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
Market Information
The Company’s common stock trades on the Nasdaq Global Select Market under the symbol “INBK.”
As of March 11, 2022, the Company had 9,683,727 shares of common stock issued and outstanding, and there were 106 holders of record of common stock.
Dividends
Total cash dividends declared in 2021 were $0.24 per share. The Company expects to continue to pay cash dividends on a quarterly basis; however, the declaration and amount of any future cash dividends will be subject to the sole discretion of the Board of Directors and will depend upon many factors, including our results of operations, financial condition, capital requirements, regulatory and contractual restrictions (including with respect to the Company’s outstanding subordinated debt), business strategy and other factors deemed relevant by the Board of Directors.
Because the Company is a holding company and does not engage directly in business activities of a material nature, its ability to pay dividends to shareholders may depend, in large part, upon the receipt of distributions from the Bank, which is also subject to numerous limitations on the payment of dividends under federal and state banking laws, regulations and policies. The present and future ability of the Bank to distribute funds to the Company are subject to the discretion of the Board of the Directors of the Bank and the Bank is not obligated to pay any distributions to the Company.
Issuer Purchases of Equity Securities
On October 18, 2021, the Company's Board of Directors approved a stock repurchase program authorizing the repurchase of up to $30.0 million of our outstanding common stock from time to time on the open market or in privately negotiated transactions. The stock repurchase authorization is scheduled to expire on December 31, 2022. Under this program, the Company has repurchased 200,000 shares of common stock through March 11, 2022, at an average price of $46.97, for a total investment of $9.4 million. As of March 11, 2022, we have $20.6 million remaining under this program.
The following table presents information with respect to purchases of the Company’s common stock made during the fourth quarter of 2021 by or on behalf of the Company or any “affiliated purchaser,” as defined in Rule 10b-18(a)(3).
(dollars in thousands, except per share data) Total Number of Shares Purchased Average Price Paid Per Share Total Number of Shares Purchased As Part of Publicly Announced Programs Approximate Dollar Value Of Shares That May Yet Be Purchased Under The Programs
October 1, 2021 - October 31, 2021 — $ — — $ —
November 1, 2021 - November 30, 2021 48,797 44.70 48,797 27,818
December 1, 2021 - December 31, 2021 51,203 44.04 51,203 25,564
Total 100,000 100,000
Stock Performance Graph
The following graph and table compares the five-year cumulative total return to shareholders of First Internet Bancorp common stock with that of the Nasdaq Composite Index and the S&P U.S. BMI Banks Index. The following assumes $100 invested on December 31, 2016 in First Internet Bancorp, the Nasdaq Composite Index and the S&P U.S. BMI Bank Index, and assumes that dividends are reinvested. The historical stock price performance for our common stock is not necessarily indicative of future stock performance.
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December 31,
Index 2016 2017 2018 2019 2020 2021
First Internet Bancorp $ 100.00 $ 120.13 $ 64.91 $ 76.16 $ 93.58 $ 154.22
NASDAQ Composite Index 100.00 129.64 125.96 172.18 249.51 304.85
S&P U.S. BMI Banks Index 100.00 118.21 98.75 135.64 118.33 160.89
Item 6. [RESERVED]
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