Note 16 - Stockholders' Equity

12 Months Ended

Dec. 31, 2022

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

NOTE 16 Stockholders' Equity

On July 27, 2021 the Company’s Board of Directors increased the aggregate purchase price of shares eligible to be repurchased to $6.0 million. The share repurchase program does not obligate the Company to purchase any shares and has no set expiration date. The Company repurchased 90,000 shares in the open market for $2.1 million in 2022 and 217,400 shares in the open market for $4.6 million in 2021. At December 31, 2022 there was $2.0 million authorized for repurchase in the share repurchase program. The Company paid dividends on its common stock of $0.24 per share, or $1.0 million, in 2022 and did not pay any dividends on its common stock during 2021.

Subsequent to the end of 2022, in January 2023, the Company’s Board of Directors declared a quarterly dividend of $0.06 per share of common stock payable on March 8, 2023 to stockholders of record at the close of business on February 15, 2023. The declaration and amount of any future cash dividends remains subject to the sole discretion of the Board of Directors and will depend upon many factors, including the Company’s results of operations, financial condition, capital requirements, regulatory and contractual restrictions, business strategy and other factors deemed relevant by the Board of Directors.

In order to grant a priority to eligible accountholders in the event of future liquidation, the Bank, at the time of conversion to a stock savings bank, established a liquidation account equal to its regulatory capital as of September 30, 1993. In the event of future liquidation of the Bank, an eligible accountholder who continues to maintain their deposit account shall be entitled to receive a distribution from the liquidation account. The total amount of the liquidation account will decrease as the balance of eligible accountholders is reduced subsequent to the conversion, based on an annual determination of such balance.