Shareholders' Equity

12 Months Ended

Dec. 31, 2020

Stockholders' Equity Note [Abstract]

Shareholders’ Equity

Dividends

The following summarizes the dividend activity for the year ended December 31, 2020:


Declared	Regular Cash Dividends Per Common Share		Special Cash Dividends Per Common Share		Record Date	Paid Date
January 23, 2020	$	0.28	$	0.22	February 5, 2020	February 19, 2020
April 30, 2020	$	0.28	$	—	May 14, 2020	May 28, 2020
July 23, 2020	$	0.28	$	—	August 5, 2020	August 19, 2020
October 29, 2020	$	0.28	$	—	November 11, 2020	November 25, 2020

Subsequent to year end, on January 28, 2021, the Company declared a regular quarterly cash dividend of $0.28 per common share payable on February 24, 2021, to shareholders of record at the close of business on February 10, 2021.

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.

Share Repurchase Program:

For the year ended December 31, 2020, the Company repurchased 731 thousand shares of common stock at an average price of $27.36 per share under the Company’s previous share repurchase authorization, which expired in May 2020. On October 28, 2020, the board of directors approved a stock repurchase program to purchase up to 3.5 million shares, up to a maximum aggregate purchase price of $100.0 million. As of December 31, 2020, no shares have been purchased under this plan.