Item 5. Market for Registrant’s Common Equity
Item 5. Market for Registrant’s Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities
Holders
The common stock of the Corporation is traded on the Nasdaq Global Select Market under the symbol “FBIZ.” As of February 9, 2023, there were 371 registered shareholders of record of the Corporation’s common stock.
Dividend Policy
It has been our practice to pay a dividend to common shareholders. Dividends historically have been declared in the month following the end of each calendar quarter. However, the timing and amount of future dividends are at the discretion of the Board of Directors of the Corporation (the “Board”) and will depend upon the consolidated earnings, financial condition, liquidity, and capital requirements of the Corporation and the Bank, the amount of cash dividends paid to the Corporation by the Bank, applicable government regulations and policies, supervisory actions, and other factors considered relevant by the Board. Refer to Item 1 - Business - Supervision and Regulation - Regulation and Supervision of the Bank - Dividend Payments for additional discussion regarding the limitations on dividends and other capital contributions by the Bank to the Corporation. The Board anticipates it will continue to declare dividends as appropriate based on the above factors.
Stock Performance Graph
The chart shown below depicts total return to shareholders during the period beginning December 31, 2017 and ending December 31, 2022. The total return includes appreciation or depreciation in market value of the Corporation’s common stock as well as actual cash and stock dividends paid to common stockholders. Indices shown below, for comparison purposes only, are the Total Return Index for the Nasdaq Composite, which is a broad nationally recognized index of stock performance by publicly traded companies, and the SNL Bank Nasdaq, which is an index that contains securities of Nasdaq-listed companies classified according to the Industry Classification Benchmark as banks. The chart assumes that he value of the investment in FBIZ common stock and each of the three indices was $100 on December 31, 2017 and that all dividends were reinvested in FBIZ common stock.
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As of December 31,
Index 2017 2018 2019 2020 2021 2022
First Business Financial Services, Inc. $ 100.00 $ 90.34 $ 125.17 $ 90.82 $ 147.88 $ 189.55
NASDAQ Composite Index 100.00 97.16 132.81 192.47 235.15 158.65
KBW NASDAQ Bank Index 100.00 82.29 112.01 100.46 138.97 109.23
Issuer Purchases of Securities
On March 4, 2022, the Board of Directors of the Corporation approved a share repurchase program. The program authorized the repurchase by the Corporation of up to $5 million of its total outstanding shares of common stock over a period of approximately twelve months, ending March 4, 2023. As of December 16, 2022, the Corporation had completed the share repurchase program, repurchasing a total of 142,074 shares for approximately $5.0 million at an average cost of $35.12 per share.
Effective January 27, 2023, the Corporation’s Board of Directors authorized a new share repurchase program with a maximum aggregate purchase price of $5.0 million, in such quantities, at such prices, and on such other terms and conditions as the Corporation’s Chief Executive Officer or Chief Financial Officer determine in their discretion to be in the best interests of the Corporation and its shareholders, any time from the effective date through January 31, 2024.
Under the new share repurchase program, the Corporation is authorized to repurchase shares from time to time in the open market or negotiated transactions at prevailing market rates, or by other means in accordance with federal securities laws. In connection with the share repurchase program, the Corporation has implemented a trading plan intended to satisfy the affirmative defense conditions of Rule 10b5-1 under the Securities Exchange Act. The trading plan allows the Corporation to repurchase shares of its common stock at times when it otherwise might have been prevented from doing so under insider trading laws by requiring that an agent selected by the Corporation repurchase shares of common stock on the Corporation’s behalf on pre-determined terms.
The following table sets forth information about the Corporation's purchases of its common stock during the three months ended December 31, 2022.
Period Total Number of Shares Purchased (1)
Average Price Paid Per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Total Number of Shares that May Yet Be Purchased Under the Plans or Programs
October 1, 2022 - October 31, 2022 15,680 $ 33.76 15,680
November 1, 2022 - November 30, 2022 30,589 39.03 29,455
December 1, 2022 - December 31, 2022 23,884 37.66 23,884
Total 70,153 69,019 —
(1) During the fourth quarter of 2022, the Corporation repurchased an aggregate 70,153 shares of the Corporation’s common stock in open-market transactions, of which 69,019 shares were purchased pursuant to the repurchase program publicly announced on March 4, 2022, and of which 1,134 shares were surrendered to us to satisfy income tax withholding obligations in connection with the vesting of restricted awards.
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Item 6. Selected Financial Data
[Reserved]