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These restrictions are described in Note 18 to the consolidated financial statements.
−Removed: Effective April 21, 2016, the Corporation’s Board of Directors approved a treasury stock repurchase program.
−Removed: Under this program, the Corporation is authorized to repurchase up to 600,000 shares of the Corporation’s common stock.
−Removed: The Board of Directors’ April 21, 2016 authorization provides that:
−Removed: (1) the treasury stock repurchase program shall be effective when publicly announced and shall continue thereafter until suspended or terminated by the Board of Directors, in its sole discretion;
−Removed: and (2) all shares of common stock repurchased pursuant to the new program shall be held as treasury shares and be available for use and reissuance for purposes as and when determined by the Board of Directors including, without limitation, pursuant to the Corporation’s Dividend Reinvestment and Stock Purchase Plan and its equity compensation program.
−Removed: To date, no purchases have been made under this repurchase program.
+Added: Effective February 18, 2021, the Corporation amended its treasury stock repurchase program.
+Added: Under the amended program, the Corporation is authorized to repurchase up to 1,000,000 shares of the Corporation’s common stock, or 6.25% of the Corporation’s issued and outstanding shares at February 18, 2021.
+Added: As of December 31, 2021, 299,059 shares have been repurchased under the repurchase program.
+Added: As permitted by securities laws and other legal requirements and subject to market conditions and other factors, purchases may be made from time to time in the open market at prevailing prices, or through privately negotiated transactions.
+Added: Consistent with the previously approved program, the Board of Directors' February 18, 2021 approval provides that:
+Added: (1) the treasury stock repurchase program, as amended to increase the repurchase authorization to 1,000,000 shares, shall be effective when publicly announced and shall continue thereafter until suspended or terminated by the Board of Directors, in its sole discretion;
+Added: and (2) all shares of common stock repurchased pursuant to the program shall be held as treasury shares and be available for use and reissuance for purposes as and when determined by the Board of Directors including, without limitation, pursuant to the Corporation’s Dividend Reinvestment and Stock Purchase Plan and its equity compensation program.
The following table sets forth a summary of purchases by the Corporation, in the open market, of its equity securities during the fourth quarter 2021:
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Russell 2000 Index
−Removed: Peer Group includes all publicly traded SEC filing Commercial Banks & Thrifts within NJ, NY, OH, PA, MD, and WV with assets between $1.1B and $4.6B as of 9/30/2020
+Added: Peer Group includes all publicly traded SEC filing Commercial Banks & Thrifts within NJ, NY, OH, PA, MD, and WV with assets between 0.5 times and 2.0 times CZNC as of 9/30/2021
S&P Global Market Intelligence
11 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.