AUBURN NATIONAL BANCORPORATION, INC 10-K

ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES The Company’s Common Stock is listed on the Nasdaq Global Market, under the symbol “AUBN”. As of March 8, 2021, there were approximately 3,566,326 shares of the Company’s Common Stock issued and outstanding, which were held by approximately 373 shareholders of record. The following table sets forth, for the indicated periods, the high and low closing sale prices for the Company’s Common Stock as reported on the Nasdaq Global Market, and the cash dividends declared to shareholders during the indicated periods. Closing Cash Price Dividends Per Share (1) Declared High Low 2020 First Quarter $ 59.99 $ 24.11 $ 0.255 Second Quarter 63.40 36.81 0.255 Third Quarter 56.80 26.26 0.255 Fourth Quarter 43.00 36.75 0.255 2019 First Quarter $ 39.43 $ 30.61 $ 0.25 Second Quarter 39.55 31.06 0.25 Third Quarter 47.38 32.33 0.25 Fourth Quarter 53.90 40.00 0.25 (1) The price information represents actual transactions. The Company has paid cash dividends on its capital stock since 1985. Prior to this time, the Bank paid cash dividends since its organization in 1907, except during the Depression years of 1932 and 1933. Holders of Common Stock are entitled to receive such dividends as may be declared by the Company’s Board of Directors. The amount and frequency of cash dividends will be determined in the judgment of the Board based upon a number of factors, including the Company’s earnings, financial condition, capital requirements and other relevant factors. The Board currently intends to continue its present dividend policies. Federal Reserve policy could restrict future dividends on our Common Stock, depending on our earnings and capital position and likely needs. See “Supervision and Regulation – Payment of Dividends” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Capital Adequacy”. The amount of dividends payable by the Bank is limited by law and regulation. The need to maintain adequate capital in the Bank also limits dividends that may be paid to the Company. Table of Contents 43 Performance Graph The following performance graph compares the cumulative, total return on the Company’s Co mmon Stock from December 31, 2015 to December 31, 2020, with that of the Nasdaq Composite Index and SNL Southeast Bank Index (assuming a $100 investment on December 31, 2015). Cumulative total return represents the change in stock price and the amount of dividends received over the indicated period, assuming the reinvestment of dividends. Period Ending Index 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 Auburn National Bancorporation, Inc. 100 109.08 139.15 115.94 199.43 160.34 NASDAQ Composite Index 100 108.87 141.13 137.12 187.44 271.64 SNL Southeast Bank Index 100 132.75 164.21 135.67 191.06 172.07 Table of Contents 44 Issuer Purchases of Equity Securities Period Total Number of Shares Purchased Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs The Approximate Dollar Value of Shares that May Yet Be Under the Plans or Programs(1) October 1 – October 31, 2020 –– –– –– 5,000,000 November 1 – November 30, 2020 –– –– –– 5,000,000 December 1 – December 31, 2020 –– –– –– 5,000,000 Total –– –– –– 5,000,000 (1) On March 10, 2020 the Company adopted a $5 million stock repurchase program that became effective April 1, 2020. Securities Authorized for Issuance Under Equity Compensation Plans See the information included under Part III, Item 12, which is incorporated in response to this item by reference. Unregistered Sale of Equity Securities Not applicable. ITEM 6. SELECTED FINANCIAL DATA See Table 2 “Selected Financial Data” and general discussion in Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations”.