Shareholders' Equity

12 Months Ended

Dec. 31, 2016

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.  In April 2016, the Board of Directors approved a stock repurchase program that authorized the repurchase of up to $350,000 in shares of common stock during each calendar quarter through March 31, 2017. During 2016, the Corporation repurchased 34,048 shares of its common stock for $795 thousand. A corporate stock repurchase plan was not authorized in 2015.  The Corporation held 371,513 and 383,440treasury shares at cost at December 31, 2016 and 2015, 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 plan.  During 2016,  25,230 shares of common stock were purchased through the dividend reinvestment plan at a value of $553 thousand and 614,355 shares remain to be issued.