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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.
−Removed: 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.
+Added: On October 22, 2021, Bancorp Board of Directors approved an amendment, which increased the total authorization to $57.0 million and left the expiration date unchanged.
The last activity under the program was in the first quarter of 2022.
−Removed: 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.
−Removed: 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.
+Added: On July 21, 2023, Bancorp Board of Directors approved the adoption of a new share repurchase program under which Bancorp could repurchase up to $25.0 million of its outstanding common stock expiring on July 31, 2025, which replaced the existing program.
ITEM 3 Defaults upon Senior Securities
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.