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Stockholders' Equity | 3 Months Ended
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Mar. 31, 2025
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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, |  |
| 2025 |  | 2024 |  |  |  |
| (Dollars in thousands, except shares)
Net income allocated to common shareholders | $ | 13,911 |  |  | $ | 5,748 |  |  |  |  |
Basic: |  |  |  |  |  |  |
Weighted average common shares outstanding | 34,012,490 |  |  | 34,825,471 |  |  |  |  |
Diluted: |  |  |  |  |  |  |
Basic weighted average common shares outstanding | 34,012,490 |  |  | 34,825,471 |  |  |  |  |
Effect of potentially dilutive common shares (1) | 493,748 |  |  | 401,667 |  |  |  |  |
Total diluted weighted average common shares outstanding | 34,506,238 |  |  | 35,227,138 |  |  |  |  |
Potentially dilutive shares that were excluded from the computation of diluted earnings per share because to do so would be anti-dilutive (2) | 24,629 |  |  | 52,397 |  |  |  |  |
(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 the 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, 2025 and the calendar year 2024:
Declared |  | Cash Dividend per Share |  | Record Date |  | Paid Date |  |
January 24, 2024 |  | $0.23 |  | February 8, 2024 |  | February 22, 2024 |  |
April 24, 2024 |  | $0.23 |  | May 8, 2024 |  | May 22, 2024 |  |
July 24, 2024 |  | $0.23 |  | August 7, 2024 |  | August 21, 2024 |  |
October 23, 2024 |  | $0.23 |  | November 6, 2024 |  | November 20, 2024 |  |
January 22, 2025 |  | $0.24 |  | February 6, 2025 |  | February 20, 2025 |  |
The FDIC and the DFI 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 implemented various stock repurchase programs since March 1999. On April 24, 2024, the Board authorized the repurchase of up to 5% of the Company's outstanding common shares or 1,734,492 shares in total, under a new stock repurchase program, with 990,522 shares remaining available for repurchase as of March 31, 2025. The April 2024 repurchase program superseded a previous stock repurchase program, authorized in March 2020. 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 make any further repurchases going forward. 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.

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