Shareholders' Equity

12 Months Ended

Dec. 31, 2017

Note 17. 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 (DRIP) and other appropriate corporate purposes. The term of the repurchase plans is normally one year. The Corporation held 334,311 and 371,513 treasury shares at cost at December 31, 2017 and 2016, respectively.

The following table provides information about the Corporation’s stock repurchase activity:


			Shares Repurchased
Plan Date	Authorized	Expiration	2017	2016
4/18/2016	$350,000 in shares per calendar quarter	3/31/2017	-	34,048
10/12/2017	100,000 shares	9/30/2018	-	N/A

The Corporation’s 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 or may issue from Treasury shares. The DRIP added $991 thousand to capital during 2017. This total was comprised of $669 thousand from the reinvestment of quarterly dividends and $322 thousand of optional cash contributions. During 2017, 30,375 shares of common stock were purchased through the DRIP at a value of $991 thousand and 614,355 shares remain to be issued