What changed in this filing

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Item 5. Market for Registrant’s Common Equity

2023-02-24 compared with 2022-02-25 · 24 added, 56 removed, 2 unchanged (98% of the section changed)

Market for Registrant’s

Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities

Market Information,

Holders of Common Stock, and Dividends

Companys common stock, no par value per share, is traded on the Nasdaq Global Select Market under the symbol FSBC.

On December 31, 2021, there were 240 holders of record of the Companys common stock.

has paid cash dividends on its common stock in every quarter since January 2002, with the exception of the third and fourth quarters

of 2009 and all quarters of 2010.

Market for Registrant’s Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities

Market Information, Holders of Common Stock, and Dividends

The Company’s common stock, no par value per share, is traded on the Nasdaq Global Select Market under the symbol “FSBC”.

On February 21, 2023, there were 204 holders of record of the Company’s common stock.

The actual number of stockholders is greater than this, as it would include stockholders who are beneficial owners but whose shares are held in street name by brokers and other nominees.

The Company has paid cash dividends on its common stock in every quarter since January 2002, with the exception of the third and fourth quarters of 2009 and all quarters of 2010.

Historically, we had been treated as an S Corporation for U.S.

federal income tax purposes,

and as such, we had paid distributions to our existing shareholders to assist them in paying the U.S.

federal income taxes on

our taxable income that was “passed through” to them, as well as additional amounts for returns on capital.

the completion of our IPO, our dividend policy and practice has changed, as we are now taxed as a C Corporation and, therefore,

no longer pay distributions to provide our shareholders with funds to pay U.S.

federal income tax on their pro rata portion of

our taxable income.

It is currently

the intention of the board of directors of the Company to continue payment of cash dividends on a quarterly basis.

assurance, however, that any dividends will be paid since they are dependent on a number of factors, including general and economic

conditions, industry standards, our financial condition and operating results, our available cash and current and anticipated

cash needs, capital requirements, our ability to service debt obligations senior to our common stock, banking regulations, contractual,

legal, tax, and regulatory restrictions, and limitations on the payment of dividends by us to our shareholders or by the Bank

to us, and such other factors as our board of directors may deem relevant.

As of December 31, 2021, there was $15.5 million

available for payment of dividends by the Bank to the Company, under applicable laws and regulations.

For a discussion of dividend

restrictions on our common stock, or of restrictions on dividends from the Company’s subsidiaries to the Company, see the

sections entitled “Part I, Item 1.

Business—Supervision and Regulation—Supervision and Regulation of the Company—Payment

of Dividends and Stock Repurchases” and “Part I, Item 1.

Business—Supervision and Regulation—Supervision

and Regulation of the Bank—Payment of Dividends.”

Authorized for Issuance Under Equity Compensation Plans

III, Item 12.

federal income tax purposes, and as such, we had paid distributions to our existing shareholders to assist them in paying the U.S.

federal income taxes on our taxable income that was “passed through” to them, as well as additional amounts for returns on capital.

Following the completion of our IPO, our dividend policy and practice has changed, as we are now taxed as a C Corporation and, therefore, no longer pay distributions to provide our shareholders with funds to pay U.S.

federal income tax on their pro rata portion of our taxable income.

It is currently the intention of the board of directors of the Company to continue payment of cash dividends on a quarterly basis.

There is no assurance, however, that any dividends will be paid since they are dependent on a number of factors, including general and economic conditions, industry standards, our financial condition and operating results, our available cash and current and anticipated cash needs, capital requirements, our ability to service debt obligations senior to our common stock, banking regulations, contractual, legal, tax, and regulatory restrictions, and limitations on the payment of dividends by us to our shareholders or by the Bank to us, and such other factors as our board of directors may deem relevant.

As of December 31, 2022, there was $33.9 million available for payment of dividends by the Bank to the Company, under applicable laws and regulations.

For a discussion of dividend restrictions on our common stock, or of restrictions on dividends from the Company’s subsidiaries to the Company, see the sections entitled “Part I, Item 1.

Business—Supervision and Regulation—Supervision and Regulation of the Company—Payment of Dividends and Stock Repurchases” and “Part I, Item 1.

Business—Supervision and Regulation—Supervision and Regulation of the Bank—Payment of Dividends.”

Securities Authorized for Issuance Under Equity Compensation Plans

See “Part III, Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters.”

Sales of Equity Securities and Use of Proceeds

Sales of Equity Securities

May 7, 2021, we completed our IPO of 6,054,750 shares of our common stock at an IPO price of $20.00 per share, including 789,750

shares pursuant to the exercise of the underwriters’ option to purchase additional shares of our common stock.

approximately $111.2 million in net proceeds after deducting underwriting discounts and commissions of approximately $8.5 million

and certain estimated offering expenses payable by us of approximately of $1.3 million.

net proceeds less $2.1 million in other related expenses, including audit fees, legal fees, listing fees, and other expenses,

totaled $109.1 million.

Keefe, Bruyette & Woods, Inc.

acted as bookrunner for the

IPO, and Stephens Inc.

Davidson acted as co-managers.

None of the expenses associated with the IPO were paid to directors,

officers, affiliates, persons owning 10% or more of any class of equity securities, or their associates.

of the shares issued and sold in our IPO were registered under the Securities Act pursuant to a Registration Statement on Form S-1 (File

333-255143) (the Registration Statement), which was declared effective by the SEC on May 4, 2021.

We have used the

proceeds from our IPO as disclosed in our final prospectus dated as of May 4, 2021 and filed with the SEC pursuant to Rule 424(b)(4)

on May 6, 2021, including a cash distribution in the amount of $27.0 million to our shareholders of record as of May 3, 2021, paid on

May 21, 2021, and there has been no material change in the planned use of proceeds.

No proceeds currently remain from the IPO.

Purchases of Equity Securities

Unregistered Sales of Equity Securities and Use of Proceeds

Unregistered Sales of Equity Securities

Not applicable.

Use of Proceeds

Not applicable.

Issuer Purchases of Equity Securities

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.

What changed 10-K

Item 5. Market for Registrant’s Common Equity