 units. The following table provides total shares repurchased to pay withholding taxes during the periods indicated:
Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
Repurchased shares to pay withholding taxes335 100 31,567 26,280 
Stock repurchase to pay withholding taxes average share price$17.26 $26.94 $22.03 $25.40