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
The Company’s common stock is not listed on any exchange. However, trades may be reported on the OTC Markets under the symbol “FNRN.” The Company is aware that D.A. Davidson, Raymond James, Wedbush Morgan Securities, and Monroe Securities, all currently make a market in the Company’s common stock. Management is aware that there are also private transactions in the Company’s common stock, and the data set forth below may not reflect all such transactions.
The following table summarizes the range of reported high and low bid quotations of the Company’s Common Stock for each quarter during the last two fiscal years and is based on information provided by D.A. Davidson. The quotations reflect the price that would be received by the seller without retail mark-up, mark-down or commissions and may not have represented actual transactions:
QUARTER/YEAR
HIGH*
LOW*
4th Quarter 2020
$
10.00
$
7.80
3rd Quarter 2020
$
7.81
$
7.38
2nd Quarter 2020
$
8.09
$
7.34
1st Quarter 2020
$
10.84
$
7.43
4th Quarter 2019
$
10.43
$
10.02
3rd Quarter 2019
$
10.43
$
9.99
2nd Quarter 2019
$
10.79
$
10.03
1st Quarter 2019
$
10.44
$
9.33
* Price adjusted for stock dividends in the indicated periods for the 5% stock dividends payable March 25, 2021 and March 25, 2020, as described below.
As of March 1, 2021, there were approximately 1,407 holders of record of the Company’s common stock, no par value.
In the prior two fiscal years and to date, the Company has declared the following stock dividends:
Shareholder Record Date
Dividend Percentage
Date Payable
February 28, 2019
5%
March 29, 2019
February 28, 2020
5%
March 25, 2020
February 26, 2021
5%
March 25, 2021
The Company does not expect to pay a cash dividend in the foreseeable future. Our ability to declare and pay dividends is affected by certain regulatory restrictions. See “Business – Restrictions on Dividends and Other Distributions” above. The Company made no repurchases of common stock in the 12 months ended December 31, 2020.
For information regarding securities authorized for issuance under equity compensation plans, see Part III, Item 12 of this Report on Form 10-K.
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ITEM 6 - SELECTED FINANCIAL DATA
The selected consolidated financial data below have been derived from the Company’s audited consolidated financial statements. The selected consolidated financial data set forth below as of December 31, 2017 and 2016 have been derived from the Company’s historical consolidated financial statements not included in this Report. The financial information for 2020, 2019, and 2018, should be read in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” which is in Part II (Item 7) of this Report and with the Company’s audited consolidated financial statements and the notes thereto, which are included in Part II (Item 8) of this Report.
Consolidated Financial Data as of and for the years ended December 31,
(in thousands, except share and per share amounts)
2020
2019
2018
2017
2016
Interest and Dividend Income
$
48,864
$
48,993
$
45,617
$
40,017
$
35,967
Interest Expense
(1,484
)
(1,859
)
(1,268
)
(1,079
)
(1,157
)
Net Interest Income
47,380
47,134
44,349
38,938
34,810
Provision for Loan Losses
(3,050
)
—
(2,100
)
(600
)
(1,800
)
Net Interest Income after Provision for Loan Losses
44,330
47,134
42,249
38,338
33,010
Non-Interest Income
7,809
7,197
7,209
8,128
7,278
Non-Interest Expense
(35,477
)
(33,940
)
(32,163
)
(29,400
)
(27,352
)
Income before Taxes
16,662
20,391
17,295
17,066
12,936
Provision for Taxes
(4,501
)
(5,670
)
(4,744
)
(8,318
)
(4,885
)
Net Income
$
12,161
$
14,721
$
12,551
$
8,748
$
8,051
Basic Income Per Share
$
0.90
$
1.10
$
0.94
$
0.66
$
0.60
Diluted Income Per Share
$
0.90
$
1.08
$
0.93
$
0.65
$
0.60
Total Assets
$
1,655,376
$
1,292,591
$
1,249,845
$
1,217,658
$
1,166,763
Total Investments
$
435,080
$
342,897
$
314,637
$
280,741
$
277,079
Total Loans, including Loans Held-for-Sale, net (1)
$
885,020
$
773,003
$
765,688
$
740,152
$
673,096
Total Deposits
$
1,478,162
$
1,138,632
$
1,124,612
$
1,104,740
$
1,063,696
Total Equity
$
150,657
$
132,915
$
112,461
$
100,044
$
92,298
Weighted Average Shares of Common Stock outstanding used for Basic Income Per Share Computation (2)
13,462,764
13,414,705
13,382,484
13,348,706
13,324,451
Weighted Average Shares of Common Stock outstanding used for Diluted Income Per Share Computation (2)
13,582,844
13,579,683
13,567,587
13,517,977
13,409,954
Return on Average Total Assets
0.79
%
1.18
%
1.03
%
0.74
%
0.74
%
Net Income/Average Equity
8.41
%
11.88
%
12.00
%
8.88
%
8.87
%
Net Income/Average Deposits
0.88
%
1.33
%
1.14
%
0.82
%
0.81
%
Average Loans/Average Deposits
65.01
%
66.78
%
67.03
%
63.40
%
63.57
%
Average Equity to Average Total Assets
9.36
%
9.91
%
8.58
%
8.36
%
8.31
%
(1) Includes PPP loans totaling $155 million as of December 31, 2020.
(2) All years have been restated to give retroactive effect for stock dividends issued and stock splits.
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