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 321,517 and 357,096 treasury shares at cost at December 31, 2020 and 2019, respectively.

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


			Shares Repurchased
Plan Date	Authorized	Expiration	2020	2019
9/12/2019	150,000 shares	9/12/2020	36,401	3,078
12/17/2020	150,000 shares	12/18/2021	—	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 $1.8 million to capital during 2020. This total was comprised of $868 thousand from the reinvestment of quarterly dividends and $968 thousand of optional cash contributions. During 2020, 71,227 shares of common stock were purchased through the DRIP and 389,704 shares remain to be issued.