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(f) Stock Repurchases
Subsequent to completion of a stock buyback plan whereby 700,000 shares were repurchased fromMarch 2014 through
April 2015, the Company’s Board announced authorization of an additional 500,000 shares for repurchase. Repurchase
activity under that allotment commenced after a new trading plan was established and the Company’s insider trading
window opened in the latter part of April. The authorization of shares for repurchase does not provide assurance that
a specific quantity of shares will be repurchased, and in fact there were no shares repurchased during the fourth quarter
of 2015 due to the likelihood of the acquisition that was announced in January 2016. The repurchase program might
be reactivated subsequent to completion of the acquisition and a more precise assessment of the acquisition’s impact
on capital, but again no assurance can be provided in that regard. A total of 104,319 shares remained authorized and
available for repurchase as of December 31, 2015.
While in general the Company has ultimate discretion with regard to potential share repurchases based upon market
conditions and any other relevant considerations, all of the Company’s repurchases of its common stock during 2015
were executed pursuant to plans established by the Company in accordance with SEC Rule 10b5-1. A 10b5-1 plan
enables us to continue to repurchase stock during the trading blackout for insiders unless the plan is cancelled, but it
also imposes volume restrictions and limits our ability to change pricing and other parameters outlined the plan.
ITEM 6. SELECTED FINANCIAL DATA
The following table presents selected historical financial information concerning the Company, which should be read
in conjunction with our audited consolidated financial statements, including the related notes and “Management’s
Discussion and Analysis of Financial Condition and Results of Operations,” included elsewhere herein. The selected
financial data as of December 31, 2015 and 2014, and for each of the years in the three year period ended December
31, 2015, is derived from our audited consolidated financial statements and related notes which are included in this
Annual Report. The selected financial data presented for earlier years is derived from our audited financial statements
which are not included in this Annual Report. Throughout this Annual Report, information is for the consolidated
Company unless otherwise stated.