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.
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.
The last activity under the program was in the first quarter of 2022. Cumulative shares repurchased under the current program total 618,991 shares at an average price of $36.04 per share, with $34.7 million outstanding as of March 31, 2023. The Bank opted not to repurchase shares in the first quarter, exercising prudence given recent uncertainties in the marketplace and the importance of maintaining capital and liquidity reserves to absorb the impacts of external events the Bank cannot control.
ITEM 3 Defaults upon Senior Securities
None.
ITEM 4 Mine Safety Disclosures
Not applicable.
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