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The following tables summarize the actual high, low, and close sale prices for the Company's common stock since the first quarter of 2024.
−Removed: These figures are based on activity posted on the OTCQX:
+Added: These figures are based on activity posted on the
Year Ended December 31, 2025
−Removed: Dividend Declared
First quarter
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Year Ended December 31, 2024
−Removed: Dividend Declared
First quarter
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Business – Supervision and Regulation.”
−Removed: On November 14, 2023, the Board of Directors authorized an extension to the Company’s share repurchase program through December 31, 2024 for an additional $25.0 million of the Company’s common stock, which
−Removed: represented approximately 4% of outstanding shareholders’ equity at the time of approval.
−Removed: On September 10, 2024, the share repurchase program authorized in November 2023 was cancelled.
−Removed: On September 10, 2024, the Company authorized a new share
−Removed: repurchase program for $55.0 million of the Company’s common stock, which represented approximately 9% of outstanding shareholders’ equity at the time of approval.
−Removed: Repurchases by the Company under the repurchase plan may be made from time to time
−Removed: through open market purchases, trading plans established in accordance with SEC rules, privately negotiated transactions, or by other means.
−Removed: During 2024, the Company spent $45.3 million, inclusive of the excise tax, on the repurchase of 48,173 shares, or approximately 6.44% of the total shares outstanding as of December 31, 2023.
−Removed: The Company repurchased
−Removed: 9,936 shares, or $10.1 million, under the $25.0 million share repurchase program authorized in November 2023, which was cancelled on September 10, 2024.
−Removed: The Company repurchased 38,237 shares, or $35.1 million, under the new share purchase program
−Removed: authorized on September 10, 2024.
−Removed: All of these shares were purchased at prices ranging from $917.00 to $1,090.00 per share, for an average of $937.43 per share, based upon the then current price on the OTCQX or reflecting a negotiated block
+Added: On August 13, 2025, the Company announced that it changed its dividend policy related to the frequency of cash dividend payments from semi-annually to quarterly.
+Added: The first quarterly dividend was declared on August
+Added: 12, 2025 and was paid on October 1, 2025.
+Added: On September 10, 2024, the Company authorized a new share repurchase program (the “Repurchase Plan”) for $55.0 million of the Company’s common stock, which represented approximately 9% of outstanding shareholders’
+Added: equity at the time of approval.
+Added: On August 14, 2025, the Board of Directors authorized an increase of $45.0 million to the existing share repurchase program along with an extension of the program through December 31, 2027.
+Added: Repurchases by the Company under the repurchase plan may be made from time to time through open market purchases, trading plans established in accordance with SEC rules, privately negotiated transactions, or by
+Added: In August 2022, the Inflation Reduction Act of 2022 (“IRA”) was enacted.
+Added: Among other things, the IRA imposes an excise tax equal to 1% of the fair market value of any stock repurchased by covered corporations during a taxable year,
+Added: subject to certain limits and provisions.
+Added: During 2025, the Company spent a total of $34.7 million, inclusive of the excise tax, on the repurchase of 33,562 shares, or approximately 4.8% of the total shares outstanding as of December 31, 2024.
+Added: shares purchased in 2025, the Company repurchased 7,528 shares, or $7.5 million, under the Repurchase Plan authorized on September 10, 2024 and 26,034 shares, or $27.1 million, under the Repurchase Plan authorized on August 14, 2025.
+Added: shares were purchased at prices ranging from $990.00 to $1,075.00 per share, for an average of $1,030.95 per share, based upon the then current price on the OTCQX.
+Added: As of December 31, 2025, there remains $30.3 million authorized for repurchases
+Added: under the Repurchase Plan.
The Company did not issue any shares of common stock during 2025.
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No shares may be repurchased pursuant to the authority granted in the repurchase plan after December 31, 2027.
−Removed: Repurchased shares may be used to fund the Company’s non-qualified retirement plans, may be returned to the status of authorized
−Removed: but unissued common shares of the Company or may be retired.
