Shareholders' Equity

12 Months Ended

Dec. 31, 2015

Shareholders' Equity [Abstract]

Shareholders’ Equity

Note 18.  Shareholders’ Equity

The Board of Directors, from time to time, authorizes the repurchase of the Corporation’s $1.00 par value common stock. The repurchased shares will be held as Treasury shares available for issuance in connection with future stock dividends and stock splits, employee benefit plans, executive compensation plans, the Dividend Reinvestment Plan and other appropriate corporate purposes. The term of the repurchase plans is normally one year.  A corporate stock repurchase plan was not authorized in 2015.  The Corporation held 383,440 and 388,234 shares at cost at December 31, 2015 and 2014, respectively.

The Corporation’s dividend reinvestment plan (DRIP) allows for shareholders to purchase additional shares of the Corporation’s common stock by reinvesting cash dividends paid on their shares or through optional cash payments. The Corporation has authorized one million (1,000,000) shares of its currently authorized common stock to be issued under the amended plan.  During 2015,  52,755 shares of common stock were purchased through the dividend reinvestment plan at a value of $1.2 million and 639,585 shares remain to be issued.