Shareholders' Equity

12 Months Ended

Dec. 31, 2018

Note 17. Shareholders’ Equity

The Board of Directors, from time to time, authorizes the repurchase of the Corporation’s $1.00 par value common stock. The repurchased shares will be held as Treasury shares available for issuance in connection with future stock dividends and stock splits, employee benefit plans, executive compensation plans, the Dividend Reinvestment Plan (DRIP) and other appropriate corporate purposes. The term of the repurchase plans is normally one year. The Corporation held 292,606 and 334,311 treasury shares at cost at December 31, 2018 and 2017, respectively.

The following table provides information about the Corporation’s stock repurchase activity:


			Shares Repurchased
Plan Date	Authorized	Expiration	2018	2017
10/12/2017	100,000 shares	9/30/2018	2,605	-
12/20/2018	100,000 shares	12/21/2019	-	N/A

The Corporation’s DRIP allows for shareholders to purchase additional shares of the Corporation’s common stock by reinvesting cash dividends paid on their shares or through optional cash payments. The Corporation has authorized one million (1,000,000) shares of its currently authorized common stock to be issued under the plan or may issue from Treasury shares. The DRIP added $1.4 million to capital during 2018. This total was comprised of $747 thousand from the reinvestment of quarterly dividends and $671 thousand of optional cash contributions. During 2018, 41,053 shares of common stock were purchased through the DRIP at a value of $1.4 million and 573,302 shares remain to be issued