Stockholders' Equity

6 Months Ended

Jun. 30, 2022

Equity [Abstract]

Stockholders' Equity

Note 19—Stockholders’ Equity

A summary of the Company’s preferred and common stock at June 30, 2022 and December 31, 2021 is as follows:

	June 30,		December 31,
	2022		2021
Preferred stock
Par value	$	0.01	$	0.01
Shares authorized		50,000		50,000
Shares issued		—		10,438
Shares outstanding		—		10,438
Common stock, voting
Par value	$	0.01	$	0.01
Shares authorized		150,000,000		150,000,000
Shares issued		39,535,837		39,203,747
Shares outstanding		37,669,102		37,713,903
Treasury shares		1,866,735		1,489,844

During 2016, the Company authorized and issued Series B 7.50% fixed-to-floating non-voting, noncumulative perpetual preferred stock with a liquidation preference of $1,000 per share, plus the amount of unpaid dividends, if any, which was redeemable at the Company’s option on or after March 31, 2022. Holders of Series B Preferred Stock did not have any rights to convert such stock into shares of any other class of capital stock of the Company. Holders of Series B Preferred Stock were entitled to receive a fixed dividend of 7.50% per annum from the original issue date through December 30, 2021.

On February 15, 2022, the Company gave notice of its intention to redeem all of its outstanding shares of the Series B Preferred Stock (the “Preferred Stock Redemption”). The Preferred Stock Redemption was in accordance with the terms of the Certificate of Designations of the Series B Preferred Stock dated as of June 16, 2017 (the “Certificate of Designation”). On

March 31, 2022, the Company redeemed all 10,438 outstanding shares of Series B Preferred Stock. Under the Certificate of Designations, the per share redemption price was the liquidation preference of $1,000 per share plus an amount equal to any declared and unpaid dividends thereon for any prior dividend period and totaled $10.6 million.

For the six months ended June 30, 2022, the Company declared and paid dividends on the Series B preferred stock of $196,000. For the three and six months ended June 30, 2021, the Company declared and paid dividends on the Series B preferred stock of $195,000 and $391,000.

On December 10, 2020, the Company announced that its Board of Directors approved a stock repurchase program authorizing the purchase of up to an aggregate of 1,250,000 shares of the Company’s outstanding common stock, and on July 27, 2021, the Company's Board of Directors authorized an expansion of its current stock repurchase program. Under the extended program, the Company is authorized to repurchase an additional 1,250,000 shares of the Company's outstanding common stock. The shares may, at the discretion of management, be repurchased from time to time in open market purchases as market conditions warrant or in privately negotiated transactions. The Company is not obligated to purchase any shares under the program, and the program may be discontinued at any time. The actual timing, number and share price of shares purchased under the repurchase program will be determined by the Company at its discretion and will depend on a number of factors, including the market price of the Company’s stock, general market and economic conditions and applicable legal requirements. The program will be in effect until December 31, 2022 unless terminated earlier.

The Company purchased 232,000 shares at a cost of $5.5 million under the stock repurchase program during the three months ended June 30, 2022. The Company purchased 538,744 shares at a cost of $12.1 million under this program during the three months ended June 30, 2021. The Company purchased 514,819 shares at a cost of $13.1 million under the stock repurchase program during the six months ended June 30, 2022. The Company purchased 871,488 shares at a cost of $18.5 million under this program during the six months ended June 30, 2021.

Repurchased shares are recorded as treasury shares on the trade date using the treasury stock method, and the cash paid is recorded as treasury stock. Treasury stock acquired is recorded at cost and is carried as a reduction of stockholders’ equity in the Condensed Consolidated Statements of Financial Condition.

For the three months ended June 30, 2022 and 2021, cash dividends were declared and paid to stockholders of record of the Company's common stock of $0.09 and $0.06 per share, respectively. For the six months ended June 30, 2022 and 2021, cash dividends were declared and paid to stockholders of record of the Company's common stock of $0.18 and $0.12 per share, respectively.

On July 26, 2022, the Company’s Board of Directors declared a cash dividend of $0.09 per share payable on August 23, 2022 to stockholders of record of the Company’s common stock as of August 9, 2022.