4 unchanged sentences
The Corporation’s cash dividend payout policy is reviewed regularly by management and the Board of Directors.
−Removed: The Board of Directors has declared quarterly cash dividends on the Corporation’s common stock for consecutive quarters
−Removed: since September 30, 2002.
−Removed: On July 22, 2021, the Corporation declared a quarterly cash dividend of $0.14 per share with a record date on August 12, 2021 and the dividend was paid on September 2, 2021.
+Added: The Board of Directors has declared quarterly cash dividends on the Corporation’s common stock for consecutive quarters since September 30, 2002.
+Added: On July 28, 2022, the Corporation declared a quarterly cash dividend of $0.14 per share with a record date August 18, 2022 and the dividend is payable on September 8, 2022.
Future declarations or payments of dividends will be subject to the consideration of the Corporation’s Board of Directors, which will take into account the Corporation’s financial condition, results of operations, tax considerations, capital requirements, industry standards, legal restrictions, economic conditions and other factors, including the regulatory restrictions which affect the payment of dividends by the Bank to the Corporation.
1 unchanged sentence
The Corporation repurchases its common stock consistent with Board-approved stock repurchase plans.
−Removed: During the quarter ended June 30, 2021, the Corporation purchased 81,828 shares of the Corporation’s common stock with an average cost of $16.96 per share, including 31,553 shares with an average cost of $17.40 per share of distributed restricted stock in settlement of employees’s withholding tax obligations.
−Removed: For the fiscal year ended June 30, 2021, the Corporation purchased 139,596 shares of the Corporation’s common stock at an average cost of $16.73 per share, including 34,614 shares with an average cost of $16.92 per share of distributed restricted stock in settlement of employees’s withholding tax obligations.
−Removed: As of June 30, 2021, 104,982 shares with an average cost of $16.67 per share have been repurchased under the April 2020 stock repurchase plan, leaving 266,833 shares available for future purchases.
−Removed: During the quarter ended June 30, 2021, the Corporation issued 3,000 shares of common stock from the exercise of certain stock options and 103,750 shares of restricted common stock vested.
−Removed: For the fiscal year ended June 30, 2021, the Corporation issued 132,000 shares of common stock consistent with the exercise of certain stock options and 112,750 shares of restricted common stock vested.
+Added: During the quarter ended June 30, 2022, the Corporation purchased 35,488 shares of the Corporation’s common stock with an average cost
+Added: of $15.90 per share pursuant to its April 2020 stock repurchase that expired on April 27, 2022.
+Added: For the fiscal year ended June 30, 2022, the Corporation purchased 257,285 shares of the Corporation’s common stock at an average cost of $16.73 per share pursuant to its April 2020 stock repurchase plan.
+Added: The Board of Directors approved a new stock repurchase plan on April 28, 2022 which authorized 364,259 shares for repurchase, all of which remain available for purchase at June 30, 2022.
+Added: The repurchase plan terminates on April 28, 2023, unless completed sooner.
+Added: The timing, volume and price of purchases are made at our discretion, and are contingent upon our overall financial condition, as well as general market and other conditions.
+Added: The stock repurchase program does not obligate the Corporation to acquire any specific number of shares in any period, and may be expanded, extended, modified or discontinued at any time.
+Added: During the quarter ended June 30, 2022, there were no stock options exercised and no restricted common stock vested, while 2,000 shares of restricted stock were forfeited.
+Added: For the fiscal year ended June 30, 2022, there were no stock options exercised, while 1,000 shares of restricted common stock were awarded and vested and 6,500 shares of restricted stock were forfeited.
During the quarter and fiscal year ended June 30, 2022, the Corporation did not sell any securities that were not registered under the Securities Act of 1933.
19 unchanged sentences
Total return assumes the reinvestment of all dividends.
−Removed: COMPARISON OF CUMULATIVE TOTAL RETURNS (1)
NASDAQ Stock Index
2 unchanged sentences
For additional information, see Part III, Item 12 of this Form 10-K for information regarding the Corporation’s Equity Compensation Plans, which is incorporated into this Item 5 by reference.
−Removed: Selected Financial Data
−Removed: The information contained under the heading “Financial Highlights” in the Corporation’s Annual Report to Shareholders is included as Exhibit 13 to this Form 10-K and is incorporated herein by reference.
−Removed: This information is qualified in its entirety by the detailed information included elsewhere herein and should be read along with Item 7.
−Removed: “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and Item 8.
−Removed: “Financial Statements and Supplementary Data” included in this Form 10-K.
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.