Shareholders' Equity

12 Months Ended

Dec. 31, 2016

Stockholders' Equity Note [Abstract]

Shareholders' Equity

Shareholders’ Equity

Dividends

The primary source of funds available to the Company for the payment of dividends to its shareholders is dividends paid to the Company by its subsidiary, the Bank. The Bank is subject to certain requirements imposed by federal banking laws and regulations. These requirements, among other things, establish minimum levels of capital and restrict the amount of dividends that a bank subsidiary may distribute. Under regulations prescribed by the OCC, without prior OCC approval, a bank subsidiary may not declare dividends in any year in excess of the bank’s (i) net income for the current year, (ii) plus its retained net income for the prior two years. For the year ended December 31, 2016, 2015, and 2014, the Bank declared dividends for payment to the Company in the amount of $16.0 million, $39.2 million, which included a $30.0 million special dividend that was paid in connection with the Merger, and $12.8 million, respectively. Prior to Acadia Trust's merger into the Bank effective close of business November 30, 2016, Acadia Trust did not declare any dividends for payment to the Company for the period January 1, 2016 to November 30, 2016. Furthermore, Acadia Trust had not declared a dividend to the Company for the year ended December 31, 2015 or 2014. For the year ended December 31, 2016, 2015 and 2014, the Company declared $12.9 million, $10.6 million and $8.3 million, respectively, in dividends payable to its shareholders.

Common Stock Split

On August 30, 2016, the Company's Board of Directors declared a three-for-two stock split, effected in the form of a stock dividend, on the Company's common stock. Each shareholder of record on September 15, 2016, received one additional share of common stock for every two shares of common stock owned. The stock was issued September 30, 2016.

The Company paid shareholders cash in lieu of fractional shares of common stock in connection with the split, at a price of $31.75 per share, the closing price of the Company’s common stock on September 14, 2016. The total cash paid for fractional shares was $5,000, and was accounted for as a reduction of capital stock.

Common Stock Repurchase (adjusted for the three-for-two common stock split)

On September 24, 2013, the Board of Directors authorized the 2013 Repurchase Plan. The 2013 Repurchase Plan allows for the repurchase of up to 375,000 shares of the Company’s outstanding common stock. This program is expected to continue until the authorized number of shares is repurchased, or the Company’s board terminates the program. As of December 31, 2016, the Company had repurchased 374,250 shares at a weighted-average price of $26.55, or 99.8% of the program’s total allotment, and 2.4% of total outstanding shares.