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Stockholders' Equity
 3 Months Ended
Mar. 31, 2024
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 March 31,
20242023
(Dollars in thousands, except shares)
Net income allocated to common shareholders$5,748 $20,457 
Basic:
Weighted average common shares outstanding34,825,471 35,108,390 
Diluted:
Basic weighted average common shares outstanding34,825,471 35,108,390 
Three Months Ended March 31,
20242023
(Dollars in thousands, except shares)
Effect of potentially dilutive common shares (1)
401,667 336,950 
Total diluted weighted average common shares outstanding35,227,138 35,445,340 
Potentially dilutive shares that were excluded from the computation of diluted earnings per share because to do so would be anti-dilutive (2)
52,397 88,488 
(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, 2024 and the calendar year 2023:
DeclaredCash Dividend per ShareRecord DatePaid Date
January 25, 2023$0.22February 8, 2023February 22, 2023
April 19, 2023$0.22May 4, 2023May 18, 2023
July 19, 2023$0.22August 2, 2023August 16, 2023
October 18, 2023$0.22November 1, 2023November 15, 2023
January 24, 2024$0.23February 8, 2024February 22, 2024
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 3,910 shares remaining available for repurchase as of March 31, 2024.