4 unchanged sentences
Share Repurchases
−Removed: The was no repurchasing activity of the Corporation during the fourth quarter of 2020.
+Added: The following table presents the shares repurchased by the Corporation’s during the fourth quarter of 2021.
+Added: Issuer Purchases of Equity Securities
+Added: Total Number of
+Added: Maximum Number
+Added: Shares Purchased
+Added: of Shares that May
+Added: as Part of Publicly
+Added: Yet Be Purchased
+Added: Total Number of
+Added: Average Price Paid
+Added: Announced Plans or
+Added: Under the Plan or
+Added: Shares Purchased
+Added: October 1, 2021 - October 31, 2021
+Added: November 1, 2021 - November 30, 2021
+Added: (1) On April 26, 2021, the Corporation announced a stock repurchase plan pursuant to which the Corporation may repurchase up to $6 million of the company’s outstanding common stock, par value $1.00 per share.
+Added: S tock will be purchased from time to time in the open market or through privately negotiated transactions, or otherwise, at the discretion of management of the company in accordance with legal requirements.
+Added: On August 30, 2021, the Corporation announced that the purchase limit under the stock repurchase plan has been increased to $20 million of the company’s outstanding common stock over a two-year period.
+Added: (2) As of December 31, 2021, the maximum number of shares remaining authorized for repurchase was approximately 80,837, based on funds remaining under the plan of approximately $3.0 million and a share price of $36.77 as of December 31, 2021.
Dividend Policy
In 2020 the Corporation commenced quarterly cash dividends on its common stock.
−Removed: The Board of Directors declared a quarterly cash dividend of $0.125 per common share, payable August 24, 2020, to shareholders of record as of August 10, 2020.
−Removed: On October 22, 2020, the Board of Directors declared a quarterly cash dividend of $0.125 per common share, payable November 23, 2020, to shareholders of record as of November 9, 2020.
−Removed: On January 28, 2021, the Board of Directors declared a quarterly cash dividend of $0.125 per common share, payable February 22, 2021, to shareholders of record as of February 8, 2021.
−Removed: Special Dividend
+Added: During 2020 and 2021 the Board of Directors declared cash dividends as follows:
+Added: July 23, 2020
+Added: August 10, 2020
+Added: August 24, 2020
+Added: October 22, 2020
+Added: November 9, 2020
+Added: November 23, 2020
+Added: January 28, 2021
+Added: February 8, 2021
+Added: February 22, 2021
+Added: February 16, 2021
+Added: March 1, 2021
+Added: March 15, 2021
+Added: April 22, 2021
+Added: July 22, 2021
+Added: August 9, 2021
+Added: August 16, 2021
+Added: October 28, 2021
+Added: November 15, 2021
+Added: November 22, 2021
+Added: Special Dividends
On February 16, 2021, the Corporation’s Board of Directors declared a special dividend of $1.00 per share on its Common Stock, payable on March 15, 2021 to shareholders of record as of March 1, 2021.
+Added: On October, 28, 2021, the Corporation’s Board of Directors increased its quarterly dividend to $0.20 per share from $0.125 per share.
+Added: On January 27, 2022, the Corporation’s Board of Directors declared a special dividend of $1.00 per share on its Common Stock, payable on February 21, 2022 to shareholders of record as of February 14, 2022.
Future dividend payments will depend upon maintenance of a strong financial condition, future earnings and capital and regulatory requirements.
2 unchanged sentences
Selected historical consolidated financial information
−Removed: The following table should be read in conjunction with our Consolidated Financial Statements and related notes and "Management’s Discussion and Analysis of Financial Condition and Results of Operations,"
−Removed: each of which is included elsewhere in this Annual Report on Form 10-K.
+Added: The following table should be read in conjunction with our Consolidated Financial Statements and related notes and "Management’s Discussion and Analysis of Financial Condition and Results of Operations", each of which is included elsewhere in this Annual Report on Form 10-K.
As of and for the Years Ended December 31,
20 unchanged sentences
Net income before income taxes
−Removed: Income tax expense (benefit)
+Added: Income tax expense
Preferred stock dividends and net accretion
14 unchanged sentences
Efficiency ratio
−Removed: Noninterest income to average assets
−Removed: Noninterest expense to average assets
+Added: Non-interest income to average assets
+Added: Non-interest expense to average assets
Yield on interest-earning assets
3 unchanged sentences
Selected Credit Quality Ratios:
−Removed: Nonperforming assets to total assets
−Removed: Nonperforming loans to total loans
−Removed: Allowance for loan losses to nonperforming loans
+Added: Non-performing assets to total assets
+Added: Non-performing loans to total loans
+Added: Allowance for loan losses to non-performing loans
Allowance for loan losses to total loans
6 unchanged sentences
Common equity tier 1 capital ratio
−Removed: (1) Refer to Non-GAAP Financial Measures section below
+Added: (1) A non-GAAP measure.
+Added: Refer to Non-GAAP Financial Measures section for reconciliation to GAAP.
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.