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 JWTT, Inc., Monroe Financial
Partners and Raymond James 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 2024
$
9.81
$
9.39
3rd Quarter 2024
$
10.00
$
8.62
2nd Quarter 2024
$
8.63
$
8.33
1st Quarter 2024
$
8.62
$
7.80
4th Quarter 2023
$
8.61
$
7.26
3rd Quarter 2023
$
8.84
$
6.34
2nd Quarter 2023
$
6.82
$
6.07
1st Quarter 2023
$
7.80
$
6.70
* Price adjusted for stock dividends in the indicated periods for the 5% stock dividends payable March 25, 2025 and March 25, 2024, as described below.
As of March 1, 2025, there were approximately 1,334 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, 2023
5
%
March 24, 2023
February 29, 2024
5
%
March 25, 2024
February 28, 2025
5
%
March 25, 2025
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” in Part I, Item 1 above.
For information regarding securities authorized for issuance under equity compensation plans, see Part III, Item 12 of this Annual Report on Form 10-K.
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Issuer Purchases of Equity Securities
The Company made the following purchases of its common stock during the three months ended December 31, 2024:
(a)
(b)
(c)
(d)
Period
Total number of
shares purchased
Average price
paid per share
Number of shares
purchased as part of
publicly announced
plans or programs
Maximum number of
shares that may yet be
purchased under the
plans or programs (1)
October 1 - October 31, 2024
—
—
—
639,765
November 1 - November 30, 2024
18,988
$
10.17
18,988
620,777
December 1 - December 31, 2024
76,805
$
10.11
76,805
543,972
Total
95,793
95,793
(1) On March 27, 2024, the Company approved a stock repurchase program effective May 1, 2024. The stock repurchase program, which
remains in effect until April 30, 2026 unless terminated sooner, allows for repurchases by the Company in an aggregate amount of no more than 6% of the Company’s 15,550,731 outstanding shares of common stock as of March 21, 2024. This
represented total shares of 979,695 eligible for repurchase at May 1, 2024. The total number of shares eligible for repurchase has been adjusted to give retroactive effect to stock dividends and stock splits, including the 5% stock dividend
declared on January 23, 2025, payable on March 25, 2025 to shareholders of record as of February 28, 2025.
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ITEM 6 - RESERVED
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