Dividends and Share Repurchases

3 Months Ended

Dec. 31, 2016

Dividends [Abstract]

Dividends and Share Repurchases

Dividends and Share Repurchases

On November 18, 2016, the Company paid a dividend on common stock of $0.14 per share. This dividend was the 135th consecutive quarterly cash dividend paid on common stock. Dividends per share were $0.14 and $0.13 for the quarters ended December 31, 2016 and 2015, respectively. On January 18, 2017, the Company declared a regular dividend on common stock of $0.15 per share, which represented its 136th consecutive quarterly cash dividend, as well as a special cash dividend on common stock of $0.25 per share. These dividends will be paid on February 10, 2017 to common shareholders of record on February 1, 2017.

For the three months endedDecember 31, 2016, the Company repurchased 757,768 shares at an average price of $26.90. Additionally, 49,989 shares of common stock were issued during the three months endedDecember 31, 2016 to investors that exercised warrants previously issued as part of the 2008 Troubled Asset Relief Program ("TARP"). As of December 31, 2016, 689,498 such warrants remain outstanding. Net of warrant repurchase and exercise activity, there are 4,231,553 remaining shares authorized to be repurchased under the current Board approved share repurchase program.