Treasury Stock

12 Months Ended

Dec. 31, 2024

Class of Stock Disclosures [Abstract]

Treasury Stock

Treasury Stock

The basis for the carrying value of the Company's treasury stock is the purchase price of the shares at the time of purchase. The Company maintains a limited stock repurchase plan which authorizes the repurchase of up to 2,500 shares of its common stock each calendar quarter in open market purchases or privately negotiated transactions, as management may deem advisable and as market conditions may warrant. The repurchase authorization for a calendar quarter expires at the end of that quarter to the extent it has not been exercised, and is not carried forward into future quarters. The quarterly repurchase program, which was initially adopted in 2010, was most recently reauthorized in December 2024 and will expire on December 31, 2026 unless reauthorized. The Company did not repurchase any shares under this program during 2024, while 5,700 shares, at a total cost of $129 thousand were repurchased under the program during 2023. Since inception, the Company had repurchased 26,140 shares of its common stock as of December 31, 2024, at prices ranging from $17.86 to $48.82 per share and at a total cost of $682 thousand. The Company also repurchased 30 shares outside of the limited stock repurchase program at a cost of $1 thousand during 2023.

The Company maintains a Dividend Reinvestment and Stock Purchase Plan (DRIP) whereby registered stockholders may elect to reinvest cash dividends and optional cash contributions to purchase additional shares of the Company's common stock. The Company has reserved 200,000 shares of its common stock for issuance and sale under the DRIP. As of December 31, 2024, 13,174 shares of stock had been issued from treasury stock under the DRIP, since inception of the Plan in 2016.