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Capital Stock and Dividend Restrictions
12 Months Ended
Dec. 31, 2017
Equity [Abstract]  
Capital Stock and Dividend Restrictions
CAPITAL STOCK AND DIVIDEND RESTRICTIONS
    
The Company's authorized common stock consists of 200,000,000 shares, of which, 100,000,000 shares are designated as Class A common stock and 100,000,000 are designated as Class B common stock. The Class A common stock has one vote per share. The Class B common stock has five votes per share and is convertible to Class A common stock on a share-for-share basis at any time.
    
The Company had 33,560,202 shares of Class A common stock and 22,905,357 shares of Class B common stock outstanding as of December 31, 2017. The Company had 21,613,885 shares of Class A common stock and 23,312,291 shares of Class B common stock outstanding as of December 31, 2016.
    
During 2017, the Company issued 14,926 shares of its Class A common stock with an aggregate value of $0.5 million to directors for their service on the Company's board of directors during 2017. During 2016, the Company issued 16,347 shares of its Class A common stock with an aggregate value of $0.5 million to directors for their service on the Company's board of directors during 2016. The aggregate value of the shares issued to directors of is included in stock-based compensation expense in the accompanying consolidated statements of changes in stockholders' equity.
    
During 2017, there were no stock repurchases made pursuant to stock repurchase programs. During 2016, the Company repurchased and retired 975,877 shares of its Class A common stock in a combination of open market and privately negotiated transactions at an aggregate purchase price of $25.5 million, or a weighted average price of $26.16 per share. The repurchases were made pursuant to stock repurchase programs approved by the Company's board of directors. All other stock repurchases during 2017 and 2016 were redemptions of vested restricted shares tendered in lieu of cash for payment of income tax withholding amounts by participants of the Company's equity compensation plans.

On January 26, 2017, we filed a registration statement on Form S-4, as amended on March 20, 2017 and April 6, 2017 with registration statements on Form S-4/A, to register 11,839,179 shares of Class A common stock to be issued as partial consideration for our acquisition of Cascade Bancorp.

On May 30, 2017, the Company issued 11,252,750 shares of its Class A common stock with an aggregate value of $386.0 million as partial consideration for the acquisition of Cascade Bancorp.

On September 25, 2017, the Company filed a shelf registration statement on Form S-3, which was subsequently declared effective by the SEC. The registration statement permits us to offer and sell up to $250.0 million of our Class A common shares in one or more future public offerings. At the present time, we have no specific plans to offer any of the securities covered by the registration statement.
    
The payment of dividends by subsidiary banks is subject to various federal and state regulatory limitations. In general, a bank is limited, without the prior consent of its regulators, to paying dividends that do not exceed current year net profits together with retained earnings from the two preceding calendar years. The Company’s debt instruments also include limitations on the payment of dividends.