Stock Repurchase Program

12 Months Ended

Dec. 31, 2013

Stock Repurchase Program

Stock Repurchase Program

Note 20—Stock Repurchase Program

        In February 2004, the Company's Board of Directors authorized a repurchase program to acquire up to 250,000 shares of its outstanding common stock. This program superseded any previously announced programs that may have had remaining available shares for repurchase. Under the announced stock repurchase program, the Company did not repurchase any shares during the years ended December 31, 2013, 2012 and 2011. Under other arrangements where directors or officers surrendered currently owned shares to the Company to acquire proceeds for exercising stock options or paying taxes on currently vesting restricted stock, the Company repurchased 17,186, 23,532, and 11,445 shares at a cost of $933,000, $836,000, and $342,000 in 2013, 2012, and 2011, respectively.