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Shareholders' Equity
 12 Months Ended
Dec. 31, 2023
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 339,741 and 320,575 treasury shares at cost at December 31, 2023 and 2022, respectively.

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

Shares Repurchased

Plan Date

Authorized

Expiration

2023

2022

12/22/2022

150,000 shares

12/21/2023

83,058

2,848

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 2023. This total was comprised of $1.0 million from the reinvestment of quarterly dividends and $312 thousand of optional cash purchases. During 2023, 46,458 shares of common stock were purchased through the DRIP and 220,452 shares remain to be issued. In December 2023, an open market repurchase plan was approved to repurchase 150,000 shares over a one-year period.