Item 2. Unregistered Sales of Equity Securities
ITEM 2 Unregistered Sales of Equity Securities and Use of Proceeds
There were no unregistered sales of equity securities during the period covered by this report.
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Issuer Purchases of Equity Securities
On July 16, 2021, Bancorp Board of Directors approved a share repurchase program under which Bancorp could repurchase up to $25.0 million of its outstanding common stock through July 31, 2023. On October 22, 2021, Bancorp's Board of Directors approved an amendment to the current share repurchase program, which increased the total authorization from $25.0 million to $57.0 million and left the expiration date unchanged. During the three months ended March 31, 2022, Bancorp repurchased 23,275 shares at an average price of $37.64 per share for a total cost of $877 thousand. From the start of this program, the Bancorp has repurchased 618,991 shares at an average price of $36.04 per share totaling $22.3 million as of March 31, 2022. The remaining $34.7 million in the program will be executed in the context of our overall capital planning and stress testing, as well as other potential capital investments. The following table reflects repurchases under this share repurchase program for the periods presented.
(in thousands, except per share data) Total Number of Shares Purchased Average Price Paid per Share 1
Total Number of Shares Purchased as Part of Publicly Announced Programs Approximate Dollar Value That May yet Be Purchased Under the Program
Period
January 1-31, 2022 23,275 $ 37.64 23,275 $ 34,664
February 1-28, 2022 — — — $ 34,664
March 1-31, 2022 — — — $ 34,664
Total 23,275 $ 37.64 23,275
1 Average price paid per share excludes commission.
ITEM 3 Defaults upon Senior Securities
None.
ITEM 4 Mine Safety Disclosures
Not applicable.
Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.