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Item 5. Market for Registrant’s Common Equity

2022-03-15 compared with 2021-03-10 · 5 added, 88 removed, 40 unchanged (70% of the section changed)

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

( Dollars in thousands except per share amounts)

Common Stock and Dividend Information

24 unchanged sentences

We have adopted and publicly announced a common stock repurchase plan.

The plan was last amended on December 23, 2019, to allow for the repurchase of an additional 250,000 shares of common stock after that date.

The plan was last amended on April 28, 2021, to allow for the repurchase of an additional 500,000 shares of common stock after that date.

These authorizations do not have expiration dates.

9 unchanged sentences

Balance, December 31 12,305 $ 26.90 12,305 467,491

On September 1, 2021, we announced the commencement of a “modified Dutch Auction” tender offer to purchase up to $20,000 in value of our common stock, or such lesser number of shares of our common stock as were properly tendered and not properly withdrawn, at a price not less than $23.00 nor greater than $27.00 per share.

The tender offer expired on October 13, 2021 and resulted in the purchase of 396,576.78534 shares at a price of $27.00 per share for a total amount of approximately $10,708.

The remainder of the $20,000 not used in the tender offer may be deployed for general corporate purposes, including potential repurchases of our common stock.

Information concerning securities authorized for issuance under equity compensation plans appears under Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.

Selected Financial Data.

Results of Operations ( Dollars in thousands except per share amounts)

The following table outlines the results of operations and provides certain key performance measures as of, and for the years ended, December 31:

2020 2019 2018

INCOME STATEMENT DATA

Interest income $ 64,172 $ 67,306 $ 63,864

Interest expense 13,825 17,861 15,631

Net interest income 50,347 49,445 48,233

Provision for loan losses 1,665 30 978

Noninterest income 14,423 8,039 10,981

Noninterest expenses 51,233 43,050 42,852

Federal income tax expense 987 1,380 1,363

Net income $ 10,885 $ 13,024 $ 14,021

Basic earnings $ 1.37 $ 1.65 $ 1.78

Diluted earnings $ 1.34 $ 1.61 $ 1.74

Dividends $ 1.08 $ 1.05 $ 1.04

Tangible book value $ 21.29 $ 20.45 $ 18.68

Quoted market value

High $ 24.50 $ 24.80 $ 28.25

Low $ 15.60 $ 22.01 $ 22.50

$ 19.57 $ 24.31 $ 22.56

Common shares outstanding (1)

7,997,247 7,910,804 7,870,969

PERFORMANCE RATIOS

Return on average total assets 0.57 % 0.72 % 0.77 %

Return on average shareholders' equity 4.93 % 6.25 % 7.26 %

Return on average tangible shareholders' equity 6.34 % 8.17 % 9.74 %

Net interest margin yield (FTE) 2.96 % 3.07 % 2.98 %

BALANCE SHEET DATA (1)

Gross loans $ 1,238,311 $ 1,186,570 $ 1,128,707

AFS securities $ 339,228 $ 429,839 $ 494,834

Total assets $ 1,957,378 $ 1,814,198 $ 1,842,502

Deposits $ 1,566,317 $ 1,313,851 $ 1,292,693

Borrowed funds $ 158,747 $ 275,999 $ 340,299

Shareholders' equity $ 218,588 $ 210,182 $ 195,519

Gross loans to deposits 79.06 % 90.31 % 87.31 %

ASSETS UNDER MANAGEMENT (1)

Loans sold with servicing retained $ 301,377 $ 259,375 $ 259,481

Assets managed by Isabella Wealth $ 443,967 $ 436,181 $ 447,487

Total assets under management $ 2,702,722 $ 2,509,754 $ 2,549,470

ASSET QUALITY (1)

Nonperforming loans to gross loans 0.43 % 0.55 % 0.65 %

Nonperforming assets to total assets 0.31 % 0.40 % 0.42 %

ALLL to gross loans 0.79 % 0.67 % 0.74 %

CAPITAL RATIOS (1)

Shareholders' equity to assets 11.17 % 11.59 % 10.64 %

Tier 1 leverage 8.37 % 9.01 % 8.72 %

Common equity tier 1 capital 12.97 % 12.56 % 12.58 %

Tier 1 risk-based capital 12.97 % 12.56 % 12.58 %

Total risk-based capital 13.75 % 13.18 % 13.26 %

(1) At end of year

The following table outlines our interim results of operations and key performance measures as of, and for the unaudited periods ended:

Quarter to Date

2020 September 30

2020 March 31

Total interest income $ 16,402 $ 15,700 $ 15,869 $ 16,201

Total interest expense 2,858 3,203 3,565 4,199

Net interest income 13,544 12,497 12,304 12,002

Provision for loan losses 256 516 105 788

Noninterest income 4,119 4,060 3,246 2,998

Noninterest expenses 18,638 10,950 10,700 10,945

Federal income tax expense (benefit) (508) 734 558 203

Net income (loss) $ (723) $ 4,357 $ 4,187 $ 3,064

Basic earnings (loss) $ (0.10) $ 0.55 $ 0.53 $ 0.39

Diluted earnings (loss) (0.10) 0.54 0.52 0.38

Dividends 0.27 0.27 0.27 0.27

Quoted market value (1)

19.57 16.74 18.25 18.00

Tangible book value 21.29 21.75 21.52 21.10

Quarter to Date

2019 September 30

2019 March 31

Total interest income $ 16,849 $ 17,161 $ 16,815 $ 16,481

Total interest expense 4,492 4,550 4,527 4,292

Net interest income 12,357 12,611 12,288 12,189

Provision for loan losses (18) 193 (179) 34

Noninterest income (725) 3,274 3,011 2,479

Noninterest expenses 10,892 10,620 10,749 10,789

Federal income tax expense (benefit) (140) 630 541 349

Net income $ 898 $ 4,442 $ 4,188 $ 3,496

Basic earnings $ 0.12 $ 0.56 $ 0.53 $ 0.44

Diluted earnings 0.11 0.55 0.52 0.43

Dividends 0.27 0.26 0.26 0.26

Quoted market value (1)

24.31 22.30 23.25 23.75

Tangible book value 20.45 20.65 20.17 19.47

(1) At end of period

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