Item 5. Market for Registrant’s Common Equity
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
QUARTERLY SHARE DATA
Trades of the Corporation’s stock are executed through various brokers who maintain a market in the Corporation’s stock. The Corporation’s stock is listed on the NASDAQ Capital Market with the trading symbol CZNC. As of December 31, 2021, there were 2,143 shareholders of record of the Corporation’s common stock.
The following table sets forth the high and low sales prices of the common stock and dividends declared per quarter during 2021 and 2020.
2021
2020
Dividend
Dividend
Declared
Declared
per
per
High
Low
Quarter
High
Low
Quarter
First quarter
$
24.99
$
18.98
$
0.27
$
29.06
$
15.69
$
0.27
Second quarter
25.69
23.00
0.28
22.89
16.20
0.27
Third quarter
25.97
23.73
0.28
20.76
14.92
0.27
Fourth quarter
27.99
24.52
0.28
20.84
16.05
0.27
Future dividend payments will depend upon maintenance of a strong financial condition, future earnings and capital and regulatory requirements. Also, the Corporation and C&N Bank are subject to restrictions on the amount of dividends that may be paid without approval of banking regulatory authorities. These restrictions are described in Note 18 to the consolidated financial statements.
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Effective February 18, 2021, the Corporation amended its treasury stock repurchase program. 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. As of December 31, 2021, 299,059 shares have been repurchased under the repurchase program. 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.
Consistent with the previously approved program, the Board of Directors' February 18, 2021 approval provides that: (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; 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:
Total Number of
Maximum
Shares
Number of
Purchased
Shares that May
as Part of
Yet
Publicly
be Purchased
Total Number
Average
Announced
Under
of Shares
Price Paid
Plans
the Plans or
Period
Purchased
per Share
or Programs
Programs
October 1 - 31, 2021
0
$
0
292,100
707,900
November 1 - 30, 2021
2,600
$
24.92
294,700
705,300
December 1 - 31, 2021
4,359
$
25.00
299,059
700,941
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PERFORMANCE GRAPH
Set forth below is a chart comparing the Corporation’s cumulative return to stockholders against the cumulative return of the Russell 2000 and a Peer Group Index of similar banking organizations selected by the Corporation for the five-year period commencing December 31, 2016 and ended December 31, 2021. The index values are market-weighted dividend-reinvestment numbers, which measure the total return for investing $100.00 five years ago. This meets Securities & Exchange Commission requirements for showing dividend reinvestment share performance over a five-year period and measures the return to an investor for placing $100.00 into a group of bank stocks and reinvesting any and all dividends into the purchase of more of the same stock for which dividends were paid.
Period Ending
Index
12/31/16
12/31/17
12/31/18
12/31/19
12/31/20
12/31/21
Citizens & Northern Corporation
100.00
95.62
109.88
122.93
91.24
125.90
Russell 2000 Index
100.00
114.65
102.02
128.06
153.62
176.39
Peer Group
100.00
116.26
105.87
126.29
101.09
137.51
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
Source: S&P Global Market Intelligence
© 2022
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EQUITY COMPENSATION PLAN INFORMATION
The following table sets forth information concerning the Stock Incentive Plan and Independent Directors Stock Incentive Plan, both of which have been approved by the Corporation’s shareholders. The figures shown in the table below are as of December 31, 2021.
Number of
Number of
Weighted-
Securities
Securities to be
average
Remaining
Issued Upon
Exercise
for Future
Exercise of
Price of
Issuance Under
Outstanding
Outstanding
Equity Compen-
Options
Options
sation Plans
Equity compensation plans approved by shareholders
24,218
$
20.01
207,109
Equity compensation plans not approved by shareholders
0
N/A
0
More details related to the Corporation’s equity compensation plans are provided in Notes 1 and 13 to the consolidated financial statements.
ITEM 6. SELECTED FINANCIAL DATA
Not applicable.