+Added: Prior to the termination and distribution of the Company’s non-qualified retirement plans, repurchased shares were used to fund
+Added: the Company’s non-qualified retirement plans and may be returned to the status of authorized but unissued common shares of the Company or may be retired.
+Added: During December 2025, the Company repurchased 18,826 shares from the non-qualified
+Added: retirement plans to provide participants with cash to meet their tax obligations.
The following table reports information regarding repurchases of our common stock during the fourth quarter of 2025:
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Total 4th Quarter 2025
−Removed: (1) The aggregate purchase price and weighted average price per share does not include the effect of excise tax expense incurred on
−Removed: net stock repurchases.
−Removed: For the year ended December 31, 2024, the excise tax expense totaled $452,000.
+Added: (1) The aggregate purchase price and weighted average price per share does not include the effect of excise tax expense incurred on net stock repurchases.
+Added: For the year ended December 31, 2025, the excise
+Added: tax expense totaled $129,000.
Shareholder Rights Plan
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At any time before a person becomes an Acquiring Person, the Rights can be redeemed, in whole, but not in part, by the Company’s Board of Directors at a price of $0.001 per
−Removed: The Rights Plan was set to expire on August 5, 2018.
−Removed: On November 19, 2015, the Board of Directors approved a seven-year extension of the term of the Rights Plan.
−Removed: Pursuant to an Amendment to the 2008 Rights
−Removed: Agreement dated February 18, 2016, the term of the Rights Plan was extended from August 5, 2018 to August 5, 2025.
−Removed: The extension of the term of the Rights Plan was intended as a means to continue to guard against abusive takeover tactics and was
−Removed: not in response to any particular proposal.
−Removed: The Board also increased the purchase price under the Rights Plan from $1,200 to $1,600 per one one-hundredth of a Preferred Share, to reflect the increase in the market price of the Company’s common
−Removed: stock over the past several years.
+Added: On January 9, 2024, the Board of Directors approved a nine-year extension of the term of the Rights Plan, which was set to expire on August 5, 2025.
+Added: Pursuant to an Amendment to the 2008 Rights Agreement dated
+Added: February 18, 2016, the term of the Rights Plan was extended from August 5, 2025 to August 5, 2034.
+Added: The extension of the term of the Rights Plan was intended as a means to continue to guard against abusive takeover tactics and was not in response
+Added: to any particular proposal.
+Added: The Board also increased the purchase price under the Rights Plan from $1,200 to $1,600 per one one-hundredth of a Preferred Share, to reflect the increase in the market price of the Company’s common stock over the
+Added: past several years.
On April 5, 2024, the Company entered into an Amended and Restated Rights Agreement (the “Amended Rights Agreement”), which amended and restated the 2008 Rights Agreement.
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expiration date of the Company’s Rights Plan from the close of business on August 5, 2025, to the close of business on August 5, 2034.
−Removed: At the time of the termination of the Amended Rights Agreement, all of the Rights distributed to holders of
−Removed: the Company’s Preferred Shares pursuant to the Amended Rights Agreement will expire.
+Added: At the time of the termination of the Amended Rights Agreement, all of the Rights distributed to holders of the
+Added: Company’s Preferred Shares pursuant to the Amended Rights Agreement will expire.
The Amended Rights Agreement also increases the purchase price per unit under the Rights Agreement from $1,600 per one one-hundredth of a Preferred Share, to $3,900
per one one-hundredth of a Preferred Share.
−Removed: The other changes reflected in the Amended Rights Agreement generally clarify the legal relationship between the Rights Agent and the Company and were made to conform the agreement to provisions
−Removed: that have become customary in such agreements since the Rights Plan was originally adopted in 2008.
+Added: The other changes reflected in the Amended Rights Agreement generally clarify the legal relationship between the Rights Agent and the Company and were made to conform the agreement to provisions that
+Added: have become customary in such agreements since the Rights Plan was originally adopted in 2008.
For information regarding securities authorized for issuance under equity compensation plans, see Part III, Item 12 “Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters”
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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.