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As of December 31, 2022, we had 24,920,984 shares of common stock outstanding and approximately 355 stockholders of record.
−Removed: No public market exists for our common stock, nor is our common stock quoted on any over-the-counter market or quotation system, and there can be no assurance that a public trading market for our common stock will develop in the future.
+Added: In August 2022, our common stock began trading on the OTCQX® Best Market under the ticker symbol “FSUN”.
+Added: There was no public trading market for the common stock before that date.
+Added: Over-the-counter market quotations reflect inter-dealer prices, without retail mark-up, mark-down or commission and may not necessarily represent actual transactions.
We have not declared or paid any cash dividends on our common stock since we converted from an S corporation to a C corporation in 2016.
For the foreseeable future, we do not intend to declare cash dividends and instead we plan to retain earnings to grow our business.
−Removed: Although we have no current expectations to pay dividends, any future determination relating to our dividend policy will be made by our board of directors and will depend on a number of factors, including:
−Removed: (a) our historic and projected financial condition, liquidity and results of operations, (b) our capital levels and needs, (c) tax considerations, (d) any acquisitions or potential acquisitions that we may examine, (e) statutory and regulatory prohibitions and other limitations, (f) the terms of any credit agreements or other borrowing arrangements that restrict our ability to pay cash dividends, (g) general economic conditions and (h) other factors deemed relevant by our board of directors.
−Removed: We are not obligated to pay dividends on our common stock and are subject to restrictions on paying dividends on our common stock.
−Removed: As a Delaware corporation, we are subject to certain restrictions on dividends under the DGCL.
−Removed: Generally, a Delaware corporation may only pay dividends either out of “surplus” or out of the current or the immediately preceding year’s net profits.
−Removed: Surplus is defined as the excess, if any, at any given time, of the total assets of a corporation over its total liabilities and statutory capital.
−Removed: The value of a corporation’s assets can be measured in a number of ways and may not necessarily equal their book value.
−Removed: In addition, we are subject to certain restrictions on the payment of cash dividends as a result of banking laws, regulations and policies.
−Removed: See “Supervision and Regulation—Bank Holding Company Regulation—Dividend Payments.”
−Removed: Because we are a financial holding company and do not engage directly in business activities of a material nature, our ability to pay dividends to our stockholders depends, in large part, upon our receipt of dividends from Sunflower Bank, which is also subject to numerous limitations on the payment of dividends under federal banking laws, regulations and policies.
−Removed: See “Supervision and Regulation—Bank Regulation—Dividend Payments.”
−Removed: Purchases of Equity Securities
−Removed: The following table provides information regarding repurchases of our common stock during the three months ended December 31, 2021.
−Removed: We do not currently have any publicly announced repurchase plans or programs.
−Removed: Issuer Purchases of Equity Securities (2)
−Removed: Number of Shares Purchased (1) (b) Average Price Paid
−Removed: per Share (c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (d) Maximum Number of Shares that May
−Removed: Yet Be Purchased Under the Plans or Programs
−Removed: October 1, 2021 to October 31, 2021 — $ — — —
−Removed: November 1, 2021 to November 30, 2021 — — — —
−Removed: December 1, 2021 to December 31, 2021 13,822 32.96 — —
−Removed: Total 13,822 $ 32.96 — —
−Removed: (1) Represents shares of our common stock acquired by FirstSun in connection with satisfaction of tax withholding obligations on vested restricted stock.
−Removed: (2) There were no shares of our common stock acquired by FirstSun during the first three quarters of 2021.
+Added: Although we have no current expectations to pay dividends, any future determination relating to our dividend policy will be made by our board of directors and will depend on a number of factors.
+Added: As a Delaware corporation and a bank holding company, dividend payments are subject to numerous limitations.
+Added: For additional information, see Item 1.
+Added: “Business –Supervision and Regulation—Bank Holding Company Regulation—Dividend Payments”, and Item 7.
+Added: Management's Discussion and Analysis of Financial Condition and Results of Operations – Liquidity" and Note 16 - Stockholders ’ Equity .
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