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Stock Repurchases
3 Months Ended
Sep. 30, 2023
Stock Repurchases  
Stock Repurchases

Note 10: Stock Repurchases

On April 28, 2022, the Board of Directors of the Corporation announced a stock repurchase plan which authorized 364,259 shares for repurchase over a one year period. On April 27, 2023, the Board of Directors of the Corporation announced an extension of its existing stock repurchase plan through April 28, 2024 or until completed, whichever occurs first. The timing, volume and price of purchases are made at our discretion, and are contingent upon our overall financial condition, as well as general market and other conditions. The stock repurchase program does not obligate the Corporation to acquire any specific number of shares in any period, and may be expanded, extended, modified or discontinued at any time.

During the quarter ended September 30, 2023, the Corporation purchased 36,112 shares of its common stock under the April 2022 stock repurchase plan with a weighted average cost of $13.70 per share. As of September 28, 2023, the Corporation purchased a total of 338,831 shares, or 93 percent of the total authorized stock repurchase, with a weighted average cost of $13.98 per share pursuant to its April 2022 stock repurchase plan. On September 28, 2023, the Board of Directors approved the new stock repurchase plan that authorizes 350,353 shares to be purchased over a one-year period and cancelled the 25,428 shares remaining available for purchase under the April 2022 plan. As of September 30, 2023, all of the shares authorized for repurchase under the September 2023 plan remain available to purchase until the plan expires on September 28, 2024.