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Shareholders' Equity
 12 Months Ended
Dec. 31, 2022
Shareholders' Equity [Abstract]  
Shareholders’ Equity Note 20. 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 320,575 and 269,529 treasury shares at cost at December 31, 2022 and 2021, respectively.

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

Shares Repurchased

Plan Date

Authorized

Expiration

2022

2021

12/20/2021

150,000 shares

12/21/2022

102,941

659

12/22/2022

150,000 shares

12/21/2023

2,848

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 but not outstanding common stock to be issued under the plan or it may issue from Treasury shares. The DRIP added $1.4 million to capital during 2022. This total was comprised of $1.0 million from the reinvestment of quarterly dividends and $390 thousand of optional cash purchases. During 2022, 44,943 shares of common stock were purchased through the DRIP and 266,910 shares remain to be issued.