3 unchanged sentences
There were approximately 132 shareholders of record of the Company’s common stock as of December 31, 2023.
−Removed: This number does not reflect the number of persons or entities holding stock in nominee
−Removed: name through banks, brokerage firms or other nominees.
+Added: This number does not reflect the number of persons or entities holding stock in nominee name through banks, brokerage firms or other nominees.
Holders of our common stock are only entitled to receive dividends when, as and if declared by our board of directors out of funds legally available for dividends.
−Removed: We have not paid any cash
−Removed: dividends on our common stock since inception, and we currently have no plans to pay dividends for the foreseeable future.
−Removed: Because we are a bank holding company and do not engage directly in business activities of a material nature, our ability to pay dividends to our shareholders depends, in large
−Removed: part, upon our receipt of dividends from the Bank, which is also subject to numerous limitations on the payment of dividends under Utah and federal banking laws, regulations and policies.
−Removed: Business-Supervision and
−Removed: Regulation-Regulatory Restrictions on Dividends.”
−Removed: Our ability to pay dividends to our shareholders in the future will depend on regulatory restrictions, our liquidity and capital requirements, our earnings
−Removed: and financial condition, the general economic climate, contractual restrictions, our ability to service any equity or debt obligations senior to our common stock and other factors deemed relevant by our board of directors.
+Added: We have not paid any cash dividends on our common stock since inception, and we currently have no plans to pay dividends for the foreseeable future.
+Added: Because we are a bank holding company and do not engage directly in business activities of a material nature, our ability to pay dividends to our shareholders depends, in large part, upon our receipt of dividends from the Bank, which is also subject to numerous limitations on the payment of dividends under Utah and federal banking laws, regulations and policies.
+Added: Business-Supervision and Regulation-Regulatory Restrictions on Dividends.”
+Added: Our ability to pay dividends to our shareholders in the future will depend on regulatory restrictions, our liquidity and capital requirements, our earnings and financial condition, the general economic climate, contractual restrictions, our ability to service any equity or debt obligations senior to our common stock and other factors deemed relevant by our board of directors.
Recent Sales of Unregistered Securities and Issuer Repurchases of Common Stock
There were no unregistered sales of the Company’s stock during the fourth quarter of 2023 .
−Removed: During the three months ended December 31, 2022, we repurchased 100,000 shares of our common stock for $0.9 million (average per share purchase price of $9.19) pursuant to our common stock repurchase program.
−Removed: Issuer Purchases of Equity Securities
−Removed: Total Number of
−Removed: Shares Purchased
−Removed: Average Price
−Removed: Total Number of
−Removed: Shares Purchased as
−Removed: Part of Publicly
−Removed: Announced Plans or Programs (1)
−Removed: Maximum Number of
−Removed: Shares that May
−Removed: Yet Be Purchased
−Removed: Under the Plans or
−Removed: October 1, 2022 -
−Removed: October 31, 2022
−Removed: November 1, 2022 -
−Removed: November 30, 2022
−Removed: December 1, 2022 -
−Removed: December 31, 2022
−Removed: On August 18, 2022, the Company announced that the Board has authorized, effective August 16, 2022, a common stock repurchase program to purchase up to 644,241 shares of the Company’s common stock in the aggregate.
−Removed: The repurchase
−Removed: program expires on August 31, 2024 but may be limited or terminated at any time without prior notice.
−Removed: The repurchase program authorizes the repurchase by the Company of its common stock in open market transactions, including pursuant to a
−Removed: trading plan in accordance with Rule 10b-18 promulgated under the Exchange Act or privately negotiated transactions.
−Removed: The authorization permits management to repurchase shares of the Company’s common stock from time to time at management’s
−Removed: Repurchases may also be made pursuant to a trading plan under Rule 10b5-1 under the Exchange Act, which would permit shares to be repurchased when the Company might otherwise be precluded from doing so because of self-imposed
−Removed: trading blackout periods or other regulatory restrictions.
−Removed: The actual means and timing of any shares purchased under the program will depend on a variety of factors, including the market price of the Company’s common stock, general market
−Removed: and economic conditions, and applicable legal and regulatory requirements.
−Removed: The repurchase program does not obligate the Company to purchase any particular number of shares.
+Added: The Company did not repurchase any of its shares and did not have any authorized share repurchase programs during the fourth quarter of 2023 .
Securities Authorized for Issuance Under Equity Compensation Plans
The following table provides information as of December 31, 2023, with respect to options outstanding and shares available for future awards under the Company’s active equity incentive plans.
−Removed: Plan Category
−Removed: Number of Securities to be
+Added: Plan Category Number of Securities to be
Issued Upon Exercise of
Outstanding Options
−Removed: or Restricted Stock Awards
−Removed: Weighted-Average Exercise
+Added: or Restricted Stock Awards Weighted-Average Exercise
Price of Outstanding Options
−Removed: or Restricted Stock Awards
−Removed: Number of Securities
+Added: or Restricted Stock Awards Number of Securities
Remaining Available for
6 unchanged sentences
Equity compensation plans not approved by security holders (1)
−Removed: Reflects (a) a grant to Kent Landvatter of 40,914 non-qualified stock options, (b) a grant to Javvis Jacobson of 60,000 non-qualified stock options, (c) a grant to James Noone of 60,000 non-qualified stock
−Removed: options, (d) grants to Howard Reynolds of an aggregate of 18,000 non-qualified stock options, (e) grants to Gerald E.
+Added: 250,914 5.43 NA
+Added: Total 1,273,364 $ 6.69 336,042
+Added: (1) Reflects (a) a grant to Kent Landvatter of 40,914 non-qualified stock options, (b) a grant to Javvis Jacobson of 60,000 non-qualified stock options, (c) a grant to James Noone of 60,000 non-qualified stock options, (d) grants to Howard Reynolds of an aggregate of 18,000 non-qualified stock options, (e) grants to Gerald E.
Cunningham of an aggregate of 18,000 non-qualified stock options, (f) grants to Thomas E.
−Removed: Gibson of an aggregate of
−Removed: 18,000 non-qualified stock options, (g) grants to James N.
−Removed: Giordano of an aggregate of 18,000 non-qualified stock options, (h) grants to Jeana Hutchings of an aggregate of 9,000 non-qualified stock options and (i) grants to Lisa Ann
−Removed: Nievaard of an aggregate of 9,000 non-qualified stock options.
+Added: Gibson of an aggregate of 18,000 non-qualified stock options, (g) grants to James N.
+Added: Giordano of an aggregate of 18,000 non-qualified stock options, (h) grants to Jeana Hutchings of an aggregate of 9,000 non-qualified stock options and (i) grants to Lisa Ann Nievaard of an aggregate of 9,000 non-qualified stock options.
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.