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Stockholders' Equity

9 Months Ended

Sep. 30, 2021

Stockholders' Equity

Stockholders' Equity

(11)    Stockholders’ Equity

During the nine months ended September 30, 2021 the Corporation had the following dividend activity:

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​	​	​	​	​	​	​	​	​	​	​
Date	​	Date of	​	Date	​	​	Quarterly	​	​	Special
Declared		Record	​	Paid	​	​	Dividend	​	​	Dividend
January 28, 2021	​	February 8, 2021	​	February 22, 2021	​	$	0.125	​	$	—
February 16, 2021	​	March 1, 2021	​	March 15, 2021	​	​	—	​	​	1.00
April 22, 2021	​	May 10, 2021	​	May 17, 2021	​	​	0.125	​	​	—
July 22, 2021	​	August 9, 2021	​	August 16, 2021	​	​	0.125	​	​	—

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On April 26, 2021, the Corporation announced that its Board of Directors has authorized a stock repurchase plan pursuant to which the Corporation may repurchase up to $6 million of the company’s outstanding common stock, par value $1.00 per share. Stock will be purchased from time to time in the open market or through privately negotiated transactions, or otherwise, at the discretion of management of the company in accordance with legal requirements. This program is subject to applicable regulatory protocol.  There were 78,491 shares purchased during the three months ended September 30, 2021 at an average price of $27.41, for an aggregate purchase price of $2.2 million.

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At the Annual Meeting of Shareholders held on June 17, 2021, the shareholders of the Corporation approved to amend the Corporation’s Articles of Incorporation to increase the authorized numbers of shares of common stock of the Corporation from 10,000,000 shares to 25,000,000 shares. The Articles of Amendment of the Corporation were filed with the Secretary of State of the Commonwealth of Pennsylvania on June 21, 2021.

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- References

No definition available.

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- Definition

The entire disclosure for shareholders' equity and share-based payment arrangement. Includes, but is not limited to, disclosure of policy and terms of share-based payment arrangement, deferred compensation arrangement, and employee stock purchase plan (ESPP).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-URI http://asc.fasb.org/topic&trid=2208762

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-URI http://asc.fasb.org/topic&trid=2228938

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