Shareholders' Equity

12 Months Ended

Dec. 31, 2019

Note 19. 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 357,096 and 292,606 treasury shares at cost at December 31, 2019 and 2018, respectively.

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


			Shares Repurchased
Plan Date	Authorized	Expiration	2019	2018
12/20/2018	100,000 shares	12/21/2019	100,000	—
9/12/2019	150,000 shares	9/12/2020	3,078	N/A

In addition, 610 shares were acquired through a net settlement of incentive stock options in accordance with the incentive stock option plan.

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 $1.3 million to capital during 2019. This total was comprised of $823 thousand from the reinvestment of quarterly dividends and $493 thousand of optional cash contributions. During 2019, 36,928 shares of common stock were purchased through the DRIP and 536,374 shares remain to be issued.