Stock Offerings

6 Months Ended

Jun. 30, 2020

Stockholders' Equity Note [Abstract]

Stock Offerings

Note 9 – Stock Offerings

On August 12, 2019, the Board of Directors of the Company announced the approval of a stock repurchase program. Under the program, the Company is authorized to repurchase up to $5.0 million of its outstanding shares of common stock over the next 12 months or until the purchase is fully absorbed, whichever comes first on the open market or in privately negotiated transactions. The stock repurchase program does not require the Company to repurchase any specified number of shares of its common stock, and it may be discontinued, suspended, or restarted at any time at the Company's discretion.

In March 2020, the Company repurchased 16,300 shares of its outstanding common stock, with an average share price of $16.00.

In May 2020, the Company repurchased 100 shares of its outstanding common stock, with an average share price of $14.18.

In June 2020, the Company repurchased 29,200 shares of its outstanding common stock, with an average share price of $13.53.