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
Our common stock is listed and traded on the NASDAQ Global Select Market under the symbol “TFSL”. As of November 16, 2022, we had 6,221 shareholders of record, which does not include persons or entities holding shares in “nominee” or “street” name through brokerage firms.
Through September 30, 2010, Third Federal Savings, MHC, waived its right to receive dividends. The waivers complied with regulatory authorizations (in the form of non-objection) obtained by Third Federal Savings, MHC. Any requests for future regulatory authorizations to waive receipts of dividends will be submitted to the FRS. Please refer to the preceding discussion of dividend waivers presented in Part I, Item 1. Business-SUPERVISION AND REGULATION-Holding Company Regulation-Waivers of Dividends by Third Federal Savings, MHC . Regulatory non-objection is subject to periodic regulatory review and no assurances can be given regarding future regulatory non-objection. In addition, interim final rules issued by the FRS in 2011 require that a majority of the mutual holding company's members eligible to vote must approve a dividend waiver by a mutual holding company within 12 months prior to the declaration of the dividend being waived. There can be no assurance that a final rule will not require such a member vote.
At a special meeting of members of Third Federal Savings, MHC, the members (depositors and certain loan customers of the Association) voted to approve Third Federal Savings, MHC's proposed waiver of dividends aggregating up to $1.13 per share on the common stock of the Company for the 12 months following the special meeting of members held on July 12, 2022. The members approved the waiver by casting 61% of the eligible votes, with 97% of the votes cast, or 60% of the total eligible votes, in favor of the waiver. Third Federal Savings, MHC is the 81% majority shareholder of the Company.
Following the receipt of the members’ approval at the July 12, 2022 special meeting, Third Federal Savings, MHC filed a notice with, and subsequently received the non-objection of, the FRB-Cleveland for the proposed dividend waivers.
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In the table and graph that follow, we have provided summary information regarding the performance of the cumulative total return of our common stock from September 30, 2017 through September 30, 2022, relative to the cumulative total return on stocks included in the S&P U.S. BMI Banks Index, S&P Composite 1500 Thrifts & Mortgage Finance Index and NASDAQ Composite, in each case for the same period. The cumulative return data is presented in dollars, based on starting investments of $100 and assuming the reinvestment of dividends.
Measurement Date
Index (with base price at 9/30/2017) 9/30/2017 9/30/2018 9/30/2019 9/30/2020 9/30/2021 9/30/2022
TFS Financial Corporation 100.00 97.76 124.62 107.99 148.21 108.51
S&P U.S. BMI Banks Index 100.00 108.42 108.77 79.86 145.30 111.62
S&P Composite 1500 Thrifts & Mortgage Finance Index 100.00 98.18 111.54 80.62 131.86 107.52
NASDAQ Composite Index 100.00 125.17 125.82 177.36 231.30 170.38
Source: S&P Global Market Intelligence
We did not sell any securities for the fiscal year ended September 30, 2022.
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The following table summarizes our stock repurchase activity during the three months ended September 30, 2022 and the
stock repurchase plans approved by our Board of Directors.
Average Total Number of Maximum Number
Total Number Price Shares Purchased of Shares that May
of Shares Paid per as Part of Publicly Yet be Purchased
Period Purchased Share Announced Plans (1) Under the Plans
July 1, 2022 through July 31, 2022 25,000 $ 13.59 25,000 5,553,820
August 1, 2022 through August 31, 2022 — — — 5,553,820
September 1, 2022 through September 30, 2022 — — — 5,553,820
25,000 $13.59 25,000
(1) On October 27, 2016, the Company announced that the Board of Directors approved the Company's eighth stock repurchase program, which authorizes the repurchase of up to 10,000,000 shares of the Company's outstanding common stock. Purchases under the program will be on an ongoing basis and subject to the availability of stock, general market conditions, the trading price of the stock, alternative uses of capital, and our financial performance. Repurchased shares will be held as treasury stock and be available for general corporate use. For the fiscal year ended September 30, 2022, stock repurchases totaled 337,259 shares at an average price per share of $14.97. The program has 5,553,820 shares yet to be purchased as of September 30, 2022. The program has no expiration date.
Item 6. [Reserved]
Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.