SHAREHOLDERS' EQUITY

12 Months Ended

Dec. 31, 2019

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY

NOTE 18 — SHAREHOLDERS’ EQUITY

The Corporation currently has a share repurchase program.  The program is conducted under authorizations by the Board of Directors.  The Corporation repurchased 14,000 shares in 2016, 102,455 shares in 2015, 13,700 shares in 2014 and 55,594 shares in 2013.  The share repurchases were conducted under Board authorizations made and publicly announced of $600,000 on February 27, 2013, $600,000 on December 17, 2013 and an additional $750,000 on April 28, 2015.  None of these authorizations has an expiration date. As of December 31, 2019, $25,000 of the total authorization was available for future purchases.

On August 28, 2019, the Corporation, under the authorization of the Board of Directors announced a new common stock repurchase program.  Under the Repurchase Program, the Company is authorized to repurchase up to approximately 5% of the Company’s outstanding common stock.