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Stockholders' Equity
 9 Months Ended
Sep. 30, 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
September 30,		Nine Months Ended
September 30,
2024202320242023
(Dollars in thousands, except shares)
Net income allocated to common shareholders$11,423 $18,219 $31,330 $55,522 
Basic:
Weighted average common shares outstanding34,322,069 35,022,676 34,584,851 35,062,760 
Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
(Dollars in thousands, except shares)
Diluted:
Basic weighted average common shares outstanding34,322,069 35,022,676 34,584,851 35,062,760 
Effect of potentially dilutive common shares (1)
336,605 92,489 417,524 242,696 
Total diluted weighted average common shares outstanding34,658,674 35,115,165 35,002,375 35,305,456 
Potentially dilutive shares that were excluded from the computation of diluted earnings per share because to do so would be anti-dilutive (2)
131,152 312,539 45,341 163,860 
(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, 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
April 24, 2024$0.23May 8, 2024May 22, 2024
July 24, 2024$0.23August 7, 2024August 21, 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 April 24, 2024, the Company's Board of Directors announced the repurchase of up to 5% of the Company's outstanding common shares or 1,734,492 shares in total, under a new repurchase program, with 1,155,452 shares remaining available for repurchase as of September 30, 2024. The stock repurchase program does not obligate the Company to repurchase any shares of its common stock, and other than repurchases that have been completed to date, there is no assurance that the Company will do so. Under the stock repurchase program, the Company may repurchase shares of common stock from time to time in open market or privately negotiated transactions. The number, timing and price of shares repurchased will depend on business and market conditions, regulatory requirements, availability of funds, and other factors, including opportunities to deploy the Company's capital. The Company may, in its discretion, begin, suspend or terminate repurchases at any time prior to the Program’s expiration, without any prior notice. The new repurchase program superseded the previous stock repurchase program authorized in March 2020 which allowed for the repurchase of up to 5% of the Company's outstanding common shares, or 1,799,054 shares.