Item 5. Market for Registrant’s Common Equity
Item 5.
Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
The Bancorp’s Common Stock is listed on the Nasdaq Capital Market under the symbol “FNWD.” As of March 28, 2024, the Bancorp had 4,304,026 shares of common stock outstanding and 549 stockholders of record. This does not reflect the number of persons or entities who may hold their stock in nominee or “street” name through brokerage firms.
On April 24, 2014, the Bancorp’s Board of Directors authorized a stock repurchase program to repurchase up to 50,000 shares of the Bancorp’s outstanding common stock, from time to time and subject to market conditions, on the open market or in privately negotiated transactions. The stock repurchase program does not expire and is only limited by the number of shares that can be purchased. The stock repurchase program is reviewed annually by the Board of Directors. No shares were repurchased during the year ended December 31, 2023 under the stock repurchase program.
Period
Total Number
of Shares Purchased
(2)
Average Price
Paid per Share
Total Number of Shares
Purchased as Part of
Publicly Announced
Plans or Programs
Maximum Number of
Shares That May Yet
Be Purchased Under
the Program(1)
January 1, 2023 – January 31, 2023
-
N/A
-
48,828
February 1, 2023 – February 28, 2023
-
N/A
-
48,828
March 1, 2023 – March 31, 2023
4,188
$37.45
-
48,828
April 1, 2023 – April 30, 2023
-
N/A
-
48,828
May 1, 2023 – May 31, 2023
798
$28.88
-
48,828
June 1, 2023 – June 30, 2023
698
$22.80
-
48,828
July 1, 2023 – July 31, 2023
-
N/A
-
48,828
August 1, 2023 – August 31, 2023
-
N/A
-
48,828
September 1, 2023 – September 30, 2023
-
N/A
-
48,828
October 1, 2023 –October 31, 2023
-
N/A
-
48,828
November 1, 2023 – November 30, 2023
-
N/A
-
48,828
December 1, 2023 – December 31, 2023
-
N/A
-
48,828
(1) The stock repurchase program was announced on April 24, 2014, whereby the Bancorp is authorized to repurchase up to 50,000 shares of the Bancorp’s common stock outstanding. There is no express expiration date for this program.
(2) The number of shares above consist of shares of common stock reacquired from the Bancorp’s executive officers and employees to satisfy the tax withholding obligations on restricted stock awards granted under the Bancorp’s 2015 Stock Option and Incentive Plan. For the year ended December 31, 2023, 5,684 shares were reacquired at an average per share price of $34.45 pursuant to these tax withholding transactions.
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Item 6.
[Reserved]