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.
( Dollars in thousands except per share amounts)
Common Stock and Dividend Information
Our authorized common stock consists of 15,000,000 shares, of which 7,532,641 shares are issued and outstanding as of December 31, 2021. As of that date, there were 2,800 shareholders of record.
Our common stock is traded in the over-the-counter market. Our common stock is quoted on the OTCQX market tier of the OTC Markets Group Inc.’s ("OTC Markets") electronic quotation system (www.otcmarkets.com) under the symbol “ISBA”. Other trades in our common stock occur in privately negotiated transactions from time to time of which we may have little or no information.
We have reviewed the information available as to the range of reported high and low transactions as reported by OTC Markets. The following table sets forth our compilation of that information for the periods indicated. Price information obtained from OTC Markets reflects inter-dealer prices, without retail mark up, mark down, or commissions and may not necessarily represent actual transactions. The following compiled data is provided for information purposes only and should not be viewed as indicative of the actual or market value of our common stock.
Number of
Common Shares Sale Price
Low High
2021
First Quarter 179,524 $ 19.45 $ 22.50
Second Quarter 134,955 21.00 23.90
Third Quarter 356,226 22.55 26.74
Fourth Quarter 130,486 24.75 29.00
801,191
2020
First Quarter 225,103 $ 16.00 $ 24.50
Second Quarter 92,068 15.60 19.50
Third Quarter 158,506 15.75 19.00
Fourth Quarter 342,179 15.73 21.95
817,856
The following table sets forth the cash dividends paid for the quarters indicated:
Per Share
2021 2020
First Quarter $ 0.27 $ 0.27
Second Quarter 0.27 0.27
Third Quarter 0.27 0.27
Fourth Quarter 0.27 0.27
Total $ 1.08 $ 1.08
We have adopted and publicly announced a common stock repurchase plan. 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. As shares are repurchased under this plan, they are retired with the status of authorized, but unissued, shares.
10
Table of Contents
The following table provides information for the unaudited three-month period ended December 31, 2021, with respect to our common stock repurchase plan:
Common Shares Repurchased Total Number of Common Shares Purchased as Part of Publicly Announced Plan or Program Maximum Number of Common Shares That May Yet Be Purchased Under the Plans or Programs
Number Average Price
Per Common Share
Balance, September 30 479,796
October 1 - 31 4,772 $ 26.40 4,772 475,024
November 1 - 30 5,951 27.22 5,951 469,073
December 1 - 31 1,582 27.18 1,582 467,491
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.
Item 6. [Reserved]
11
Table of Contents