Shareholders' Equity

12 Months Ended

Dec. 31, 2017

Stockholders' Equity Note [Abstract]

Shareholders' Equity

Shareholders’ Equity

Preferred Stock. In conjunction with the 2013 acquisition of West Coast Bancorp, the Company issued 8,782 shares of mandatorily convertible cumulative participating preferred stock, Series B (“Series B Preferred Stock”). On January 12, 2017, all outstanding shares of Series B Preferred Stock were converted to Company common stock.

Dividends. On January 26, 2017, the Company declared a quarterly cash dividend of $0.22 per common share payable on February 22, 2017 to shareholders of record as of the close of business on February 8, 2017.

On April 27, 2017, the Company declared a quarterly cash dividend of $0.22 per common share payable on May 24, 2017 to shareholders of record at the close of business on May 10, 2017.

On July 27, 2017, the Company declared a quarterly cash dividend of $0.22 per common share payable on August 23, 2017 to shareholders of record at the close of business on August 9, 2017.

On October 19, 2017, the Company declared a quarterly cash dividend of $0.22 per common share payable on November 14, 2017 to shareholders of record at the close of business on October 31, 2017.

Subsequent to year end, on January 25, 2018, the Company declared a quarterly cash dividend of $0.22 per share payable on February 21, 2018, to shareholders of record at the close of business on February 7, 2018.

The payment of cash dividends is subject to federal regulatory requirements for capital levels and other restrictions. In addition, the cash dividends paid by Columbia Bank to the Company are subject to both federal and state regulatory requirements.