Item 2. Unregistered Sales of Equity Securities
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
The following table provides information with respect to purchases made by or on behalf of the Company of the Company’s common stock during the three months ended June 30, 2025.
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Table of Contents
Period Number of Shares Purchased Average Price
Paid Per Share Total Number of
Shares Purchased
as Part of Publicly
Announced Plan (1)(2) Maximum
Number of Shares
That May Yet Be
Purchased Under
the Plan at the
End of the Period
April 1, 2025 to April 30, 2025 613,048 $ 28.05 611,239 10,166,659
May 1, 2025 to May 31, 2025 737,786 30.04 728,446 9,438,213
June 1, 2025 to June 30, 2025 311,674 28.81 308,725 9,129,488
Total 1,662,508 $ 29.08 1,648,410 9,129,488
(1) The Company's stock repurchase program was publicly announced by its Board of Directors on February 3, 1995 and has no expiration date. Under this ongoing program, a total of 86,956,264 shares have been authorized for repurchase. This includes the 10,000,000 additional shares authorized by the Board of Directors on May 14, 2024.
(2) Shares purchased outside the Company's publicly announced stock repurchase program consist of the forfeiture and cancellation of shares upon vesting of restricted stock awards to pay required tax withholding obligations and shares underlying stock options surrendered in payment of the exercise price and to pay required tax withholding obligations.
The Company’s ability to pay dividends is subject to bank regulatory requirements, including (but not limited to) the capital adequacy regulations and policies established by the Board of Governors of the Federal Reserve System. The Company’s Board of Directors' dividend policy is to review our financial performance, capital adequacy, regulatory compliance and cash resources on a quarterly basis, and, if such review is favorable, to declare and pay a quarterly cash dividend to common shareholders. The Company’s 4.875% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A (the “Series A Preferred”), ranks senior to the Company’s common stock with respect to payment of dividends, and dividends (if declared) accrue and are payable on the Series A Preferred a rate of 4.875% per annum, payable quarterly, in arrears. While the Series A Preferred is outstanding, unless the full dividend for the preceding quarterly period is paid in full, or declared and a sum set aside, no dividend may be declared or paid on the Company’s common stock.
Item 3. Defaults Upon Senior Securities
Not applicable
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.