Item 5. Market for Registrant’s Common Equity
Item 5. Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
The Company’s common stock has been trading on the New York Stock Exchange under the symbol “CBU” since December 31, 1997. Prior to that, the common stock traded over-the-counter on the NASDAQ National Market under the symbol “CBSI” beginning on September 16, 1986. There were 53,864,500 shares of common stock outstanding on January 31, 2022, held by approximately 3,794 registered shareholders of record.
The Company has historically paid regular quarterly cash dividends on its common stock, and declared a cash dividend of $0.43 per share for the first quarter of 2022. The Board of Directors of the Company presently intends to continue the payment of regular quarterly cash dividends on the common stock. However, because the substantial majority of the funds available for the payment of dividends by the Company are derived from the subsidiary Bank, future dividends will depend largely upon the earnings of the Bank, its financial condition, its need for funds and applicable governmental policies and regulations.
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The following graph compares cumulative total shareholders returns on the Company’s common stock over the last five fiscal years to the S&P 600 Commercial Banks Index, the NASDAQ Bank Index, the S&P 500 Index, and the KBW Regional Banking Index. Total return values were calculated as of December 31 of each indicated year assuming a $100 investment on December 31, 2016 and reinvestment of dividends.
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Equity Compensation Plan Information
The following table provides information as of December 31, 2021 with respect to shares of common stock that may be issued under the Company’s existing equity compensation plans.
Number of Securities
Number of
Remaining Available
Securities to be
For Future Issuance
Issued upon
Weighted-average
Under Equity
Exercise of
Exercise Price
Compensation Plans
Outstanding
of Outstanding
(excluding securities
Options, Warrants
Options, Warrants
reflected in the first
Plan Category
and Rights (1)
and Rights
column)
Equity compensation plans approved by security holders:
2004 Long-term Incentive Plan
198,073
$
31.66
0
2014 Long-term Incentive Plan
1,371,900
46.93
616,540
Equity compensation plans not approved by security holders
0
0
0
Total
1,569,973
$
45.00
616,540
(1) The number of securities includes 177,268 shares of unvested restricted stock.
Stock Repurchase Program
At its December 2020 meeting, the Board approved a new stock repurchase program authorizing the repurchase, at the discretion of senior management, of up to 2,680,000 shares of the Company’s common stock, in accordance with securities and banking laws and regulations, during the twelve-month period starting January 1, 2021. There were 67,500 shares of treasury stock purchases made under this authorization in 2021. At its December 2021 meeting, the Board approved a new stock repurchase program authorizing the repurchase, at the discretion of senior management, of up to 2,697,000 shares of the Company’s common stock, in accordance with securities and banking laws and regulations, during the twelve-month period starting January 1, 2022. Any repurchased shares will be used for general corporate purposes, including those related to stock plan activities. The timing and extent of repurchases will depend on market conditions and other corporate considerations as determined at the Company’s discretion.
The following table presents stock purchases made during the fourth quarter of 2021:
Issuer Purchases of Equity Securities
Total
Total Number of Shares
Number of
Average
Purchased as Part of
Maximum Number of Shares
Shares
Price Paid
Publicly Announced
That May Yet be Purchased
Period
Purchased
Per Share
Plans or Programs
Under the Plans or Programs
October 1-31, 2021 (1)
872
$
71.95
0
2,680,000
November 1-30, 2021
0
0.00
0
2,680,000
December 1-31, 2021
67,500
71.91
67,500
2,612,500
Total
68,372
$
71.91
(1) Included in the common shares repurchased were 872 shares acquired by the Company in connection with administration of a deferred compensation plan. These shares were not repurchased as part of the publicly announced repurchase plan described above.
Item 6. [Reserved]
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