What changed in this filing

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Item 5. Market for Registrant’s Common Equity

2022-03-15 compared with 2021-03-30 · 2 added, 80 removed, 19 unchanged (81% of the section changed)

9 unchanged sentences

Issuer Purchases of Equity Securities

On October 27, 2020, the Company announced that its Board of Directors authorized a stock repurchase program.

Under this repurchase program, the Company may repurchase its outstanding shares in the open market in an amount up to $2.0 million, based on prevailing market prices, or in privately negotiated transactions, over a period beginning on October 28, 2020, continuing until the earlier of the completion of the repurchase or the next six months, depending upon market conditions.

On October 27, 2021, the Company announced that its Board of Directors authorized a new stock repurchase program effective on October 29, 2021, immediately following the expiration of the Company's prior stock repurchase program on October 28, 2021.

Under the new repurchase program, the Company may repurchase its outstanding shares in the open market in an amount up to $2.0 million, based on prevailing market prices, or in privately negotiated transactions, over a period beginning on October 29, 2021, continuing until the earlier of the completion of the repurchase or the next six months, depending upon market conditions.

The Company’s Board of Directors also authorized management to enter into a trading plan with a registered broker-dealer in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended, to facilitate repurchases of its common stock pursuant to the above-mentioned stock repurchase program.

7 unchanged sentences

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 conditions.

Table of Conten t s

Selected Financial Data

SELECTED CONSOLIDATED FINANCIAL AND OTHER DATA

The following table sets forth certain information concerning the Company's consolidated financial position and results of operations at and for the dates indicated and have been derived from the audited consolidated financial statements.

The information below is qualified in its entirety by the detailed information included elsewhere herein and should be read along with Item 7.

"Management's Discussion and Analysis of Financial Condition and Results of Operations" and Item 8.

"Financial Statements and Supplementary Data." (In thousands)

December 31, 2020

2020 2019 2018

Selected Financial Condition Data:

Total assets $ 861,402 $ 719,853 $ 716,735

Total loans held for portfolio, net 607,363 614,247 613,769

Loans held-for-sale 11,604 1,063 1,172

Available-for-sale securities, at fair value 10,218 9,306 4,957

Bank-owned life insurance ("BOLI"), net 14,588 14,183 13,365

OREO and repossessed assets, net 594 575 575

FHLB stock, at cost 877 1,160 4,134

Total deposits 747,981 616,718 553,601

Borrowings — 7,500 84,000

Subordinated notes, net 11,592 — —

Stockholders' equity $ 85,484 $ 77,726 $ 71,627

Year Ended December 31,

2020 2019 2018

Selected Operations Data:

Total interest income $ 34,936 $ 34,581 $ 33,167

Total interest expense 7,450 7,617 5,360

Net interest income 27,486 26,964 27,807

Provision (recapture) for loan losses 925 (125) 525

Net interest income after provision (recapture) for loan losses 26,561 27,089 27,282

Service charges and fee income 1,905 1,954 1,876

Earnings on cash surrender value of BOLI 348 381 320

Mortgage servicing income 1,027 1,002 1,075

Fair value adjustment on mortgage servicing rights ("MSRs") (1,857) (760) (513)

Net gain on sale of loans 6,022 1,449 1,038

Other income — — 490

Total noninterest income 7,445 4,026 4,286

Salaries and benefits 12,083 12,402 12,775

Operations expense 5,461 5,905 5,472

Occupancy expense 1,881 2,060 2,139

Net losses and expenses on OREO and repossessed assets 5 35 86

Other noninterest expense 3,248 2,383 2,351

Total noninterest expense 22,678 22,785 22,823

Income before provision for income taxes 11,328 8,330 8,745

Provision for income taxes 2,391 1,651 1,706

Net income $ 8,937 $ 6,679 $ 7,039

Table of Conten t s

Year Ended December 31,

2020 2019 2018

Selected Financial Ratios and Other Data:

Performance ratios :

Return on assets (ratio of net income to average total assets) 1.10 % 0.95 % 1.03 %

Return on equity (ratio of net income to average equity) 10.94 8.90 10.24

Dividend payout ratio 23.19 21.47 19.42

Interest rate spread information:

Average during period 3.26 3.74 4.06

End of period 3.21 3.83 4.11

Net interest margin (1)

3.57 4.06 4.28

Noninterest income to total net revenue (2)

21.31 12.99 13.35

Noninterest expense to average total assets 2.79 3.23 3.34

Average interest-earning assets to average interest-bearing liabilities 132.57 128.25 125.94

Efficiency ratio (3)

64.90 73.52 71.12

Asset quality ratios :

Nonperforming assets to total assets at end of period 0.40 % 0.73 % 0.45 %

Nonperforming loans to total loans 0.47 0.75 0.43

Allowance for loan losses to nonperforming loans 208.04 121.11 216.50

Allowance for loan losses to total loans 0.98 0.91 0.93

Net charge-offs to average loans outstanding (0.08) — —

Capital ratios :

Equity to total assets at end of period 9.92 % 10.80 % 9.99 %

Average equity to average assets 10.06 % 10.64 % 10.08 %

Number of full-service offices 8 8 8

(1) Net interest income divided by average interest earning assets.

(2) Noninterest income divided by the sum of noninterest income and net interest income.

(3) Noninterest expense divided by total revenue (net interest income and noninterest income).

Table of Conten t s

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